MF01.xlsApellido PrimeroApellido SegundoNombreDNIemail

13 3 17 9 18 2 16Problema 1 Problema 2 Problema 3 Problema 4 Problema 5 Problema 6 Problema 7

2,021.92 € 29.1788% 175,990.99 € 163,394.23 € 1.5933% 1,556.13 € 3 2,042.14 € 29.4706% 177,750.90 € 165,028.17 € 1.6093% 1,571.69 € 4 2,062.56 € 29.7653% 179,528.41 € 166,678.45 € 1.6253% 1,587.41 € 5 2,083.19 € 30.0629% 181,323.69 € 168,345.23 € 1.6416% 1,603.28 € 6 2,104.02 € 30.3635% 183,136.93 € 170,028.69 € 1.6580% 1,619.31 € 7 2,125.06 € 30.6672% 184,968.30 € 171,728.97 € 1.6746% 1,635.51 € 8 2,146.31 € 30.9739% 186,817.98 € 173,446.26 € 1.6913% 1,651.86 € 9 2,167.77 € 31.2836% 188,686.16 € 175,180.73 € 1.7083% 1,668.38 € 10 2,189.45 € 31.5964% 190,573.02 € 176,932.53 € 1.7253% 1,685.06 € 11 2,211.35 € 31.9124% 192,478.75 € 178,701.86 € 1.7426% 1,701.91 € 12 2,233.46 € 32.2315% 194,403.54 € 180,488.88 € 1.7600% 1,718.93 € 13 2,255.79 € 32.5538% 196,347.58 € 182,293.77 € 1.7776% 1,736.12 € 14 2,278.35 € 32.8794% 198,311.05 € 184,116.70 € 1.7954% 1,753.48 € 15 2,301.14 € 33.2082% 200,294.16 € 185,957.87 € 1.8133% 1,771.02 € 16 2,324.15 € 33.5402% 202,297.10 € 187,817.45 € 1.8315% 1,788.73 € 17 2,347.39 € 33.8756% 204,320.08 € 189,695.62 € 1.8498% 1,806.62 € 18 2,370.86 € 34.2144% 206,363.28 € 191,592.58 € 1.8683% 1,824.68 € 19 2,394.57 € 34.5565% 208,426.91 € 193,508.50 € 1.8870% 1,842.93 € 20 2,418.52 € 34.9021% 210,511.18 € 195,443.59 € 1.9058% 1,861.36 € 21 2,442.47 € 35.2477% 212,595.45 € 197,378.68 € 1.9249% 1,879.97 € 22

Indique la respuesta correcta a cada uno de los 10 problemas que figuran en las hojas. Dispone de un desplegable para elegir la respuesta correcta. Si el resultado que obtiene al resolver el problema no figura en el desplegable dispone de una casilla adicional en la fila 17 para indicar la solución.

9 2 5Problema 8 Problema 9 Problema 10

12.11% 5.2648% 173,251.22 € 12.21% 5.2748% 174,251.22 € 12.31% 5.2848% 175,251.22 € 12.41% 5.2948% 176,251.22 € 12.51% 5.3048% 177,251.22 € 12.61% 5.3148% 178,251.22 € 12.71% 5.3248% 179,251.22 € 12.81% 5.3348% 180,251.22 € 12.91% 5.3448% 181,251.22 € 13.01% 5.3548% 182,251.22 € 13.11% 5.3648% 183,251.22 € 13.21% 5.3748% 184,251.22 € 13.31% 5.3848% 185,251.22 € 13.41% 5.3948% 186,251.22 € 13.51% 5.4048% 187,251.22 € 13.61% 5.4148% 188,251.22 € 13.71% 5.4248% 189,251.22 € 13.81% 5.4348% 190,251.22 € 13.91% 5.4448% 191,251.22 € 14.01% 5.4548% 192,251.22 €

Indique la respuesta correcta a cada uno de los 10 problemas que figuran en las hojas. Dispone de un desplegable para elegir la respuesta correcta. Si el resultado que obtiene al resolver el problema no figura en el desplegable dispone de una casilla adicional en la fila 17 para

1

Problema 1

Tipo Descuento 5% VAN 2,278.35 €Tipo mensual 0.41% TIR mensual 0.760%

TIR anual 9.51%

Meses Flujos Caja0 -100,000 €1 0 €2 20,000 €3 0 €4 0 €5 0 €6 30,000 €7 40,000 €8 0 €9 0 €

10 0 €11 0 €12 15,000 €

Calcular el VAN de una inversión cuyo desembolso inicial es de 100.000 € y los flujos de caja posteriores son los siguientes: El primero de 20.000 € a los 2 meses, el segundo de 30.000 € a los 4 meses del anterior, el tercero de 40.000 € al mes del anterior, el cuarto de 15.000 € a los 5 meses del anterior. El tipo de descuento es del 5% efectivo anual.

2

Problema 2

Fechas Flujos Caja TIR #ADDIN?16-Jun-03 -400020-Sep-03 1400

1-Jan-04 130029-Feb-04 120031-Dec-05 1100

Calcular la TIR de un proyecto de inversión cuyo desembolso inicial es de 4.000 € en fecha 16 de junio de 2003, y con flujos de caja positivos de 1.400 €, 1.300 €, 1.200 € y 1.100 € en la fechas: 20 de sep. De 2003, 1 de enero de 2004, 29 de febrero de 2004 y 31 de dic. de 2005

Calcular la TIR de un proyecto de inversión cuyo desembolso inicial es de 4.000 € en fecha 16 de junio de 2003, y con flujos de caja positivos de 1.400 €, 1.300 €, 1.200 € y 1.100 € en la fechas: 20 de sep. De 2003, 1 de enero

3

Problema 3

Año Mes Flujo Caja VF Tipo anual 3%0 0 100 438.39060187 Tipo mensual 0.25%1 1 100 437.312072331 2 100 436.23619618 Valor Final 206,363.28 € 1 3 100 435.162966911 4 100 434.0923781 5 100 433.024422951 6 100 431.95909531 7 100 430.896388561 8 100 429.836296291 9 100 428.778812071 10 100 427.723929471 11 100 426.67164211 12 102 434.134382442 13 102 433.066324052 14 102 432.000893312 15 102 430.938083742 16 102 429.877888892 17 102 428.820302342 18 102 427.765317672 19 102 426.712928472 20 102 425.663128372 21 102 424.615910982 22 102 423.571269962 23 102 422.529198972 24 104.04 429.919485523 25 104.04 428.861796633 26 104.04 427.806709883 27 104.04 426.754218853 28 104.04 425.704317163 29 104.04 424.656998443 30 104.04 423.612256333 31 104.04 422.570084513 32 104.04 421.530476643 33 104.04 420.493426413 34 104.04 419.458927543 35 104.04 418.426973743 36 106.1208 425.745509934 37 106.1208 424.698089874 38 106.1208 423.653246674 39 106.1208 422.6109744 40 106.1208 421.571265534 41 106.1208 420.53411496

Calcular el valor final de una renta prepagable de duración 50 años y témino mensual constante cada año, pero que se incrementa anualmente un 2% anual acumulado. Los términos del primer año son de 100 € y el tanto de valoración es del 3% efectivo anual.

4 42 106.1208 419.499515984 43 106.1208 418.467462334 44 106.1208 417.437947744 45 106.1208 416.410965964 46 106.1208 415.386510764 47 106.1208 414.364575934 48 108.243216 421.612058385 49 108.243216 420.574807445 50 108.243216 419.540108365 51 108.243216 418.507954845 52 108.243216 417.478340635 53 108.243216 416.451259475 54 108.243216 415.426705155 55 108.243216 414.404671435 56 108.243216 413.385152135 57 108.243216 412.368141055 58 108.243216 411.353632025 59 108.243216 410.341618895 60 110.40808 417.518737426 61 110.40808 416.491556896 62 110.40808 415.466903426 63 110.40808 414.444770816 64 110.40808 413.425152856 65 110.40808 412.408043366 66 110.40808 411.393436166 67 110.40808 410.381325116 68 110.40808 409.371704056 69 110.40808 408.364566866 70 110.40808 407.359907436 71 110.40808 406.357719676 72 112.616242 413.465157457 73 112.616242 412.447949547 74 112.616242 411.433244167 75 112.616242 410.421035177 76 112.616242 409.411316427 77 112.616242 408.404081787 78 112.616242 407.399325137 79 112.616242 406.39704047 80 112.616242 405.397221487 81 112.616242 404.399862337 82 112.616242 403.404956887 83 112.616242 402.412499097 84 114.868567 409.450932628 85 114.868567 408.443600518 86 114.868567 407.438746658 87 114.868567 406.436364938 88 114.868567 405.436449278 89 114.868567 404.43899368 90 114.868567 403.443991888 91 114.868567 402.451438068 92 114.868567 401.461326138 93 114.868567 400.473650078 94 114.868567 399.48840398 95 114.868567 398.50558163

8 96 117.165938 405.475680859 97 117.165938 404.478128669 98 117.165938 403.483030669 99 117.165938 402.49038089 100 117.165938 401.500173069 101 117.165938 400.512401439 102 117.165938 399.527059929 103 117.165938 398.544142559 104 117.165938 397.563643359 105 117.165938 396.585556389 106 117.165938 395.60987579 107 117.165938 394.63659549 108 119.509257 401.53902375

10 109 119.509257 400.5511565410 110 119.509257 399.5657196810 111 119.509257 398.582707210 112 119.509257 397.6021131310 113 119.509257 396.6239315110 114 119.509257 395.6481564310 115 119.509257 394.6747819410 116 119.509257 393.7038021510 117 119.509257 392.7352111810 118 119.509257 391.7690031310 119 119.509257 390.8051721410 120 121.899442 397.6405866311 121 121.899442 396.6623103611 122 121.899442 395.6864408511 123 121.899442 394.7129721811 124 121.899442 393.7418984411 125 121.899442 392.7732137311 126 121.899442 391.8069121911 127 121.899442 390.8429879411 128 121.899442 389.8814351411 129 121.899442 388.9222479611 130 121.899442 387.9654205711 131 121.899442 387.0109471711 132 124.337431 393.7799984112 133 124.337431 392.8112199712 134 124.337431 391.8448249212 135 124.337431 390.880807412 136 124.337431 389.9191615612 137 124.337431 388.9598815612 138 124.337431 388.0029615912 139 124.337431 387.0483958312 140 124.337431 386.0961784912 141 124.337431 385.146303812 142 124.337431 384.19876612 143 124.337431 383.2535593312 144 126.824179 389.9568916313 145 126.824179 388.997518813 146 126.824179 388.0405062313 147 126.824179 387.0858481113 148 126.824179 386.1335386313 149 126.824179 385.18357203

13 150 126.824179 384.2359425413 151 126.824179 383.2906444113 152 126.824179 382.347671913 153 126.824179 381.407019313 154 126.824179 380.4686808913 155 126.824179 379.5326509913 156 129.360663 386.1709023914 157 129.360663 385.2208438614 158 129.360663 384.2731226814 159 129.360663 383.3277330814 160 129.360663 382.3846693214 161 129.360663 381.443925714 162 129.360663 380.505496514 163 129.360663 379.5693760214 164 129.360663 378.6355585914 165 129.360663 377.7040385314 166 129.360663 376.7748102114 167 129.360663 375.8478679714 168 131.947876 382.4216703215 169 131.947876 381.4808356715 170 131.947876 380.5423156615 171 131.947876 379.606104615 172 131.947876 378.6721968115 173 131.947876 377.7405866215 174 131.947876 376.8112683815 175 131.947876 375.8842364415 176 131.947876 374.959485215 177 131.947876 374.0370090315 178 131.947876 373.1168023415 179 131.947876 372.1988595415 180 134.586834 378.7088385716 181 134.586834 377.7771382416 182 134.586834 376.8477300716 183 134.586834 375.9206084416 184 134.586834 374.9957677116 185 134.586834 374.0732022816 186 134.586834 373.1529065516 187 134.586834 372.2348749316 188 134.586834 371.3191018516 189 134.586834 370.4055817616 190 134.586834 369.4943091116 191 134.586834 368.5852783816 192 137.278571 375.0320537317 193 137.278571 374.1093990317 194 137.278571 373.1890142517 195 137.278571 372.2708937917 196 137.278571 371.355032117 197 137.278571 370.4414236217 198 137.278571 369.5300627917 199 137.278571 368.620944117 200 137.278571 367.7140620317 201 137.278571 366.8094110617 202 137.278571 365.9069857217 203 137.278571 365.00678053

17 204 140.024142 371.3909658318 205 140.024142 370.4772689418 206 140.024142 369.5658199318 207 140.024142 368.6566132718 208 140.024142 367.7496434418 209 140.024142 366.8449049418 210 140.024142 365.9423922818 211 140.024142 365.0420999818 212 140.024142 364.1440225918 213 140.024142 363.2481546418 214 140.024142 362.3544907218 215 140.024142 361.4630253818 216 142.824625 367.785228319 217 142.824625 366.8804022519 218 142.824625 365.9778022619 219 142.824625 365.0774228519 220 142.824625 364.1792585519 221 142.824625 363.2833039219 222 142.824625 362.3895535219 223 142.824625 361.4980019319 224 142.824625 360.6086437319 225 142.824625 359.7214735319 226 142.824625 358.8364859519 227 142.824625 357.9536756219 228 145.681117 364.2144979320 229 145.681117 363.318456620 230 145.681117 362.4246197220 231 145.681117 361.5329818520 232 145.681117 360.643537620 233 145.681117 359.7562815520 234 145.681117 358.8712083420 235 145.681117 357.9883125920 236 145.681117 357.1075889320 237 145.681117 356.2290320420 238 145.681117 355.3526365820 239 145.681117 354.4783972220 240 148.59474 360.6784348421 241 148.59474 359.7910929521 242 148.59474 358.9059340921 243 148.59474 358.022952921 244 148.59474 357.1421440321 245 148.59474 356.2635021221 246 148.59474 355.3870218521 247 148.59474 354.512697921 248 148.59474 353.6405249621 249 148.59474 352.7704977521 250 148.59474 351.9026109821 251 148.59474 351.0368593821 252 151.566634 357.1767024622 253 151.566634 356.2979755422 254 151.566634 355.4214104622 255 151.566634 354.547001922 256 151.566634 353.6747445722 257 151.566634 352.80463317

22 258 151.566634 351.9366624222 259 151.566634 351.0708270522 260 151.566634 350.2071218122 261 151.566634 349.3455414622 262 151.566634 348.4860807722 263 151.566634 347.6287345322 264 154.597967 353.7089674923 265 154.597967 352.8387718923 266 154.597967 351.9707171523 267 154.597967 351.10479823 268 154.597967 350.2410091923 269 154.597967 349.3793454723 270 154.597967 348.5198016223 271 154.597967 347.6623724223 272 154.597967 346.8070526723 273 154.597967 345.9538371723 274 154.597967 345.1027207723 275 154.597967 344.2536982823 276 157.689926 350.2748998424 277 157.689926 349.4131527524 278 157.689926 348.5535257224 279 157.689926 347.6960135524 280 157.689926 346.8406110424 281 157.689926 345.9873129924 282 157.689926 345.1361142224 283 157.689926 344.2870095824 284 157.689926 343.439993924 285 157.689926 342.5950620624 286 157.689926 341.7522089124 287 157.689926 340.9114293624 288 160.843725 346.8741726625 289 160.843725 346.0207920425 290 160.843725 345.1695109125 291 160.843725 344.320324125 292 160.843725 343.4732264725 293 160.843725 342.6282128625 294 160.843725 341.7852781625 295 160.843725 340.9444172525 296 160.843725 340.1056250325 297 160.843725 339.2688964125 298 160.843725 338.434226325 299 160.843725 337.6016096625 300 164.060599 343.5064622526 301 164.060599 342.6613668826 302 164.060599 341.8183506126 303 164.060599 340.9774083326 304 164.060599 340.1385349526 305 164.060599 339.3017253626 306 164.060599 338.4669744926 307 164.060599 337.6342772826 308 164.060599 336.8036286726 309 164.060599 335.9750236226 310 164.060599 335.1484571226 311 164.060599 334.32392413

26 312 167.341811 340.1714480527 313 167.341811 339.3345574927 314 167.341811 338.4997258527 315 167.341811 337.6669480627 316 167.341811 336.8362190727 317 167.341811 336.0075338527 318 167.341811 335.1808873627 319 167.341811 334.3562745927 320 167.341811 333.5336905327 321 167.341811 332.7131301927 322 167.341811 331.894588627 323 167.341811 331.0780607927 324 170.688648 336.8688126328 325 170.688648 336.0400472228 326 170.688648 335.2133207428 327 170.688648 334.3886281828 328 170.688648 333.5659645228 329 170.688648 332.7453247828 330 170.688648 331.9267039928 331 170.688648 331.1100971628 332 170.688648 330.2954993628 333 170.688648 329.4829056328 334 170.688648 328.6723110428 335 170.688648 327.8637106828 336 174.102421 333.5982416429 337 174.102421 332.7775224929 338 174.102421 331.9588224829 339 174.102421 331.1421366429 340 174.102421 330.3274600129 341 174.102421 329.5147876529 342 174.102421 328.7041146329 343 174.102421 327.8954360329 344 174.102421 327.0887469429 345 174.102421 326.2840424729 346 174.102421 325.4813177329 347 174.102421 324.6805678629 348 177.584469 330.3594237630 349 177.584469 329.5466727630 350 177.584469 328.7359212930 351 177.584469 327.9271644430 352 177.584469 327.1203972930 353 177.584469 326.3156149530 354 177.584469 325.5128125430 355 177.584469 324.7119851930 356 177.584469 323.9131280330 357 177.584469 323.1162362330 358 177.584469 322.3213049430 359 177.584469 321.5283293430 360 181.136158 327.1520507131 361 181.136158 326.347190531 362 181.136158 325.5443104131 363 181.136158 324.7434055631 364 181.136158 323.944471131 365 181.136158 323.14750219

31 366 181.136158 322.3524939831 367 181.136158 321.5594416431 368 181.136158 320.7683403831 369 181.136158 319.9791853931 370 181.136158 319.1919718831 371 181.136158 318.4066950731 372 184.758882 323.9758172132 373 184.758882 323.1787711732 374 184.758882 322.3836860332 375 184.758882 321.5905569632 376 184.758882 320.7993791532 377 184.758882 320.010147832 378 184.758882 319.2228581132 379 184.758882 318.4375053232 380 184.758882 317.6540846532 381 184.758882 316.8725913632 382 184.758882 316.093020732 383 184.758882 315.3153679332 384 188.454059 320.8304209233 385 188.454059 320.041113233 386 188.454059 319.2537473333 387 188.454059 318.4683185533 388 188.454059 317.6848220733 389 188.454059 316.9032531633 390 188.454059 316.1236070633 391 188.454059 315.3458790533 392 188.454059 314.5700644133 393 188.454059 313.7961584333 394 188.454059 313.0241564233 395 188.454059 312.2540536833 396 192.22314 317.7155624734 397 192.22314 316.9339179334 398 192.22314 316.1541963934 399 192.22314 315.3763931234 400 192.22314 314.6005034134 401 192.22314 313.8265225534 402 192.22314 313.0544458334 403 192.22314 312.2842685834 404 192.22314 311.5159861234 405 192.22314 310.7495937934 406 192.22314 309.9850869434 407 192.22314 309.2224609334 408 196.067603 314.6309453635 409 196.067603 313.856889635 410 196.067603 313.0847381735 411 196.067603 312.3144863935 412 196.067603 311.5461295935 413 196.067603 310.779663135 414 196.067603 310.0150822835 415 196.067603 309.2523824735 416 196.067603 308.4915590735 417 196.067603 307.7326074435 418 196.067603 306.9755229935 419 196.067603 306.22030111

35 420 199.988955 311.5762759836 421 199.988955 310.8097353336 422 199.988955 310.0450805236 423 199.988955 309.2823069136 424 199.988955 308.5214098936 425 199.988955 307.7623848236 426 199.988955 307.0052271136 427 199.988955 306.2499321636 428 199.988955 305.4964953936 429 199.988955 304.7449122236 430 199.988955 303.995178136 431 199.988955 303.2472884836 432 203.988734 308.551263637 433 203.988734 307.7921650837 434 203.988734 307.0349341137 435 203.988734 306.2795660737 436 203.988734 305.5260563937 437 203.988734 304.774400537 438 203.988734 304.0245938437 439 203.988734 303.2766318537 440 203.988734 302.5305099937 441 203.988734 301.7862237537 442 203.988734 301.0437686137 443 203.988734 300.3031400537 444 208.068509 305.5556202638 445 208.068509 304.8038916438 446 208.068509 304.0540124238 447 208.068509 303.3059780538 448 208.068509 302.55978438 449 208.068509 301.8154257438 450 208.068509 301.0728987538 451 208.068509 300.3321985338 452 208.068509 299.5933205838 453 208.068509 298.8562604238 454 208.068509 298.1210135738 455 208.068509 297.3875755838 456 212.229879 302.5890608439 457 212.229879 301.8446305539 458 212.229879 301.1020317139 459 212.229879 300.3612598239 460 212.229879 299.6223103739 461 212.229879 298.8851788939 462 212.229879 298.149860939 463 212.229879 297.4163519439 464 212.229879 296.6846475639 465 212.229879 295.9547433239 466 212.229879 295.226634839 467 212.229879 294.5003175739 468 216.474477 299.6513029740 469 216.474477 298.9141001640 470 216.474477 298.1787110240 471 216.474477 297.4451310840 472 216.474477 296.713355940 473 216.474477 295.98338103

40 474 216.474477 295.2552020540 475 216.474477 294.5288145440 476 216.474477 293.8042140940 477 216.474477 293.081396340 478 216.474477 292.3603567940 479 216.474477 291.6410911840 480 220.803966 296.7420670241 481 220.803966 296.0120215241 482 220.803966 295.2837720841 483 220.803966 294.5573142741 484 220.803966 293.8326437141 485 220.803966 293.1097559841 486 220.803966 292.388646741 487 220.803966 291.6693114941 488 220.803966 290.9517459941 489 220.803966 290.2359458541 490 220.803966 289.5219067341 491 220.803966 288.8096242841 492 225.220046 293.8610760842 493 225.220046 293.1381183942 494 225.220046 292.4169393442 495 225.220046 291.6975345242 496 225.220046 290.9798995942 497 225.220046 290.2640301942 498 225.220046 289.5499219742 499 225.220046 288.837570642 500 225.220046 288.1269717642 501 225.220046 287.4181211442 502 225.220046 286.7110144342 503 225.220046 286.0056473442 504 229.724447 291.0080559243 505 229.724447 290.2921172543 506 229.724447 289.5779399343 507 229.724447 288.8655196343 508 229.724447 288.1548520243 509 229.724447 287.4459328143 510 229.724447 286.7387576843 511 229.724447 286.0333223443 512 229.724447 285.3296225243 513 229.724447 284.6276539443 514 229.724447 283.9274123543 515 229.724447 283.2288934943 516 234.318936 288.1827349944 517 234.318936 287.4737471844 518 234.318936 286.7665036244 519 234.318936 286.0610000244 520 234.318936 285.357232144 521 234.318936 284.655195644 522 234.318936 283.9548862544 523 234.318936 283.256299844 524 234.318936 282.5594320144 525 234.318936 281.8642786644 526 234.318936 281.1708355344 527 234.318936 280.4790984

44 528 239.005314 285.3848443645 529 239.005314 284.6827399245 530 239.005314 283.982362845 531 239.005314 283.2837087645 532 239.005314 282.5867735445 533 239.005314 281.8915529245 534 239.005314 281.1980426945 535 239.005314 280.5062386345 536 239.005314 279.8161365545 537 239.005314 279.1277322645 538 239.005314 278.4410215945 539 239.005314 277.7560003645 540 243.785421 282.6141177146 541 243.785421 281.9188298246 542 243.785421 281.2252524946 543 243.785421 280.5333814946 544 243.785421 279.8432126346 545 243.785421 279.1547417346 546 243.785421 278.4679646146 547 243.785421 277.7828770946 548 243.785421 277.0994750346 549 243.785421 276.4177542846 550 243.785421 275.737710746 551 243.785421 275.0593401646 552 248.661129 279.8702913347 553 248.661129 279.1817538147 554 248.661129 278.4949102347 555 248.661129 277.8097564247 556 248.661129 277.1262882447 557 248.661129 276.4445015247 558 248.661129 275.7643921347 559 248.661129 275.0859559647 560 248.661129 274.4091888747 561 248.661129 273.7340867647 562 248.661129 273.0606455547 563 248.661129 272.3888611347 564 253.634352 277.1531040348 565 253.634352 276.4712513448 566 253.634352 275.7910761548 567 253.634352 275.1125743248 568 253.634352 274.4357417548 569 253.634352 273.7605743248 570 253.634352 273.0870679448 571 253.634352 272.4152185248 572 253.634352 271.7450219948 573 253.634352 271.0764742748 574 253.634352 270.4095713248 575 253.634352 269.7443090848 576 258.707039 274.462297249 577 258.707039 273.7870644449 578 258.707039 273.1134928849 579 258.707039 272.4415784549 580 258.707039 271.7713170749 581 258.707039 271.10270467

49 582 258.707039 270.4357371849 583 258.707039 269.7704105749 584 258.707039 269.106720849 585 258.707039 268.4446638449 586 258.707039 267.7842356849 587 258.707039 267.125432349 588 263.881179 271.797614750 589 263.881179 271.128937650 590 263.881179 270.4619055850 591 263.881179 269.7965145950 592 263.881179 269.1327605950 593 263.881179 268.4706395750 594 263.881179 267.810147550 595 263.881179 267.1512803750 596 263.881179 266.4940341950 597 263.881179 265.8384049750 598 263.881179 265.1843887350 599 263.881179 264.531981550 600

4

Problema 4

Mes Flujo Caja VA0 1000 1,000.00 Tipo anual 4%1 1000 996.74 Tipo semestral 1.98%2 1000 993.48 Tipo mensual 0.33%3 1000 990.244 1000 987.01 Valor en t = - 1 176,355.19 €5 0 0.006 1000 980.58 Valor Actual 176,932.53 € <-- Método 17 1000 977.38 Valor Actual 176,932.53 € <-- Método 28 1000 974.19 Valor Actual 176,932.53 € <-- Método 39 1000 971.01 Valor Actual 176,932.53 € <-- Método 4

10 1000 967.8411 0 0.0012 1000 961.5413 1000 958.4014 1000 955.2715 1000 952.1616 1000 949.0517 0 0.0018 1000 942.8719 1000 939.7920 1000 936.7221 1000 933.6722 1000 930.6223 0 0.0024 1000 924.5625 1000 921.5426 1000 918.5327 1000 915.5428 1000 912.5529 0 0.0030 1000 906.6031 1000 903.6432 1000 900.7033 1000 897.7634 1000 894.8335 0 0.0036 1000 889.0037 1000 886.1038 1000 883.2039 1000 880.3240 1000 877.4541 0 0.0042 1000 871.7343 1000 868.89

Calcular el valor actual de una renta prepagable mensual de duración 30 años cuyos términos son constantes de 1.000 € salvo la última mensualidad de cada semestre en la que no se abonará ninguna cantidad. Esto es, en cada semestre se cobran sólo los 5 primeros meses y de forma prepagable. El tipo de valoración es del 4% efectivo anual.

44 1000 866.0545 1000 863.2346 1000 860.4147 0 0.0048 1000 854.8049 1000 852.0150 1000 849.2351 1000 846.4652 1000 843.7053 0 0.0054 1000 838.2055 1000 835.4756 1000 832.7457 1000 830.0358 1000 827.3259 0 0.0060 1000 821.9361 1000 819.2562 1000 816.5763 1000 813.9164 1000 811.2565 0 0.0066 1000 805.9767 1000 803.3468 1000 800.7169 1000 798.1070 1000 795.5071 0 0.0072 1000 790.3173 1000 787.7474 1000 785.1775 1000 782.6076 1000 780.0577 0 0.0078 1000 774.9779 1000 772.4480 1000 769.9281 1000 767.4182 1000 764.9083 0 0.0084 1000 759.9285 1000 757.4486 1000 754.9787 1000 752.5088 1000 750.0589 0 0.0090 1000 745.1691 1000 742.7392 1000 740.3193 1000 737.8994 1000 735.4895 0 0.0096 1000 730.6997 1000 728.31

98 1000 725.9399 1000 723.56

100 1000 721.20101 0 0.00102 1000 716.50103 1000 714.16104 1000 711.83105 1000 709.51106 1000 707.19107 0 0.00108 1000 702.59109 1000 700.29110 1000 698.01111 1000 695.73112 1000 693.46113 0 0.00114 1000 688.94115 1000 686.69116 1000 684.45117 1000 682.22118 1000 679.99119 0 0.00120 1000 675.56121 1000 673.36122 1000 671.16123 1000 668.97124 1000 666.79125 0 0.00126 1000 662.45127 1000 660.28128 1000 658.13129 1000 655.98130 1000 653.84131 0 0.00132 1000 649.58133 1000 647.46134 1000 645.35135 1000 643.24136 1000 641.14137 0 0.00138 1000 636.97139 1000 634.89140 1000 632.82141 1000 630.75142 1000 628.69143 0 0.00144 1000 624.60145 1000 622.56146 1000 620.53147 1000 618.50148 1000 616.48149 0 0.00150 1000 612.47151 1000 610.47

152 1000 608.48153 1000 606.49154 1000 604.51155 0 0.00156 1000 600.57157 1000 598.61158 1000 596.66159 1000 594.71160 1000 592.77161 0 0.00162 1000 588.91163 1000 586.99164 1000 585.07165 1000 583.17166 1000 581.26167 0 0.00168 1000 577.48169 1000 575.59170 1000 573.71171 1000 571.84172 1000 569.97173 0 0.00174 1000 566.26175 1000 564.41176 1000 562.57177 1000 560.74178 1000 558.91179 0 0.00180 1000 555.26181 1000 553.45182 1000 551.65183 1000 549.85184 1000 548.05185 0 0.00186 1000 544.48187 1000 542.70188 1000 540.93189 1000 539.17190 1000 537.41191 0 0.00192 1000 533.91193 1000 532.17194 1000 530.43195 1000 528.70196 1000 526.97197 0 0.00198 1000 523.54199 1000 521.83200 1000 520.13201 1000 518.43202 1000 516.74203 0 0.00204 1000 513.37205 1000 511.70

206 1000 510.03207 1000 508.36208 1000 506.71209 0 0.00210 1000 503.40211 1000 501.76212 1000 500.12213 1000 498.49214 1000 496.87215 0 0.00216 1000 493.63217 1000 492.02218 1000 490.41219 1000 488.81220 1000 487.22221 0 0.00222 1000 484.04223 1000 482.46224 1000 480.89225 1000 479.32226 1000 477.76227 0 0.00228 1000 474.64229 1000 473.09230 1000 471.55231 1000 470.01232 1000 468.48233 0 0.00234 1000 465.43235 1000 463.91236 1000 462.39237 1000 460.88238 1000 459.38239 0 0.00240 1000 456.39241 1000 454.90242 1000 453.41243 1000 451.93244 1000 450.46245 0 0.00246 1000 447.52247 1000 446.06248 1000 444.61249 1000 443.16250 1000 441.71251 0 0.00252 1000 438.83253 1000 437.40254 1000 435.97255 1000 434.55256 1000 433.13257 0 0.00258 1000 430.31259 1000 428.91

260 1000 427.51261 1000 426.11262 1000 424.72263 0 0.00264 1000 421.96265 1000 420.58266 1000 419.21267 1000 417.84268 1000 416.47269 0 0.00270 1000 413.76271 1000 412.41272 1000 411.07273 1000 409.72274 1000 408.39275 0 0.00276 1000 405.73277 1000 404.40278 1000 403.08279 1000 401.77280 1000 400.46281 0 0.00282 1000 397.85283 1000 396.55284 1000 395.26285 1000 393.97286 1000 392.68287 0 0.00288 1000 390.12289 1000 388.85290 1000 387.58291 1000 386.31292 1000 385.05293 0 0.00294 1000 382.55295 1000 381.30296 1000 380.05297 1000 378.81298 1000 377.58299 0 0.00300 1000 375.12301 1000 373.89302 1000 372.67303 1000 371.46304 1000 370.24305 0 0.00306 1000 367.83307 1000 366.63308 1000 365.44309 1000 364.24310 1000 363.05311 0 0.00312 1000 360.69313 1000 359.51

314 1000 358.34315 1000 357.17316 1000 356.00317 0 0.00318 1000 353.68319 1000 352.53320 1000 351.38321 1000 350.23322 1000 349.09323 0 0.00324 1000 346.82325 1000 345.68326 1000 344.56327 1000 343.43328 1000 342.31329 0 0.00330 1000 340.08331 1000 338.97332 1000 337.87333 1000 336.76334 1000 335.66335 0 0.00336 1000 333.48337 1000 332.39338 1000 331.30339 1000 330.22340 1000 329.15341 0 0.00342 1000 327.00343 1000 325.93344 1000 324.87345 1000 323.81346 1000 322.75347 0 0.00348 1000 320.65349 1000 319.61350 1000 318.56351 1000 317.52352 1000 316.49353 0 0.00354 1000 314.42355 1000 313.40356 1000 312.38357 1000 311.36358 1000 310.34359 0 0.00360

<-- Este es el mejor

5

Problema 5

Mes Aportación VF0 1000 1097.9773601 Montante 100,000.00 € 1 1000 1096.26823112 1000 1094.5617625 Tipo anual 1.8870%3 1000 1092.8579502 Tipo mensual 0.16%4 1000 1091.15679015 1000 1089.4582786 1000 1087.76240997 1000 1086.06918168 1000 1084.3785899 1000 1082.690628

10 1000 1081.005294511 1000 1079.322584412 1000 1077.642493713 1000 1075.965018214 1000 1074.290153915 1000 1072.617896716 1000 1070.948242617 1000 1069.281187518 1000 1067.616727319 1000 1065.954858120 1000 1064.295575821 1000 1062.638876322 1000 1060.984755723 1000 1059.333209924 2000 2115.368469925 2000 2112.075653626 2000 2108.78796327 2000 2105.5053928 2000 2102.227926829 2000 2098.955565230 2000 2095.688297631 2000 2092.426115732 2000 2089.169011933 2000 2085.916978134 2000 2082.670006535 2000 2079.428089136 2000 2076.191218237 2000 2072.959385938 2000 2069.732584239 2000 2066.510805540 2000 2063.294041841 2000 2060.082285442 2000 2056.875528543 2000 2053.673763344 2000 2050.476982

Se desea alcanzar un montante de 100.000 € en base a aportaciones mensuales constantes prepagables, de 1.000 € durante los 2 primeros años y de 2.000 € durante los 3 años restantes. Calcular el tipo de interés efectivo anual pactado.

45 2000 2047.285176846 2000 2044.0983447 2000 2040.91646448 2000 2037.739540949 2000 2034.56756350 2000 2031.400522751 2000 2028.238412352 2000 2025.08122453 2000 2021.928950354 2000 2018.781583555 2000 2015.639115956 2000 2012.501539957 2000 2009.368847958 2000 2006.241032359 2000 2003.118085560

Se desea alcanzar un montante de 100.000 € en base a aportaciones mensuales constantes prepagables, de 1.000 € durante los 2 primeros años y de 2.000 € durante los 3 años restantes. Calcular el tipo de interés efectivo

6

Problema 6

Mensualidad 1,571.69 €

Sea un préstamo tipo francés de principal 300.000 € duración 25 años, tipo de interés 4% efectivo anual. Calcular la mensualidad constante.

7

Problema 7

Tipo anual 3.50%

Años Aportaciones Capital Constituido0 1,000,000.00 € 1,000,000.00 € n= 181 1,035,000.00 € 2 1,000,000.00 € 2,071,225.00 € 3 2,143,717.87 € 4 2,218,748.00 € 5 2,296,404.18 € 6 2,376,778.33 € 7 2,459,965.57 € 8 2,546,064.36 € 9 2,635,176.62 €

10 2,727,407.80 € 11 2,822,867.07 € 12 2,921,667.42 € 13 3,023,925.78 € 14 3,129,763.18 € 15 3,239,304.89 € 16 3,352,680.56 € 17 3,470,024.38 € 18 3,591,475.24 €

Para alcanzar un montante de 3.591.475,24 € dentro de n años capitalizando en compuesta al 3,5% anual, se entregan hoy un millón de euros y dentro de dos años otro millón. Calcular n.

Para alcanzar un montante de 3.591.475,24 € dentro de n años capitalizando en compuesta al 3,5% anual,

8

Problema 8

Mes Flujos Caja TIR mensual 1.02%0 -1126.02 TIR anual 12.9100%1 3832 3833 383

Un ordenador de precio 1.149 € se puede adquirir en un establecimiento aplazando el pago en tres meses sin intereses. Únicamente se cobra una comisión del 2% sobre el precio en concepto de gastos, que se abonará en el momento de adquirir el ordenador. Los tres pagos mensuales son iguales y el primero de ellos se ha de abonar transcurrido un mes desde que se adquirió el ordenador. Calcular el coste financiero en términos de tánto efectivo anual.

Un ordenador de precio 1.149 € se puede adquirir en un establecimiento aplazando el pago en tres meses sin intereses. Únicamente se cobra una comisión del 2% sobre el precio en concepto de gastos, que se abonará en el momento de adquirir el ordenador. Los tres pagos mensuales son iguales y el primero de ellos se ha de abonar transcurrido un mes desde que se adquirió el ordenador. Calcular el coste financiero en

9

Problema 9

Tipo nominal anual 6% Efectivo Letra 903.492046Efectivo mensual 0.5% Por el montante 30%

Por el préstamo 70%

t Meses Flujos Caja VF0 -10.6047339 11.9532295 TIR mes 0.429%1 -10.6047339 11.8937607 TIR 5.2748%2 -10.6047339 11.83458783 -10.6047339 11.77570924 -10.6047339 11.71712365 -10.6047339 11.65882946 -10.6047339 11.60082537 -10.6047339 11.54310988 -10.6047339 11.48568149 -10.6047339 11.4285387

10 -10.6047339 11.371680311 -10.6047339 11.315104712 -10.6047339 11.258810713 -10.6047339 11.202796714 -10.6047339 11.147061415 -10.6047339 11.091603416 -10.6047339 11.036421317 -10.6047339 10.981513718 -10.6047339 10.926879319 -10.6047339 10.872516720 -10.6047339 10.818424621 -10.6047339 10.764601622 -10.6047339 10.711046423 -10.6047339 10.6577576

0 24 0 271.0476141 25 02 26 03 27 04 28 05 29 06 30 07 31 08 32 09 33 0

10 34 011 35 012 36 013 37 0

Un inversor deposita C € al inicio de cada mes durante dos años en un depósito que capitaliza al 6% nominal anual. El montante obtenido al final del tercer año le permite obtener el 30% del importe necesario para adquirir una Letra del Tesoro con vencimiento a 18 meses y nominal 1.000 € que tiene un TIR del 4% efectivo anual. El 70% restante lo obtiene solicitando un préstamo que tiene un coste del 8% efectivo anual, y que devolverá mediante un solo págo a los 18 meses. Calcular la rentabilidad que obtiene el inversor expresada en tanto efectivo anual.

14 38 015 39 016 40 017 41 018 42 290.164024

35.6504099

271.047614 - € 632.444432 Prestamo 709.835976

Un inversor deposita C € al inicio de cada mes durante dos años en un depósito que capitaliza al 6% nominal anual. El montante obtenido al final del tercer año le permite obtener el 30% del importe necesario para adquirir una Letra del Tesoro con vencimiento a 18 meses y nominal 1.000 € que tiene un TIR del 4% efectivo anual. El 70% restante lo obtiene solicitando un préstamo que tiene un coste del 8% efectivo anual, y que devolverá mediante un solo págo a los 18 meses. Calcular la rentabilidad que obtiene el

10

Problema 10

Sea un préstamo a tipo de interés variable con la siguientes características:

La evolución del euribor ha sido la siguiente: 3,96%, 3%, 3%, 2,40% Calcular el Capital Vivo al final del mes 40

Euribor Tipo anual Tipo mensual Año Mes Mensualidad C. Int. C. Amort.0 0

3.96% 4.56% 0.37% 1 1 22,788.80 3,722.82 19,065.983.96% 4.56% 0.37% 1 2 22,788.80 3,651.84 19,136.963.96% 4.56% 0.37% 1 3 22,788.80 3,580.60 19,208.213.96% 4.56% 0.37% 1 4 22,788.80 3,509.09 19,279.723.96% 4.56% 0.37% 1 5 22,788.80 3,437.31 19,351.493.96% 4.56% 0.37% 1 6 22,788.80 3,365.27 19,423.533.96% 4.56% 0.37% 1 7 22,788.80 3,292.96 19,495.843.96% 4.56% 0.37% 1 8 22,788.80 3,220.38 19,568.423.96% 4.56% 0.37% 1 9 22,788.80 3,147.53 19,641.273.96% 4.56% 0.37% 1 10 22,788.80 3,074.41 19,714.393.96% 4.56% 0.37% 1 11 22,788.80 3,001.02 19,787.793.96% 4.56% 0.37% 1 12 22,788.80 2,927.35 19,861.453.00% 3.60% 0.30% 2 13 22,473.25 2,262.31 20,210.943.00% 3.60% 0.30% 2 14 22,473.25 2,202.65 20,270.603.00% 3.60% 0.30% 2 15 22,473.25 2,142.82 20,330.433.00% 3.60% 0.30% 2 16 22,473.25 2,082.81 20,390.443.00% 3.60% 0.30% 2 17 22,473.25 2,022.63 20,450.623.00% 3.60% 0.30% 2 18 22,473.25 1,962.27 20,510.983.00% 3.60% 0.30% 2 19 22,473.25 1,901.72 20,571.533.00% 3.60% 0.30% 2 20 22,473.25 1,841.01 20,632.243.00% 3.60% 0.30% 2 21 22,473.25 1,780.11 20,693.143.00% 3.60% 0.30% 2 22 22,473.25 1,719.03 20,754.223.00% 3.60% 0.30% 2 23 22,473.25 1,657.77 20,815.483.00% 3.60% 0.30% 2 24 22,473.25 1,596.33 20,876.923.00% 3.60% 0.30% 3 25 22,473.25 1,534.71 20,938.543.00% 3.60% 0.30% 3 26 22,473.25 1,472.91 21,000.343.00% 3.60% 0.30% 3 27 22,473.25 1,410.92 21,062.333.00% 3.60% 0.30% 3 28 22,473.25 1,348.76 21,124.493.00% 3.60% 0.30% 3 29 22,473.25 1,286.40 21,186.843.00% 3.60% 0.30% 3 30 22,473.25 1,223.87 21,249.383.00% 3.60% 0.30% 3 31 22,473.25 1,161.15 21,312.103.00% 3.60% 0.30% 3 32 22,473.25 1,098.24 21,375.013.00% 3.60% 0.30% 3 33 22,473.25 1,035.15 21,438.103.00% 3.60% 0.30% 3 34 22,473.25 971.88 21,501.373.00% 3.60% 0.30% 3 35 22,473.25 908.41 21,564.843.00% 3.60% 0.30% 3 36 22,473.25 844.76 21,628.492.40% 3.00% 0.25% 4 37 22,403.01 652.51 21,750.49

§    Principal: 1.000.000,00 €§    Duración: 4 años§    Tipo de interés efectivo anual aplicable: Euribor +0,60%§    Pagos mensuales con revisión anual

2.40% 3.00% 0.25% 4 38 22,403.01 598.87 21,804.132.40% 3.00% 0.25% 4 39 22,403.01 545.10 21,857.912.40% 3.00% 0.25% 4 40 22,403.01 491.19 21,911.822.40% 3.00% 0.25% 4 41 22,403.01 437.15 21,965.862.40% 3.00% 0.25% 4 42 22,403.01 382.98 22,020.032.40% 3.00% 0.25% 4 43 22,403.01 328.67 22,074.342.40% 3.00% 0.25% 4 44 22,403.01 274.23 22,128.782.40% 3.00% 0.25% 4 45 22,403.01 219.65 22,183.352.40% 3.00% 0.25% 4 46 22,403.01 164.94 22,238.062.40% 3.00% 0.25% 4 47 22,403.01 110.10 22,292.912.40% 3.00% 0.25% 4 48 22,403.01 55.12 22,347.89

Año Euribor Tipo anual

1 3.96% 4.56%

2 3.00% 3.60%

3 3.00% 3.60%

4 2.40% 3.00%

Cap. Vivo Cap. Amort.1,000,000.00

980,934.02 19,065.98961,797.05 38,202.95942,588.85 57,411.15923,309.13 76,690.87903,957.64 96,042.36884,534.11 115,465.89865,038.26 134,961.74845,469.84 154,530.16825,828.57 174,171.43806,114.18 193,885.82786,326.39 213,673.61766,464.94 233,535.06746,253.99 253,746.01725,983.39 274,016.61705,652.96 294,347.04685,262.53 314,737.47664,811.90 335,188.10644,300.92 355,699.08623,729.39 376,270.61603,097.15 396,902.85582,404.01 417,595.99561,649.79 438,350.21540,834.31 459,165.69519,957.39 480,042.61499,018.85 500,981.15478,018.51 521,981.49456,956.18 543,043.82435,831.69 564,168.31414,644.84 585,355.16393,395.46 606,604.54372,083.36 627,916.64350,708.36 649,291.64329,270.26 670,729.74307,768.89 692,231.11286,204.05 713,795.95264,575.57 735,424.43242,825.08 757,174.92

221,020.94 778,979.06199,163.03 800,836.97177,251.22 822,748.78155,285.36 844,714.64133,265.33 866,734.67111,191.00 888,809.00

89,062.22 910,937.7866,878.86 933,121.1444,640.80 955,359.2022,347.89 977,652.11

0.00 1,000,000.00