AO

0
1
2
3

Proyecto C Proyecto D Proyecto E

(1,000)
1,000
(1,600)
1,100
(500)
10,000
(180)
660
(10,000)
840
(1,800)
-

Si se supone que el inversionista PUEDE invertir en cualquier proyecto, es

porque dispone de los recursos necesarios EN CADA UNO de los aos en
los que se requiere inversin, sin que estas estn sujetas a los flujos de
caja positivos que libera el proyecto en aos anteriores.
De tal manera que se debe identificar la mayor inversin requerida (k) por
los proyectos en cada ao.
Nota: Las celdas de color azul son las que se calculan en el caso especfico.
Tasa de Descuento

30.00%

1. Se calcula la mayor inversin (k) en el ao 0: (1.600) Proyecto E

2. Se utiliza la mayor inversin para todos los Proyectos.
AO
0
1
2
3

Proyecto C Proyecto D Proyecto E

(1,600)
(1,600)
(1,600)
1,100
(500)
10,000
(180)
660
(10,000)
840
(1,800)
-

3. Como si se tomara la decisin de invertir en los proyectos C o D,

sobrara dinero, entonces esos excedentes se reinvertiran a la tasa de
descuento durante toda la vida de los proyectos, de tal manera que se
calcula el valor futuro de los excedentes de los proyectos C y D a tres aos.
Ntese que el proyecto D tiene flujo de caja positivo, por lo cual se deben
invertir los $1.600 que debe tener el inversionista ms los $1.000 que libera
el proyecto.
AO
0
1
2
3

Proyecto C Proyecto D Proyecto E

(1,600)
(1,600)
(1,600)
1,100
(500)
10,000
(180)
660
(10,000)
2,158
3,912
-

4. Se calcula la mayor inversin (k) en el ao 1: (500) Proyecto D

AO
0
1
2
3

Proyecto C Proyecto D Proyecto E

(1,600)
(1,600)
(1,600)
(500)
(500)
(500)
(180)
660
(10,000)
2,158
3,912
-

5.Se calcula el valor futuro de los excedentes de los proyectos C y E a dos

aos
AO
0
1
2
3

Proyecto C Proyecto D Proyecto E

(1,600)
(1,600)
(1,600)
(500)
(500)
(500)
(180)
660
(10,000)
4,862
3,912
17,745

6. Se calcula la mayor inversin (k) en el ao 2: (10.000) Proyecto E

AO
0
1
2
3

Proyecto C Proyecto D Proyecto E

(1,600)
(1,600)
(1,600)
(500)
(500)
(500)
(10,000)
(10,000)
(10,000)
4,862
3,912
17,745

7.Se calcula el valor futuro de los excedentes de los proyectos C y D a un

ao
AO
0
1
2
3

Proyecto C Proyecto D Proyecto E

(1,600)
(1,600)
(1,600)
(500)
(500)
(500)
(10,000)
(10,000)
(10,000)
17,628
17,770
17,745

Hasta aqu ya se ha eliminado el problema de que la TIR es "ciega" a las

inversiones.
Como los flujos que estn entre 1 y n-1 son negativos, es decir, no generan
reinversin, entonces no se requiere llevarlos a Valor Futuro, de tal manera
que se calcula la TIR del ltimo flujo (7) y el resultado es la TIR Ponderada
(TIRP)
Para verificar y contrastar los resultados, se compara el resultado con el del
VPN y con la TIR.
AO
0
1
2
3
TIRP
VPN
TIR

Proyecto C Proyecto D Proyecto E

(1,600)
(1,600)
(1,600)
(500)
(500)
(500)
(10,000)
(10,000)
(10,000)
17,628
17,770
17,745
31.37%
32%
32%
$121.98
$186.62
$175.15
40%
20%
25%

Tasa de
Descuento
300%
299%
298%
297%
296%
295%
294%
293%
292%
291%
290%
289%
288%
287%
286%
285%
284%
283%
282%
281%
280%
279%
278%
277%
276%
275%
274%
273%
272%
271%
270%
269%
268%
267%
266%
265%
264%
263%
262%
261%
260%
259%
258%
257%
256%
255%
254%
253%

C
242.10%
241.36%
240.62%
239.88%
239.14%
238.40%
237.66%
236.92%
236.18%
235.44%
234.70%
233.96%
233.22%
232.48%
231.74%
231.00%
230.26%
229.52%
228.78%
228.04%
227.30%
226.55%
225.81%
225.07%
224.33%
223.59%
222.84%
222.10%
221.36%
220.62%
219.87%
219.13%
218.39%
217.64%
216.90%
216.16%
215.41%
214.67%
213.92%
213.18%
212.43%
211.69%
210.94%
210.20%
209.45%
208.71%
207.96%
207.22%

TIRP
D
355.59%
354.41%
353.22%
352.03%
350.85%
349.66%
348.47%
347.29%
346.10%
344.91%
343.73%
342.54%
341.35%
340.17%
338.98%
337.79%
336.60%
335.42%
334.23%
333.04%
331.86%
330.67%
329.48%
328.29%
327.11%
325.92%
324.73%
323.54%
322.35%
321.17%
319.98%
318.79%
317.60%
316.41%
315.23%
314.04%
312.85%
311.66%
310.47%
309.28%
308.10%
306.91%
305.72%
304.53%
303.34%
302.15%
300.96%
299.78%

E
318.62%
317.76%
316.91%
316.05%
315.19%
314.34%
313.48%
312.62%
311.75%
310.89%
310.03%
309.16%
308.30%
307.43%
306.56%
305.70%
304.83%
303.96%
303.09%
302.21%
301.34%
300.47%
299.59%
298.71%
297.84%
296.96%
296.08%
295.20%
294.32%
293.43%
292.55%
291.67%
290.78%
289.89%
289.01%
288.12%
287.23%
286.34%
285.44%
284.55%
283.66%
282.76%
281.87%
280.97%
280.07%
279.17%
278.27%
277.37%

C
(723.12)
(722.39)
(721.66)
(720.92)
(720.17)
(719.43)
(718.67)
(717.92)
(717.16)
(716.39)
(715.62)
(714.85)
(714.07)
(713.29)
(712.50)
(711.71)
(710.91)
(710.11)
(709.31)
(708.50)
(707.68)
(706.86)
(706.04)
(705.21)
(704.38)
(703.54)
(702.69)
(701.84)
(700.99)
(700.13)
(699.27)
(698.40)
(697.52)
(696.64)
(695.76)
(694.87)
(693.97)
(693.07)
(692.16)
(691.25)
(690.33)
(689.40)
(688.47)
(687.54)
(686.60)
(685.65)
(684.69)
(683.73)

VPN
D
888.13
887.81
887.49
887.16
886.84
886.51
886.18
885.85
885.52
885.18
884.84
884.50
884.16
883.81
883.47
883.11
882.76
882.41
882.05
881.69
881.32
880.96
880.59
880.22
879.84
879.47
879.09
878.70
878.32
877.93
877.54
877.15
876.75
876.35
875.94
875.54
875.13
874.72
874.30
873.88
873.46
873.03
872.60
872.17
871.73
871.29
870.85
870.40

E
275.00
278.13
281.27
284.41
287.56
290.72
293.89
297.07
300.25
303.44
306.64
309.85
313.06
316.28
319.51
322.75
326.00
329.25
332.51
335.78
339.06
342.34
345.63
348.93
352.24
355.56
358.88
362.21
365.55
368.89
372.24
375.60
378.97
382.34
385.73
389.12
392.51
395.92
399.33
402.75
406.17
409.61
413.05
416.49
419.95
423.41
426.88
430.35

252%
251%
250%
249%
248%
247%
246%
245%
244%
243%
242%
241%
240%
239%
238%
237%
236%
235%
234%
233%
232%
231%
230%
229%
228%
227%
226%
225%
224%
223%
222%
221%
220%
219%
218%
217%
216%
215%
214%
213%
212%
211%
210%
209%
208%
207%
206%
205%
204%
203%
202%

206.47%
205.72%
204.98%
204.23%
203.49%
202.74%
201.99%
201.24%
200.50%
199.75%
199.00%
198.25%
197.50%
196.76%
196.01%
195.26%
194.51%
193.76%
193.01%
192.26%
191.51%
190.76%
190.01%
189.26%
188.51%
187.76%
187.01%
186.25%
185.50%
184.75%
184.00%
183.25%
182.49%
181.74%
180.99%
180.23%
179.48%
178.73%
177.97%
177.22%
176.46%
175.71%
174.95%
174.20%
173.44%
172.68%
171.93%
171.17%
170.42%
169.66%
168.90%

298.59%
297.40%
296.21%
295.02%
293.83%
292.64%
291.45%
290.26%
289.07%
287.88%
286.69%
285.50%
284.31%
283.12%
281.93%
280.74%
279.55%
278.36%
277.17%
275.98%
274.79%
273.60%
272.41%
271.22%
270.03%
268.84%
267.65%
266.46%
265.26%
264.07%
262.88%
261.69%
260.50%
259.31%
258.12%
256.92%
255.73%
254.54%
253.35%
252.16%
250.97%
249.77%
248.58%
247.39%
246.20%
245.00%
243.81%
242.62%
241.43%
240.23%
239.04%

276.46%
275.56%
274.65%
273.75%
272.84%
271.93%
271.02%
270.11%
269.20%
268.28%
267.37%
266.45%
265.53%
264.62%
263.70%
262.78%
261.85%
260.93%
260.01%
259.08%
258.15%
257.22%
256.29%
255.36%
254.43%
253.50%
252.56%
251.63%
250.69%
249.75%
248.81%
247.87%
246.93%
245.98%
245.04%
244.09%
243.14%
242.19%
241.24%
240.29%
239.34%
238.38%
237.43%
236.47%
235.51%
234.55%
233.59%
232.62%
231.66%
230.69%
229.73%

(682.77)
(681.80)
(680.82)
(679.83)
(678.84)
(677.84)
(676.84)
(675.83)
(674.81)
(673.78)
(672.75)
(671.71)
(670.67)
(669.62)
(668.56)
(667.49)
(666.42)
(665.34)
(664.25)
(663.15)
(662.05)
(660.94)
(659.82)
(658.70)
(657.56)
(656.42)
(655.27)
(654.11)
(652.94)
(651.77)
(650.59)
(649.39)
(648.19)
(646.98)
(645.77)
(644.54)
(643.30)
(642.06)
(640.81)
(639.54)
(638.27)
(636.99)
(635.70)
(634.39)
(633.08)
(631.76)
(630.43)
(629.09)
(627.74)
(626.37)
(625.00)

869.95
869.50
869.04
868.58
868.11
867.64
867.17
866.69
866.21
865.72
865.23
864.74
864.24
863.73
863.23
862.72
862.20
861.68
861.15
860.62
860.09
859.55
859.00
858.45
857.90
857.34
856.77
856.20
855.63
855.05
854.46
853.87
853.27
852.67
852.06
851.44
850.82
850.20
849.56
848.92
848.28
847.63
846.97
846.30
845.63
844.95
844.27
843.57
842.87
842.17
841.45

433.83
437.32
440.82
444.32
447.83
451.34
454.86
458.39
461.93
465.47
469.01
472.57
476.12
479.69
483.26
486.84
490.42
494.01
497.60
501.20
504.80
508.41
512.03
515.65
519.27
522.90
526.54
530.18
533.82
537.47
541.12
544.78
548.44
552.10
555.77
559.44
563.11
566.79
570.47
574.16
577.84
581.53
585.22
588.92
592.61
596.31
600.01
603.71
607.41
611.11
614.82

201%
200%
199%
198%
197%
196%
195%
194%
193%
192%
191%
190%
189%
188%
187%
186%
185%
184%
183%
182%
181%
180%
179%
178%
177%
176%
175%
174%
173%
172%
171%
170%
169%
168%
167%
166%
165%
164%
163%
162%
161%
160%
159%
158%
157%
156%
155%
154%
153%
152%
151%

168.14%
167.39%
166.63%
165.87%
165.11%
164.35%
163.59%
162.83%
162.07%
161.31%
160.55%
159.79%
159.03%
158.27%
157.51%
156.74%
155.98%
155.22%
154.46%
153.69%
152.93%
152.17%
151.40%
150.64%
149.87%
149.11%
148.34%
147.57%
146.81%
146.04%
145.27%
144.51%
143.74%
142.97%
142.20%
141.43%
140.66%
139.89%
139.12%
138.35%
137.58%
136.81%
136.04%
135.27%
134.50%
133.72%
132.95%
132.18%
131.40%
130.63%
129.85%

237.85%
236.65%
235.46%
234.27%
233.07%
231.88%
230.69%
229.49%
228.30%
227.11%
225.91%
224.72%
223.52%
222.33%
221.13%
219.94%
218.74%
217.55%
216.36%
215.16%
213.97%
212.77%
211.57%
210.38%
209.18%
207.99%
206.79%
205.60%
204.40%
203.21%
202.01%
200.81%
199.62%
198.42%
197.22%
196.03%
194.83%
193.63%
192.44%
191.24%
190.04%
188.84%
187.65%
186.45%
185.25%
184.05%
182.86%
181.66%
180.46%
179.26%
178.06%

228.76%
227.79%
226.81%
225.84%
224.86%
223.89%
222.91%
221.93%
220.95%
219.97%
218.98%
217.99%
217.01%
216.02%
215.03%
214.04%
213.04%
212.05%
211.05%
210.05%
209.05%
208.05%
207.04%
206.04%
205.03%
204.02%
203.01%
202.00%
200.99%
199.97%
198.95%
197.93%
196.91%
195.89%
194.87%
193.84%
192.81%
191.78%
190.75%
189.72%
188.68%
187.64%
186.60%
185.56%
184.52%
183.48%
182.43%
181.38%
180.33%
179.28%
178.22%

(623.62)
(622.22)
(620.82)
(619.40)
(617.97)
(616.53)
(615.08)
(613.62)
(612.15)
(610.66)
(609.16)
(607.65)
(606.13)
(604.59)
(603.04)
(601.48)
(599.91)
(598.32)
(596.72)
(595.11)
(593.48)
(591.84)
(590.18)
(588.51)
(586.83)
(585.13)
(583.41)
(581.68)
(579.94)
(578.18)
(576.40)
(574.61)
(572.80)
(570.97)
(569.13)
(567.27)
(565.40)
(563.51)
(561.60)
(559.67)
(557.72)
(555.76)
(553.77)
(551.77)
(549.75)
(547.71)
(545.65)
(543.57)
(541.47)
(539.35)
(537.20)

840.73
840.00
839.26
838.52
837.76
837.00
836.23
835.46
834.67
833.88
833.07
832.26
831.44
830.61
829.77
828.92
828.06
827.19
826.31
825.42
824.52
823.62
822.69
821.76
820.82
819.87
818.90
817.93
816.94
815.94
814.93
813.90
812.86
811.81
810.75
809.67
808.58
807.48
806.36
805.22
804.08
802.91
801.74
800.54
799.33
798.11
796.87
795.61
794.33
793.04
791.73

618.52
622.22
625.93
629.63
633.33
637.03
640.74
644.44
648.13
651.83
655.52
659.22
662.90
666.59
670.27
673.95
677.62
681.29
684.96
688.62
692.27
695.92
699.56
703.19
706.82
710.44
714.05
717.65
721.24
724.83
728.40
731.96
735.51
739.05
742.58
746.09
749.59
753.08
756.55
760.00
763.44
766.86
770.27
773.66
777.02
780.37
783.70
787.00
790.29
793.55
796.79

150%
149%
148%
147%
146%
145%
144%
143%
142%
141%
140%
139%
138%
137%
136%
135%
134%
133%
132%
131%
130%
129%
128%
127%
126%
125%
124%
123%
122%
121%
120%
119%
118%
117%
116%
115%
114%
113%
112%
111%
110%
109%
108%
107%
106%
105%
104%
103%
102%
101%
100%

129.08%
128.30%
127.52%
126.75%
125.97%
125.19%
124.41%
123.64%
122.86%
122.08%
121.30%
120.52%
119.74%
118.95%
118.17%
117.39%
116.61%
115.82%
115.04%
114.26%
113.47%
112.69%
111.90%
111.11%
110.33%
109.54%
108.75%
107.96%
107.17%
106.38%
105.59%
104.80%
104.01%
103.22%
102.43%
101.63%
100.84%
100.04%
99.25%
98.45%
97.66%
96.86%
96.06%
95.26%
94.47%
93.67%
92.87%
92.07%
91.26%
90.46%
89.66%

176.86%
175.66%
174.47%
173.27%
172.07%
170.87%
169.67%
168.47%
167.27%
166.07%
164.87%
163.67%
162.47%
161.27%
160.07%
158.87%
157.67%
156.47%
155.27%
154.06%
152.86%
151.66%
150.46%
149.26%
148.06%
146.85%
145.65%
144.45%
143.25%
142.05%
140.84%
139.64%
138.44%
137.23%
136.03%
134.83%
133.62%
132.42%
131.22%
130.01%
128.81%
127.60%
126.40%
125.19%
123.99%
122.79%
121.58%
120.38%
119.17%
117.96%
116.76%

177.17%
176.11%
175.05%
173.98%
172.92%
171.85%
170.78%
169.71%
168.64%
167.57%
166.49%
165.41%
164.33%
163.25%
162.16%
161.07%
159.98%
158.89%
157.80%
156.70%
155.60%
154.50%
153.40%
152.29%
151.18%
150.07%
148.96%
147.85%
146.73%
145.61%
144.49%
143.36%
142.24%
141.11%
139.98%
138.84%
137.71%
136.57%
135.42%
134.28%
133.13%
131.99%
130.83%
129.68%
128.52%
127.36%
126.20%
125.04%
123.87%
122.70%
121.53%

(535.04)
(532.85)
(530.65)
(528.42)
(526.16)
(523.89)
(521.59)
(519.27)
(516.92)
(514.55)
(512.15)
(509.73)
(507.28)
(504.81)
(502.31)
(499.78)
(497.23)
(494.65)
(492.04)
(489.40)
(486.73)
(484.03)
(481.30)
(478.54)
(475.75)
(472.92)
(470.07)
(467.18)
(464.25)
(461.29)
(458.30)
(455.27)
(452.21)
(449.11)
(445.97)
(442.79)
(439.57)
(436.32)
(433.02)
(429.68)
(426.30)
(422.88)
(419.41)
(415.90)
(412.35)
(408.74)
(405.09)
(401.39)
(397.65)
(393.85)
(390.00)

790.40
789.05
787.69
786.30
784.90
783.47
782.03
780.57
779.08
777.57
776.04
774.49
772.91
771.32
769.69
768.05
766.38
764.68
762.96
761.21
759.43
757.63
755.80
753.93
752.04
750.12
748.17
746.19
744.17
742.13
740.05
737.93
735.78
733.59
731.37
729.11
726.81
724.47
722.09
719.66
717.20
714.69
712.14
709.55
706.90
704.21
701.47
698.68
695.84
692.95
690.00

800.00
803.19
806.35
809.48
812.59
815.66
818.70
821.72
824.70
827.64
830.56
833.43
836.27
839.07
841.83
844.55
847.22
849.85
852.44
854.98
857.47
859.91
862.30
864.63
866.91
869.14
871.30
873.41
875.45
877.43
879.34
881.18
882.96
884.66
886.28
887.83
889.30
890.69
891.99
893.21
894.33
895.36
896.30
897.14
897.88
898.51
899.04
899.45
899.75
899.94
900.00

99%
98%
97%
96%
95%
94%
93%
92%
91%
90%
89%
88%
87%
86%
85%
84%
83%
82%
81%
80%
79%
78%
77%
76%
75%
74%
73%
72%
71%
70%
69%
68%
67%
66%
65%
64%
63%
62%
61%
60%
59%
58%
57%
56%
55%
54%
53%
52%
51%
50%
49%

88.86%
88.05%
87.25%
86.44%
85.64%
84.83%
84.02%
83.21%
82.40%
81.59%
80.78%
79.97%
79.16%
78.35%
77.53%
76.72%
75.90%
75.09%
74.27%
73.45%
72.63%
71.82%
71.00%
70.17%
69.35%
68.53%
67.71%
66.88%
66.06%
65.23%
64.40%
63.58%
62.75%
61.92%
61.09%
60.26%
59.42%
58.59%
57.76%
56.92%
56.08%
55.25%
54.41%
53.57%
52.73%
51.89%
51.05%
50.20%
49.36%
48.51%
47.67%

115.55%
114.35%
113.14%
111.94%
110.73%
109.52%
108.32%
107.11%
105.90%
104.70%
103.49%
102.28%
101.07%
99.87%
98.66%
97.45%
96.24%
95.03%
93.83%
92.62%
91.41%
90.20%
88.99%
87.78%
86.57%
85.37%
84.16%
82.95%
81.74%
80.53%
79.32%
78.11%
76.90%
75.69%
74.48%
73.27%
72.06%
70.85%
69.64%
68.43%
67.22%
66.01%
64.79%
63.58%
62.37%
61.16%
59.95%
58.74%
57.53%
56.32%
55.11%

120.35%
119.17%
117.99%
116.81%
115.62%
114.43%
113.24%
112.04%
110.85%
109.65%
108.44%
107.24%
106.03%
104.81%
103.60%
102.38%
101.16%
99.94%
98.71%
97.48%
96.25%
95.01%
93.77%
92.53%
91.28%
90.04%
88.78%
87.53%
86.27%
85.01%
83.75%
82.48%
81.21%
79.94%
78.66%
77.38%
76.10%
74.81%
73.52%
72.23%
70.93%
69.63%
68.33%
67.03%
65.72%
64.40%
63.09%
61.77%
60.45%
59.12%
57.80%

(386.10)
(382.14)
(378.13)
(374.07)
(369.95)
(365.77)
(361.53)
(357.23)
(352.87)
(348.45)
(343.96)
(339.40)
(334.78)
(330.09)
(325.33)
(320.50)
(315.59)
(310.61)
(305.55)
(300.41)
(295.19)
(289.89)
(284.50)
(279.03)
(273.47)
(267.82)
(262.07)
(256.23)
(250.29)
(244.25)
(238.11)
(231.86)
(225.50)
(219.04)
(212.46)
(205.76)
(198.94)
(192.00)
(184.93)
(177.73)
(170.40)
(162.94)
(155.33)
(147.57)
(139.67)
(131.62)
(123.41)
(115.03)
(106.49)
(97.78)
(88.89)

687.00
683.94
680.82
677.64
674.40
671.10
667.74
664.31
660.81
657.24
653.60
649.88
646.10
642.23
638.28
634.26
630.15
625.95
621.66
617.28
612.81
608.25
603.58
598.81
593.94
588.95
583.86
578.65
573.33
567.88
562.31
556.61
550.77
544.80
538.69
532.44
526.03
519.47
512.75
505.86
498.80
491.57
484.16
476.56
468.77
460.77
452.57
444.16
435.53
426.67
417.57

899.94
899.74
899.42
898.96
898.36
897.61
896.71
895.66
894.45
893.07
891.53
889.81
887.92
885.84
883.56
881.10
878.43
875.55
872.45
869.14
865.59
861.81
857.79
853.51
848.98
844.18
839.11
833.75
828.10
822.15
815.88
809.30
802.38
795.12
787.51
779.54
771.18
762.44
753.30
743.75
733.77
723.35
712.47
701.12
689.28
676.94
664.09
650.69
636.74
622.22
607.11

48%
47%
46%
45%
44%
43%
42%
41%
40%
39%
38%
37%
36%
35%
34%
33%
32%
31%
30%
29%
28%
27%
26%
25%
24%
23%
22%
21%
20%
19%
18%
17%
16%
15%
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%

46.82%
45.97%
45.12%
44.27%
43.42%
42.57%
41.71%
40.86%
40.00%
39.14%
38.28%
37.42%
36.56%
35.70%
34.84%
33.97%
33.11%
32.24%
31.37%
30.50%
29.63%
28.76%
27.89%
27.02%
26.14%
25.26%
24.39%
23.51%
22.63%
21.74%
20.86%
19.98%
19.09%
18.20%
17.32%
16.43%
15.53%
14.64%
13.75%
12.85%
11.96%
11.06%
10.16%
9.26%
8.36%
7.45%
6.55%
5.64%
4.73%
3.82%
2.91%

53.90%
52.68%
51.47%
50.26%
49.05%
47.84%
46.63%
45.42%
44.21%
42.99%
41.78%
40.57%
39.36%
38.15%
36.94%
35.73%
34.52%
33.31%
32.10%
30.89%
29.68%
28.47%
27.26%
26.05%
24.84%
23.63%
22.42%
21.21%
20.00%
18.79%
17.58%
16.38%
15.17%
13.96%
12.75%
11.55%
10.34%
9.13%
7.93%
6.72%
5.52%
4.31%
3.11%
1.90%
0.70%
-0.50%
-1.70%
-2.91%
-4.11%
-5.31%
-6.51%

56.46%
55.13%
53.79%
52.45%
51.11%
49.76%
48.41%
47.06%
45.70%
44.34%
42.98%
41.61%
40.24%
38.87%
37.50%
36.12%
34.74%
33.35%
31.97%
30.58%
29.19%
27.80%
26.40%
25.00%
23.60%
22.20%
20.79%
19.38%
17.97%
16.56%
15.15%
13.73%
12.31%
10.89%
9.47%
8.05%
6.63%
5.21%
3.78%
2.35%
0.93%
-0.50%
-1.93%
-3.35%
-4.78%
-6.21%
-7.63%
-9.06%
-10.48%
-11.91%
-13.33%

(79.82)
(70.56)
(61.11)
(51.46)
(41.60)
(31.54)
(21.25)
(10.74)
(0.00)
10.98
22.21
33.69
45.44
57.46
69.76
82.36
95.25
108.46
121.98
135.85
150.05
164.62
179.56
194.88
210.60
226.73
243.30
260.31
277.78
295.73
314.18
333.15
352.66
372.73
393.38
414.65
436.54
459.10
482.34
506.31
531.02
556.51
582.82
609.98
638.03
667.01
696.97
727.95
760.00
793.17
827.51

408.23
398.63
388.78
378.65
368.25
357.55
346.56
335.25
323.62
311.65
299.33
286.66
273.61
260.17
246.33
232.07
217.38
202.23
186.62
170.51
153.90
136.76
119.07
100.80
81.94
62.45
42.32
21.51
0.00
(22.25)
(45.26)
(69.08)
(93.73)
(119.26)
(145.70)
(173.09)
(201.49)
(230.92)
(261.46)
(293.14)
(326.02)
(360.16)
(395.62)
(432.46)
(470.76)
(510.58)
(552.00)
(595.12)
(640.00)
(686.75)
(735.46)

591.38
575.02
558.00
540.31
521.91
502.79
482.92
462.27
440.82
418.53
395.38
371.34
346.37
320.44
293.52
265.57
236.55
206.42
175.15
142.68
108.98
74.00
37.69
0.00
(39.13)
(79.74)
(121.90)
(165.67)
(211.11)
(258.29)
(307.27)
(358.13)
(410.94)
(465.78)
(522.75)
(581.91)
(643.37)
(707.22)
(773.55)
(842.49)
(914.13)
(988.59)
(1,066.00)
(1,146.49)
(1,230.18)
(1,317.22)
(1,407.77)
(1,501.97)
(1,600.00)
(1,702.03)
(1,808.25)

-3%
-4%
-5%
-6%

2.00%
1.09%
0.17%
-0.74%

-7.71%
-8.90%
-10.10%
-11.30%

-14.75%
-16.17%
-17.59%
-19.00%

863.09
899.96
938.18
977.84

(786.24)
(839.19)
(894.45)
(952.12)

(1,918.84)
(2,034.03)
(2,154.02)
(2,279.04)

Mejor Proyecto
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