Caso Fuentes de Financiamiento Para Imprimir

8/10/2019 Caso Fuentes de Financiamiento Para Imprimir

1/15

FUENTES DEFINANCIAMIENTO

Mgtr. CESAR WILBERT RONCAL DIAZ

CIENCIAS EMPRESARIALES-ESCUELA

CONTABILIDAD

Alumna: Daz Trr!n" #$la


2/15

CASOS

1.- FUENTES DE FINANCIAMIENTO

A).- AMORTIZACIONES

%. El &r'mr ( )*rr! (l +,%, una &r"!na a(u'r'/ un &r0"tam! (+,, ,,, al 12 3a&'tal'za*l tr'm"tralmnt. 4Cu5nt! (*r5 al

&r'mr! ( )*rr! ( +,%16

+. S !*t'n un &r0"tam! ( 78,,,, a (9!l9r" n % m"" n

3u!ta" *'m"tral" a la ta"a (l ;+2 anual 3a&'tal'za*l

*'m"tralmnt. . S !*t'n un &r0"tam! ( 78,,,, a (9!l9r" n % m"" n

3u!ta" *'m"tral" a la ta"a (l ;+2 anual 3a&'tal'za*l

*'m"tralmnt.


3/15

8. S !*t'n un &r0"tam! ( >1,,, a (9!l9r" n %8 m"" n 3u!ta"

tr'm"tral" a la ta"a (l +2 anual 3a&'tal'za*l tr'm"tralmnt.


4/15

m". En3untr l 9al!r !r'g'nal ( la (u(a $ la*!r la ta*la (

am!rt'za3'/n.

%>.Pr&arar la ta*la r)rn3'a ( rm*!l"! ( un &r0"tam! ( ".

%,,,,.,, ("m*!l"a(! l 8 ( marz! l m'"m! u (* "r

3an3la(! 3!n 3u!ta" 3!n"tant" 3a(a ?, (a" a&l'3an(! una TET (l

12. ra3ar la am!rt'za3'/n 'ntr0".

%8.Una 'n"t'tu3'/n ( 3r0('t!" a&ru*a a un 3l'nt un &r0"tam! &!r S

%,,,,.,, am!rt'za*l n ; 3u!ta" un')!rm" 3a(a ?, (a" a&l'3an(!

una TET (l 12 l!" ("m*!l"!" " )3tuar5n ( a3ur(! al "'gu'nt

3r!n!grama. El %r &ag! " ar5 )3t'9! (ntr! ( ?, (a" a &art'r (l

,% ( !3tu*r.

%?.Una 'n"t'tu3'/n (u3at'9a ll9a a 3a*! una r')a (!n( l &r'mr &rm'!

3!n"'"t n S. %,,,,,.,,. D a3ur(! a la" rgla" "ta*l3'(a" &ara la

ntrga ( l!" &rm'!" l gana(!r (l &r'mr r3'*'r5 ( 'nm('at! S.

%,,,,.,, $ l r"t! " (&!"'tar5 n un )!n(! ( 'n9r"'/n u &aga l

+%.82 3a&'tal'za*l 3a(a "m"tr (l 3ual " rt'rar5n S +,,,, al

nal ( 3a(a "m"tr. 4Cu5nt!" rt'r!" " &!(r5n a3r6

+,.S l'u'(a una (u(a m('ant 3'n3! &ag!" mn"ual" ( S . %?1.%?

3a(a un! l!" 3ual" 'n3lu$n 'ntr"" (l 72 anual 3a&'tal'za*l

3a(a m". En3untr l 9al!r !r'g'nal ( la (u(a $ la*!r la ta*la (

am!rt'za3'/n.

+%.Una (u(a ( S. 1,, " (* am!rt'zar n un a=! 3!n &ag!"

mn"ual" 'gual" 3!n l +;2 "!*r "al(!" 'n"!lut!". 7, " 9n( 3!n un

ngan3 (l %,2 (l &r3'! ( 3!nta(! $ l "al(! n &ag!"

u'n3nal" a 7 m"" ( &laz! 3!n un 'ntr0" (l 77.;82

3a&'tal'za*l 3a(a u'n3na. Ela*!rar la ta*la ( am!rt'za3'/n.

+;.Una &r"!na "!l'3'ta un &r0"tam! ( S. 81,,, &ara "r am!rt'za(! n

&ag!" mn"ual" (urant + a=!" 3!n 'ntr"" (l +.12 mn"ual

3a&'tal'za*l 3a(a m".


5/15

+1.l!r'a 3!m&r/ una 3!m&uta(!ra a 3r0('t! la 3ual tna un &r3'! (

3!nta(! ( S. >7;,.,,. La 3!m&ra )u "'n ngan3 $ a un &laz! (

%8 m"" &ara &agar 3!n una ta"a ( 'ntr0" (l 7;.,82 3!m&u"t!

mn"ualmnt. Dtrm'n la 3ant'(a( u l!r'a (*r5 &agar "' al3a*! ( %, m"" ("a l'u'(ar l t!tal ( la (u(a.

+.S 3!m&r! un aut!m/9'l nu9! 3u$! 9al!r " ( S. >7,,, a un &laz!

( +, &ag!" tr'm"tral" "'n ngan3 $ 3!n una ta"a ( 'ntr0" (l

+2 3a&'tal'za*l 3a(a tr'm"tr. Cal3ular la 3ant'(a( am!rt'za(a $ l

"al(! 'n"!lut! ("&u0" ( tran"3urr'(! 7 a=!".

+>.El "=!r R'9ra 3!m&r/ un (&artamnt! a %, a=!" 3!n &ag!"

mn"ual" ( S7%%+.%, S' la ta"a ( 'ntr0" " (l +82 3a&'tal'za*l

3a(a m" 3al3ul la 3ant'(a( u a$ u &agar &ara "al(ar la (u(a

al 3a*! ( > a=!". 4Gu0 3ant'(a( ( 'ntr"" " an &aga(! n "t!"

> a=!"6

+8.Un &r0"tam! &!r S 1,,,, " am!rt'zar5 m('ant 1 &ag!"

3uatr'm"tral" 'gual" $ Hunt! 3!n l u'nt! &ag! " ntrgar5 S

%1,,, . S' la ta"a ( 'ntr0" " (l 7+.,;2 3a&'tal'za*l 3a(a ; m""

n3!ntrar l &ag! 3uatr'm"tral $ la*!rar la ta*la ( am!rt'za3'/n.

+?.S l'u'(a una (u(a m('ant 1 &ag!" mn"ual" ( %1,, 3a(a un!

l!" 3ual" 'n3lu$n 'ntr"" (l 72 anual 3a&'tal'za*l 3a(a m".

En3untr l 9al!r !r'g'nal ( la (u(a $ la*!r la ta*la (

am!rt'za3'/n.

7,.R"ul9 l &r!*lma antr'!r m('ant la am!rt'za3'/n a 'ntr0"

"'m&l $ 3!m&ar l!" r"ulta(!".


6/15

B).- BONOS Y ACCIONES

%. !$ra LA &lata SAC a m't'(! 3!n )3a %r!.D nr! (l a=! +,,;

*!n!" 3!r&!rat'9!" t'&! Bullt a %, a=!" "'n(! a la &ar J@%,,, 3a(a

un!K.La ta"a 3u&/n " (l %+ 2 anual &aga(r! "m"tralmnt.

aK Al %r!. D nr! (l a=! +,,1 'n('u l &r3'! (l *!n! 3!n"'(ran(!

u la ta"a ( 'ntr0" n l mr3a(! " 'gual a la ta"a 3u&/n.*K Al %r!. D nr! (l a=! +,, la ta"a ( mr3a(! ( 'n"trumnt!" (

"'m'lar r'"g! *aHa al 8 2 'n('u a!ra l &r3'! (l *!n! a "a )3a.

3K Al %r!. D nr! (l a=! +,,la ta"a ( mr3a(! ( 'n"trumnt!" (

"'m'lar r'"g! "u*'/ al %; 2 'n('u a!ra la 3!t'za3'/n (l *!n! a "a

)3a.

(K Gu a "u3('(! n 3 $ ( 4'n('u u " l! u a)3ta l!" &r3'!" $

&!ru06

+. Dmu"tr 3!n un 3ua(r! "n3'll! un! ( l!" ; &r'n3'&'!" ( la Ha3'/n (

&r3'!" ( l!" *!n!" 3!n l!" "'gu'nt" (at!":

B!n! n3'm'nt! a %1 a=!" ta"a 3u&/n %1 2 anual N @%,,,

B!n! n3'm'nt! a %1 a=!" ta"a 3u&/n %, 2 anual N @%,,,

Para am*!" *!n!" "3nar'!":

- A: La ta"a ( 'ntr0" " "'tFa n %+ 2

- B: La ta"a ( 'ntr0" " "'tFa n 8 2

7. U"t( a(u'r'/ un *!n! !$ a @%78.7%. El *!n! 3!nt'n una ta"a 3u&/n

(l %1 2 anual "u 9n3'm'nt! " (ntr! ( %; a=!". El N @ %,,,.

In('u l Rn('m'nt! al 9n3'm'nt!. TM.

;. C!3a C!la C!. Em't !$ %r! ( Hun'! (l a=! +,,; un *!n! ( @ %,,,3!n 9n3'm'nt! l %r!. D Hun'! (l +,,8. Su 3!t'za3'/n !$ " ( @

>?,.,?. C!n"'(ran(! "t!" (at!" 'n('u "u rn('m'nt! al 9n3'm'nt!

JTMK.


7/15

1. El &r/'m! &ag! ( ('9'(n(!" ( 3!ur'r "r5 ( @ 7 &!r a33'/n. S a

ant'3'&a(! u l!" ('9'(n(!" " mantn(r5n a una ta"a ( 3r3'm'nt! (

2 a &r&tu'(a(. S' 3a(a a33'/n ( C!ur'r " 9n( a3tualmnt a @ ;8

43ual "r5 l rn('m'nt! rur'(!6

. El &r/'m! a=! la 3a. M'nra P!(r!"a &agar5 un ('9'(n(! &!r a33'/n (

@;.,,. La Ca. S a 3!m&r!mt'(! a aumntar "u ('9'(n(! ( 72 &!r

a=! 'n(n'(amnt. S' u"t( ru'r ( un rn('m'nt! (l %; 2 "!*r

"u 'n9r"'/n 43u5nt! &agar5 !$ &!r la" a33'!n" ( la 3!m&a=a6

>. Su&!nga u la" a33'!n" ( Q!rr"t um& " 9n(n a3tualmnt n @ ,

3a(a una $ u l rn('m'nt! rur'(! "!*r lla" " (l %2. A(m5"

u l rn('m'nt! t!tal ( "u" a33'!n" " n3untra un')!rmmnt

('"tr'*u'(! ntr un rn('m'nt! &!r ganan3'a" ( 3a&'tal $ un! &!r

('9'(n(!". S' la &!lt'3a ( la m&r"a " mantnr "'m&r una ta"a

3!n"tant ( 3r3'm'nt! ( ('9'(n(!". 4Cu5l "r5 l ('9'(n(! a3tual &!r

a33'/n6

8. Crr! Azul C!. E" una m&r"a u a3a*a ( 'n'3'ar "u" !&ra3'!n" &!r

ll! n! &agar5 ('9'(n(!" "!*r la" a33'!n" a l! larg! ( l!" 1 a=!"

"'gu'nt" &!ru n3"'ta r-'n9ntar "u" ut'l'(a(" r"ultant". P!r ll!

&agar5 un ('9'(n(! ( @ .,, &!r a33'/n (ntr! ( a=!"

'n3rmntar5 1 2 anual ( ('9'(n(! ("&u0" ( "a )3a. S' l

rn('m'nt! rur'(! "!*r "ta" a33'!n" " ( +% 2 4Cu5l " l &r3'!

a3tual ( la" a33'!n"6

?. La m&r"a &"ura S2. 4Cu5l )u l

('9'(n(! m5" r3'ntmnt &aga(!6


8/15

%%.El *!n! ( Pn3'l C!. E"ta "uHt! a una &r'ma u a3 &ag!" anual"

&aga un 3u&/n ( 81 t'n un TM (l 2 $ l )altan %7 a=!" &ara l

9n3'm'nt! (l &r'n3'&al. Parallamnt l *!n! ( IBM t'n una ta"a

3u&/n (l 2 $ un TM ( 81 $ tam*'0n l )altan %7 a=!" &ara 9n3r.

a. 4Cu5l " l &r3'! ( am*!" *!n!" ("&u0" ( un a=! 3!ntan(! a

&art'r ( !$6

*. 4Cu5l "r5 l &r3'! ("&u0" ( 7 a=!" a &art'r ( !$6

3. 4 (ntr! ( %7 a=!" a &art'r ( !$6

%+.El *!n! ( #QC t'n un 3u&/n ( ; 2 m'ntra" u l *!n! ( Bm*!"

t'n un 3u&/n (l %, 2. A am*!" l )altan 8 a=!" &ara l 9n3'm'nt!

a3n &ag!" ( 3u&/n n )!rma "m"tral $ t'nn un TM (l ? 2. S' la"

ta"a" ( 'ntr0" aumntan r&nt'namnt +2: 4Cu5l "r5 l 3am*'!

&!r3ntual n l &r3'! ( l!" *!n!"6 4Gu0 "u3(r5 "' n lugar ( "u*'r

la" ta"a" ( 'ntr0" ('"m'nu$n r&nt'namnt + 26 4Gu0 &r'n3'&'! (

"n"'*'l'(a( (l &r3'! ( l!" *!n!" )rnt a la" ta"a" ( 'ntr0" " "t5

rg'"tran(!6

%7.U"t( n3"'ta a&l'3ar a una '&!t3a a ta"a Ha a un &laz! ( 7, a=!"

&ara 3!m&rar una 3a"a nu9a 3u$! 9al!r " ( US@ +,,,,,. Su *an3! l

&r"tar5 l ('nr! a una ta"a n!m'nal anual ( .1 2 a 7, m"" 3!n

&ag!" al 9n3'm'nt!. S'n m*arg! u"t( "!l! &u( a3r &ag!"

mn"ual" ( US@ %,,, $ !)r3 l'u'(ar 3ualu'r "al(! 'n"!lut! (l

&r0"tam! al nal (l m'"m! n un "!l! &ag! a3umula(!. 4D 3u5nt!

tn(r5 u "r "t &ag! a3umula(! &ara u mantnga "u"

mn"ual'(a(" a n'9l ( US@ %,,,6

%;.!n"!n !n"!n t'n un 3!ntrat! &ara 9n(r un a3t'9! n US@ >1,,,

("&u0" ( 7 a=!".

3!m&a=a (l %+2 anual 'n('u "' " !*tn(r5 !$ una ut'l'(a( "!*r l

a3t'9! $ a 4u0 ta"a al3anzar5 la 3!r&!ra3'/n "u &unt! ( u'l'*r'! ntr

l 3!"t! $ l &r3'!6

%1.Trran!9a Ca. E" una m&r"a na9'ra u "t5 !&ran(! una nu9a

'n(u"tr'a u r3'ntmnt a 3a&ta(! l 'ntr0" ( l!" 'n9r"'!n'"ta" n

l mr3a(! ( 9al!r". La" 9nta" "t5n 3r3'n(! a raz/n (l 8, 2 anual.


9/15

S "&ra u "ta l9a(a ta"a ( 3r3'm'nt! ( la" 9nta" " tra(uz3a

n una ta"a ( 3r3'm'nt! (l +1 2 ( l!" ('9'(n(!" n )3t'9! &ara

3a(a un! ( l!" &r/'m!" ; a=!". P!"tr'!rmnt " "&ra u la ta"a (

3r3'm'nt! ( l!" ('9'(n(!" "a (l 12 anual trnamnt. El ('9'(n(!anual m5" r3'nt u " &ag/ a$r )u ( @ ,.>1. El rn('m'nt!

rur'(! ( "ta" a33'!n" " ( ++ 2. 4Cu5nt! 9al !$ una a33'/n

3!mFn ( Trran!9a Ca.6

%.Un 'n9r"'!n'"ta ("a 3!m&rar un *!n! ( 9al!r n!m'nal S %1 ,,, $ 3!n

)3a ( r(n3'/n a l!" 1 a=!". S' l &ag! ( 3u&!n" "r5 "m"tral $ la

TEA Jta"a )3t'9a anualK (l *!n! " %12 allar l m5'm! ("m*!l"!

u "t 'n9r"'!n'"ta "tar5 ('"&u"t! a ral'zar &!r la 3!m&ra ( ('3!

*!n! "' "&ra !*tnr un rn('m'nt! mn'm! ( +,2 anual &!r "u"

'n9r"'!n".

%>.Un 'n9r"'!n'"ta a a(u'r'(! un *!n! 3!n la" "'gu'nt" 3ara3tr"t'3a":

al!r n!m'nal : S 1 ,,,

Ta"a (l *!n! : %,2 &aga(r!" tr'm"tralmnt

Pag! ( 3u&!n" : Tr'm"tral

R(n3'/n : A l!" 7 a=!"

aK S' l 'n9r"'!n'"ta "&ra !*tnr un rn('m'nt! ( %12 anual &!r "u"

'n9r"'!n" (trm'nar l m5'm! ("m*!l"! D u "tar5 ('"&u"t! a

ral'zar &!r 3a(a *!n!.

*K S' !tr! 'n9r"'!n'"ta a ("m*!l"a(! S. ; ,88.%; &!r 3a(a *!n! allar lrn('m'nt! tr'm"tral u "&ra !*tnr 3!m! mn'm! &!r "u"

'n9r"'!n".

%8.Un 'n9r"'!n'"ta a(u'r l "'gu'nt *!n!:

al!r n!m'nal : S. N

Ta"a (l *!n! : %12 &aga(r!" mn"ualmnt

Pag! ( 3u&!n" : Mn"ual

R(n3'/n : A l!" 1 a=!"


10/15

S' "t 'n9r"'!n'"ta ("m*!l"/ S %> 8,1.,8 &!r *!n! "&ran(!

!*tnr una rnta*'l'(a( ( +,2 anual allar l 9al!r n!m'nal N (l *!n!.

%?.El 7, ( Hul'! ( +,,, la m&r"a Mtal" Aru'&a S.A JMASAK (3'('/

a(u'r'r n l mr3a(! &r'mar'! ( la B!l"a ( al!r" ( L'ma *!n!" (

+ m'"'!n" "u*!r('na(a" m't'(a" &!r l Ban3! ( Ng!3'!" ( l!" An("J

*!n!" ( la" "r'" A $ BK "&ran(! !*tnr l m'"m! rn('m'nt! n

am*a". En la" (!" m'"'!n" l!" *!n!" tnan un 9al!r n!m'nal ( S% ,,,

&!r *!n! $ "ta*an "uHta" a una ta"a ( 'ntr0" ( %+ 2 n!m'nal anual

&aga(r!" tr'm"tralmnt. La )3a ( r(n3'/n ( la "r' A " a l!" 7

a=!" $ la ( la "r' B un a=! ("&u0". La m&r"a MASA &ag/ un &r3'!

( S %,;>.+7 &!r 3a(a *!n! ( la "r' A. la 3!m'"'/n (l agnt ( *!l"a

)u ,.;,2 la 3u!ta ( la B!l"a ( al!r" )u ( ,.,;2 la 3!ntr'*u3'/n a

la CONASE )u ,.,82 $ a"uma u " &ag/ un I (l %82.C!n"'(r

t!(!" l!" m"" ( 7, (a".

aK 4Cu5l " la ta"a ( rn('m'nt! anual "&ra(! &!r MASA "!*r am*!"

*!n!"6

*K 4Cu5l )u l ("m*!l"! 3! &!r MASA &!r l!" *!n!" ( la "r' B6

3K

4n u0 &!r3ntaH "!*r J! *aH!K la &ar " 3!l!3ar!n 3a(a un! ( l!"

*!n!"6

+,.U"t( &'n"a 3!m&rar a33'!n" ( la m&r"a TEIDOS DEL NORTE S.A &!r

la 3ual "t'ma r3'*'r un ('9'(n(! ( S ,.1 l &r"nt a=!. S' "&rau la ta"a "!"tn'(a ( 3r3'm'nt! ( la m&r"a "a 2 (trm'n l

m5'm! &r3'! P u (*r5 &agar &!r 3a(a a33'/n 3!n la nal'(a( (

!*tnr un rn('m'nt! mn'm! ( %,2 anual.

+%.Un 'n9r"'!n'"ta "&ra !*tnr una ta"a mn'ma ( rn('m'nt! ' al

3!m&rar una a33'/n. S' l &r'mr ('9'(n(! &!r r3'*'r " D $ " "t'ma

u la ta"a "!"tn'(a ( 3r3'm'nt! &ara la m&r"a Sa g allar l

m5'm! &r3'! P u (*r5 &agar "t 'n9r"'!n'"ta &!r 3a(a a33'/n.

++.La m&r"a A3r!" Dl N!rt S.A t'n un rn('m'nt! "!*r "u 3a&'tal

&r!&'! ( %2 anual $ "u rat'! ( r'n9r"'/n " ,.7,. "' " "t'ma u la

UPA (l &r"nt a=! "r5 S. %.1, allar l &r3'! ( "ta a33'/n "' l!"


11/15

'n9r"!r" ("an !*tnr un rn('m'nt! ( %;.82 &ara a3t'9!"

nan3'r!" ( "'m'lar r'"g!.

+7.uan $ P(r! " n3untran n la B!l"a ( al!r" ( L'ma $ 3!mntan:

uan : a3 + m"" 3!m&r0 S%, ,,, n a33'!n" ( la m&r"a ABC

S.A. a3 un m" la" 9n( $ gan0 S. % ,,, m!t'9! &!r l 3ual r'n9rt

t!(! n la 3!m&ra ( m5" a33'!n" ( la m'"ma m&r"a. S'n m*arg!

a!ra u la" 9n('(! &r('(! 12 n "t Flt'm! m".

P(r!:A" " la B!l"a a 93" " gana $ a 93" " &'r( &r! n! &u("

uHart &u" a" !*tn'(! una rnta*'l'(a( &r!m('! ( +.2 mn"ual

&!r tu 'n9r"'/n.

uan: T u'9!3a" P(r! m' rnta*'l'(a( a "'(! "/l! ( +.+72

mn"ual.

P(r!:N! &u( "r la TIR mn"ual ( tu !&ra3'/n " ( +.2 $ 0"a "

la rnta*'l'(a( u a" !*tn'(!.

4Cu5l ( ll!" t'n la raz/n6

PROBLEMAS DE BONOS

1. Un inversionista desea comprar un bono de valor nominal S/ 15 000 y con

fecha de redencin a los 5 aos. Si el pago de cupones ser semestral y la

!" #tasa efectiva anual$ del bono es 15%& hallar el m'imo desembolso (ue

este inversionista estar dispuesto a reali)ar por la compra de dicho bono si

espera obtener un rendimiento m*nimo de +0% anual por sus inversiones.

+. Un inversionista ha ad(uirido un bono con las siguientes caracter*sticas,

-alor nominal , S/ 5 000

asa del bono , 10% pagaderos trimestralmente

ago de cupones , rimestral

edencin , " los aos

c$ Si el inversionista espera obtener un rendimiento de 15% anual por sus

inversiones& determinar el m'imo desembolso 23 (ue estar dispuesto areali)ar por cada bono.

d$ Si otro inversionista ha desembolsado S/. 4 0.14 por cada bono& hallar el

rendimiento trimestral (ue espera obtener como m*nimo por sus inversiones.


12/15

. Un inversionista ad(uiere el siguiente bono,

-alor nominal , S/. 6

asa del bono , 15% pagaderos mensualmente

ago de cupones , 7ensual

edencin , " los 5 aos

Si este inversionista desembols S/ 18 05.0 por bono& esperando obtener una

rentabilidad de +0% anual& hallar el valor nominal 6 del bono.

4. !l 0 de 9ulio de +000& la empresa 7etales "re(uipa S." #7"S"$ decidi

ad(uirir& en el mercado primario de la :olsa de -alores de ;ima& bonos de +

emisiones subordinadas emitidas por el :anco de 6egocios de los

"ndes# bonos de las series " y :$& esperando obtener el mismo rendimiento

en ambas. !n las dos emisiones& los bonos ten*an un valor nominal de S/1

000 por bono y estaban su9etas a una tasa de inter6"S!- fue 0.0% y asuma (ue se pag un ?@- del 1%.=onsidere todos

los meses de 0 d*as.d$ A=ul es la tasa de rendimiento anual esperado por 7"S" sobre ambos

bonosBe$ A=ul fue el desembolso hecho por 7"S" por los bonos de la serie :Bf$ Coy d*a #1+.0.1$ 7"S" vendi los bonos& a trav


13/15

+. Un inversionista espera obtener una tasa m*nima de rendimiento i3 al

comprar una accin. Si el primer dividendo por recibir es 23 y se estima (ue

la tasa sostenida de crecimiento para la empresa Sea g3& hallar el m'imo

precio 3 (ue deber pagar este inversionista por cada accin.

. ;a empresa "ceros 2el 6orte S." tiene un rendimiento sobre su capital

propio de 1E% anual y su ratio de reinversin es 0.0. si se estima (ue la U"

del presente ao ser S/. 1.50& hallar el precio de esta accin si los inversores

desean obtener un rendimiento de 14.% para activos financieros de similar

riesgo.

4. Duan y edro se encuentran en la :olsa de -alores de ;ima y comentan,

Duan , hace + meses compr< S/10 000 en acciones de la empresa ":= S.".&

hace un mes las vend* y gan< S/. 1 000& motivo por el cual reinvert* todo en la

compra de ms acciones de la misma empresa. Sin embargo ahora (ue las

he vendido he perdido 5% en este Fltimo mes3.

C).- ARRENDAMIENTO FINANCIERO

%. Mata" u'r a(u'r'r una m5u'na u 3u"ta " ,,,,.N! a$ 9al!r ( ("3!

'(a Ft'l: 1 a=!"

T'n (!" !&3'!n" :A(u'r'r m('ant la"'ng ! 3!m&ra m('ant

&r0"tam!".

Opcin ba! a""#n$a%i#n&!:

La mn'ma ta"a ( rn('m'nt! rur'(a &!r l arrn(a(!r " (l ?,2anual.

L!" 3'n3! &ag!" "!n anual" J&!r "'m&l'3a3'/nK 3u!ta a(lanta(a


14/15

Opcin ba! c!%p"a p!" p"'(&a%!:

D&r3'a3'/n: L'nal

Sr9'3'! a la (u(a : Cu!ta" anual" 9n3'(a" am!rt'za3'/n 'gual. Ta"a (

'ntr0" 72 anual

Ta"a ( 9alua3'/n J&ara a3tual'zar am*a" altrnat'9a"K ,2 anual

+. C!n *a" n la "'gu'nt 'n)!rma3'/n 3al3ul l &ag! ( rnta anual

J&agan(! &!r ant'3'&a(!K u rur'r5 l arrn(a(!r.

a. Pr3'! ( 3!m&ra ( @+,,,, ta"a ( 'ntr0" ( %72 &r'!(! (

arrn(am'nt! ( 3'n3! a=!" $ n'ngFn 9al!r r"'(ual.

b. Pr3'! ( 3!m&ra ( @%78,,, ta"a ( 'ntr0" ( 2 &r'!(! (

arrn(am'nt! ( nu9 a=!" $ un 9al!r r"'(ual 3a"' "gur! (

@+,,,,.

c. Pr3'! ( 3!m&ra ( @>>7,,, ta"a ( 'ntr0" ( ?2 &r'!(! (

arrn(am'nt! ( %, a=!" $ n'ngFn 9al!r r"'(ual.

7. !lt El3tr!n'3" 3!n"'(ra la &!"'*'l'(a( ( arrn(ar un! ( "u"

&r!(u3t!" a(m5" ( 9n(rl! ( manra ('r3ta a "u" 3l'nt". El&r!(u3t! !lt t"tr t'n un &r3'! ( @%8,, $ "u 9'(a Ft'l " ( !3!

a=!".

a) Para !*tnr un 'ntr0" ( %+2 4u0 rnta anual (* 'g'r !lt al

arrn(a(!r6 J"u&!nga u l &ag! ( rnta " ral'za &!r a(lanta(!.K

b) S' l &r!(u3t! t'n un 9al!r ( r3u&ra3'/n J3!n!3'(! 3!n rlat'9a

"gur'(a(K ( @;,,, al nal ( l!" !3! a=!" 4u0 rnta anual "

n3"'tar56

;. Qz Qa*ul!u" Q*r'3" ("a a(u'r'r una 3!rta(!ra ( 9ar'a" ta&a"

3!n un &r3'! ( @%,,,,,. S "&ra ut'l'zarla (urant !3! a=!" &r'!(!

tra" l 3ual " "&ra u tnga un 9al!r r"'(ual ( @+,,,,. S' la

m&r"a ("ara nan3'ar la 3!rta(!ra m('ant un 3!ntrat! (

arrn(am'nt! ral " n3"'taran &ag!" anual" ant'3'&a(!" ( rnta

( ;%,,,. Tam*'0n &!(r'a nan3'ar la a(u'"'3'/n ( la m5u'na a tra90"

( un &r0"tam! a &laz! al %+2 3!n un 3aln(ar'! ( &ag!" "mHant al

(l "uma ( arrn(am'nt!.

El a3t'9! ntra n la 3atg!ra ( &r!&'(a( ( 3'n3! a=!" &ara )3t!" (

la r3u&ra3'/n ( (l 3!"t! J(&r3'a3'/nK $ la m&r" t'n una ta"a

'm&!"'t'9a ( 712. 43u5l " l 9al!r &r"nt ( l!" ga"t!" &ara 3a(a una


15/15

( "ta" altrnat'9a" "' " ut'l'za l 3!"t! ( la (u(a ("&u0" (

'm&u"t!" 3!m! la ta"a ( ("3unt!6 4u0 altrnat'9a "ra m5"

r3!mn(a*l6

1. aluz Ran3" 'n3. ("a u"ar un nu9! 3am'/n 3!n m!t!r (

ga" natural 3!m&r'm'(! 3u$! 3!"t! " ( @8,,,,. A"'m'"m! &rtn(

ut'l'zarl! (urant 3'n3! a=!" $ al nal " "&ra u tnga un 9al!r

r"'(ual ( @%,,,. Su&!nga u l a3t'9! ntra n la 3atg!r'a (

&r!&'(a( ( tr" a=!" &ara )3t!" ( la r3u&ra3'/n m!('3a(a

a3lra(a (l 3!"t! J(&r3'a3'/nK $ u l ran3! t'n una ta"a

'm&!"'t'9a ( 7,2 aluz 3unta 3!n (!" altrnat'9a" (

nan3'am'nt!. Un "uma ( arrn(am'nt! nt! a 3'n3! a=!"

'm&l'3a &ag!" anual" ( rnta ( @%>,,, &!r ant'3'&a(!. La altrnat'9a

( (u(a 'm&l'3a un 3!"t! ( 'ntr"" ( %,2. L!" &ag!" ( la (u(a "

ral'zar5n a &r'n3'&'! ( 3a(a un! ( l!" 3'n3! a=!" m('ant un "uma

( am!rt'za3'/n t'&! '&!t3ar'!. C!n *a" n l m0t!(! (l 9al!r &r"nt

( l!" ga"t!" (trm'n 3u5l " la mH!r altrnat'9a ( nan3'am'nt!.

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