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A B C D E F G H I J K L M N O

1 VanTir.xls
=VNA(E6;$C$7:$C$10)+$C$6
2 VALOR ACTUAL NETO
3
4
5 Ao Flujo Caja Tasa Dto. VAN
VAN
6 0 -4,000 0.0% 1,000
7 1 1,400 0.5% 941
8 2 1,300 1.0% 882
9 3 1,200 1.5% 825
10 4 1,100 2.0% 769
11 2.5% 714
12 3.0% 660
13 3.5% 607 1500
14 4.0% 555
15 4.5% 504
16 5.0% 454
17 5.5% 405
18 6.0% 357
19 6.5% 309
20 7.0% 263
21 7.5% 217 1000
22 8.0% 172
23 8.5% 128
24 9.0% 84
25 9.5% 42 TASA INTERNA DE RENTABILIDAD
26 10.0% 0 La TIR se puede definir
como el tipo de inters
27 10.5% -41 que hace el VAN = 0 TIR 10% efectivo anual
28 11.0% -82 500
29 11.5% -121
30 12.0% -160 En la frmula de la TIR no se indica en este caso la estimacin,
31 12.5% -199 ya que no estamos en un caso de TIR mltiple.
32 13.0% -237 Cuando se omite la estimacin, Excel la supone del 10%.
33 13.5% -274

0
00% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

-500

34
-1000

-1500

14.0% -310
-2000

Si alguno de los flujos de


caja intermedios no existe
se debe poner cero, no se
dabe dejar vacia la celda.

-2500

35 -3000

14.5% -346

36

15.0% -382

357294490.xlsx Pgina 1
C9: Si alguno de los flujos de caja intermedios no existe se debe poner cero, no se dabe dejar vacia la celda.

F6: =VNA(E6;$C$7:$C$10)+$C$6

F26: La TIR se puede definir como el tipo de inters que hace el VAN = 0

K27: En la frmula de la TIR no se indica en este caso la estimacin, ya que no estamos en un caso de TIR mltiple.
Cuando se omite la estimacin, Excel la supone del 10%.

357294490.xlsx Pgina 2
VAN y TIR no peridicos

Dias Tasa
Dias Fecha Flujo Caja VAN
Acum. Dto.
0 0 14-Oct-03 -4,000 0.0% 200.00 VAN
105 105 27-Jan-04 1,200 0.5% 187.35
138 33 29-Feb-04 1,100 1.0% 174.82
259 121 29-Jun-04 1,000 1.5% 162.39
400.00000
434 175 21-Dec-04 900 2.0% 150.08
2.5% 137.88
3.0% 125.78
3.5% 113.78
4.0% 101.89 200.00000
4.5% 90.10
Dia Flujo Caja 5.0% 78.41
0 -4,000 5.5% 66.83
1 0 6.0% 55.34
.00000
2 0 6.5% 43.94
00% 10% 20% 30% 40% 50%
3 0 7.0% 32.64
4 0 7.5% 21.44
5 0 8.0% 10.33
6 0 8.5% -0.69 -200.00000
7 0 9.0% -11.62
8 0 9.5% -22.46
9 0 10.0% -33.21 TIR NO PERIDICA
10 0 10.5% -43.87
-400.00000
11 0 11.0% -54.45 TIR 8.4686%
12 0 11.5% -64.95
13 0 12.0% -75.36 TIR Diaria 0.02227%
14 0 12.5% -85.68
15 0 13.0% -95.93 -600.00000 TIR Anual 8.4686%

-800.00000

-1,000.00000

-1,200.00000

-1,400.00000
-400.00000

-600.00000

-800.00000

-1,000.00000

-1,200.00000

-1,400.00000

16 0 13.5% -106.10
17 0 14.0% -116.18
18 0 14.5% -126.19
19 0 15.0% -136.12
20 0 15.5% -145.97
21 0 16.0% -155.75
22 0 16.5% -165.45
23 0 17.0% -175.08
24 0 17.5% -184.64
25 0 18.0% -194.12
26 0 18.5% -203.53
27 0 19.0% -212.87
28 0 19.5% -222.15
29 0 20.0% -231.35
30 0 20.5% -240.49
31 0 21.0% -249.56
32 0 21.5% -258.56
33 0 22.0% -267.50
34 0 22.5% -276.37
35 0 23.0% -285.18
36 0 23.5% -293.92
37 0 24.0% -302.61
38 0 24.5% -311.23
39 0 25.0% -319.79
40 0 25.5% -328.29
41 0 26.0% -336.73
42 0 26.5% -345.11
43 0 27.0% -353.43
44 0 27.5% -361.69
45 0 28.0% -369.90
46 0 28.5% -378.05
47 0 29.0% -386.15
48 0 29.5% -394.19
49 0 30.0% -402.17
50 0 30.5% -410.10
51 0 31.0% -417.98
52 0 31.5% -425.81
53 0 32.0% -433.58
54 0 32.5% -441.30
55 0 33.0% -448.97
56 0 33.5% -456.59
57 0 34.0% -464.16
58 0 34.5% -471.68
59 0 35.0% -479.15
60 0 35.5% -486.57
61 0 36.0% -493.94
62 0 36.5% -501.27
63 0 37.0% -508.55
64 0 37.5% -515.78
65 0 38.0% -522.97
66 0 38.5% -530.11
67 0 39.0% -537.20
68 0 39.5% -544.26
69 0 40.0% -551.26
70 0 40.5% -558.22
71 0 41.0% -565.14
72 0 41.5% -572.02
73 0 42.0% -578.85
74 0 42.5% -585.65
75 0 43.0% -592.40
76 0 43.5% -599.11
77 0 44.0% -605.77
78 0 44.5% -612.40
79 0 45.0% -618.99
80 0 45.5% -625.54
81 0 46.0% -632.05
82 0 46.5% -638.52
83 0 47.0% -644.95
84 0 47.5% -651.34
85 0 48.0% -657.70
86 0 48.5% -664.02
87 0 49.0% -670.30
88 0 49.5% -676.54
89 0 50.0% -682.75
90 0 50.5% -688.92
91 0 51.0% -695.06
92 0 51.5% -701.16
93 0 52.0% -707.22
94 0 52.5% -713.25
95 0 53.0% -719.25
96 0 53.5% -725.21
97 0 54.0% -731.14
98 0 54.5% -737.04
99 0 55.0% -742.90
100 0 55.5% -748.73
101 0 56.0% -754.53
102 0 56.5% -760.29
103 0 57.0% -766.02
104 0 57.5% -771.72
105 1200 58.0% -777.39
106 0 58.5% -783.03
107 0 59.0% -788.64
108 0 59.5% -794.22
109 0 60.0% -799.76
110 0 60.5% -805.28
111 0 61.0% -810.76
112 0 61.5% -816.22
113 0 62.0% -821.65
114 0 62.5% -827.05
115 0 63.0% -832.42
116 0 63.5% -837.76
117 0 64.0% -843.07
118 0 64.5% -848.36
119 0 65.0% -853.62
120 0 65.5% -858.85
121 0 66.0% -864.05
122 0 66.5% -869.22
123 0 67.0% -874.37
124 0 67.5% -879.49
125 0 68.0% -884.59
126 0 68.5% -889.66
127 0 69.0% -894.70
128 0 69.5% -899.72
129 0 70.0% -904.71
130 0 70.5% -909.68
131 0 71.0% -914.62
132 0 71.5% -919.54
133 0 72.0% -924.43
134 0 72.5% -929.30
135 0 73.0% -934.14
136 0 73.5% -938.96
137 0 74.0% -943.75
138 1100 74.5% -948.53
139 0 75.0% -953.27
140 0 75.5% -958.00
141 0 76.0% -962.70
142 0 76.5% -967.38
143 0 77.0% -972.03
144 0 77.5% -976.67
145 0 78.0% -981.28
146 0 78.5% -985.86
147 0 79.0% -990.43
148 0 79.5% -994.97
149 0 80.0% -999.50
150 0 80.5% -1,004.00
151 0 81.0% -1,008.48
152 0 81.5% -1,012.93
153 0 82.0% -1,017.37
154 0 82.5% -1,021.79
155 0 83.0% -1,026.18
156 0 83.5% -1,030.56
157 0 84.0% -1,034.91
158 0 84.5% -1,039.24
159 0 85.0% -1,043.56
160 0 85.5% -1,047.85
161 0 86.0% -1,052.13
162 0 86.5% -1,056.38
163 0 87.0% -1,060.61
164 0 87.5% -1,064.83
165 0 88.0% -1,069.02
166 0 88.5% -1,073.20
167 0 89.0% -1,077.36
168 0 89.5% -1,081.50
169 0 90.0% -1,085.62
170 0 90.5% -1,089.72
171 0 91.0% -1,093.80
172 0 91.5% -1,097.87
173 0 92.0% -1,101.91
174 0 92.5% -1,105.94
175 0 93.0% -1,109.95
176 0 93.5% -1,113.95
177 0 94.0% -1,117.92
178 0 94.5% -1,121.88
179 0 95.0% -1,125.82
180 0 95.5% -1,129.74
181 0 96.0% -1,133.65
182 0 96.5% -1,137.54
183 0 97.0% -1,141.41
184 0 97.5% -1,145.27
185 0 98.0% -1,149.11
186 0 98.5% -1,152.93
187 0 99.0% -1,156.73
188 0 99.5% -1,160.52
189 0 ### -1,164.30
190 0
191 0
192 0
193 0
194 0
195 0
196 0
197 0
198 0
199 0
200 0
201 0
202 0
203 0
204 0
205 0
206 0
207 0
208 0
209 0
210 0
211 0
212 0
213 0
214 0
215 0
216 0
217 0
218 0
219 0
220 0
221 0
222 0
223 0
224 0
225 0
226 0
227 0
228 0
229 0
230 0
231 0
232 0
233 0
234 0
235 0
236 0
237 0
238 0
239 0
240 0
241 0
242 0
243 0
244 0
245 0
246 0
247 0
248 0
249 0
250 0
251 0
252 0
253 0
254 0
255 0
256 0
257 0
258 0
259 1000
260 0
261 0
262 0
263 0
264 0
265 0
266 0
267 0
268 0
269 0
270 0
271 0
272 0
273 0
274 0
275 0
276 0
277 0
278 0
279 0
280 0
281 0
282 0
283 0
284 0
285 0
286 0
287 0
288 0
289 0
290 0
291 0
292 0
293 0
294 0
295 0
296 0
297 0
298 0
299 0
300 0
301 0
302 0
303 0
304 0
305 0
306 0
307 0
308 0
309 0
310 0
311 0
312 0
313 0
314 0
315 0
316 0
317 0
318 0
319 0
320 0
321 0
322 0
323 0
324 0
325 0
326 0
327 0
328 0
329 0
330 0
331 0
332 0
333 0
334 0
335 0
336 0
337 0
338 0
339 0
340 0
341 0
342 0
343 0
344 0
345 0
346 0
347 0
348 0
349 0
350 0
351 0
352 0
353 0
354 0
355 0
356 0
357 0
358 0
359 0
360 0
361 0
362 0
363 0
364 0
365 0
366 0
367 0
368 0
369 0
370 0
371 0
372 0
373 0
374 0
375 0
376 0
377 0
378 0
379 0
380 0
381 0
382 0
383 0
384 0
385 0
386 0
387 0
388 0
389 0
390 0
391 0
392 0
393 0
394 0
395 0
396 0
397 0
398 0
399 0
400 0
401 0
402 0
403 0
404 0
405 0
406 0
407 0
408 0
409 0
410 0
411 0
412 0
413 0
414 0
415 0
416 0
417 0
418 0
419 0
420 0
421 0
422 0
423 0
424 0
425 0
426 0
427 0
428 0
429 0
430 0
431 0
432 0
433 0
434 900
VAN

20% 30% 40% 50% 60% 70% 80% 90% 100%

La frmula TIR.NO.PER
siempre da la TIR anual.

Es necesario poner una


NO PERIDICA estimacin muy pequea
pq sino da error.
efectivo anual
La frmula TIR dar una
TIR mensual si los
periodos son meses,
dar una TIR diaria si lo
periodos son das, o dar
efectivo anual una TIR anual si los
periodos son aos.
pq sino da error.

La frmula TIR dar una


TIR mensual si los
periodos son meses,
dar una TIR diaria si lo
periodos son das, o dar
una TIR anual si los
periodos son aos.
TIRmultiple.xls

TIR MULTIPLE

TIR 1 1.537%
TIR 2 16.788%
Ao Flujo Caja Tasa VAN TIR 3 26.000%
0 -365 0.0% 35.00
1 200 0.5% 21.29
2 200 1.0% 9.93
3 200 1.5% 0.61
4 200 2.0% -6.94
5 200 2.5% -12.97
6 -200 3.0% -17.69
7 -200 3.5% -21.27
8 -200 4.0% -23.90
9 -200 4.5% -25.70
10 -200 5.0% -26.80
11 0 5.5% -27.32
12 0 6.0% -27.35
13 0 6.5% -26.98
14 0 7.0% -26.27
15 0 7.5% -25.30
16 0 8.0% -24.11
17 0 8.5% -22.77
18 0 9.0% -21.30
19 0 9.5% -19.75
20 400 10.0% -18.14
10.5% -16.51
11.0% -14.87
11.5% -13.25
12.0% -11.67
12.5% -10.13
13.0% -8.64
13.5% -7.23
14.0% -5.89
14.5% -4.63
15.0% -3.45
15.5% -2.37
16.0% -1.37
16.5% -0.47
17.0% 0.33
17.5% 1.04
18.0% 1.65
18.5% 2.17
19.0% 2.60
19.5% 2.94
20.0% 3.18
20.5% 3.34
21.0% 3.42
21.5% 3.41
22.0% 3.32
22.5% 3.15
23.0% 2.90
23.5% 2.59
24.0% 2.20
24.5% 1.74
25.0% 1.22
25.5% 0.64
26.0% -0.00
26.5% -0.70
27.0% -1.45
27.5% -2.26
28.0% -3.11
28.5% -4.01
29.0% -4.96
29.5% -5.95
30.0% -6.98
30.5% -8.04
31.0% -9.14
31.5% -10.28
32.0% -11.45
32.5% -12.65
33.0% -13.88
33.5% -15.13
34.0% -16.41
34.5% -17.71
35.0% -19.03
35.5% -20.38
36.0% -21.74
36.5% -23.12
37.0% -24.52
37.5% -25.93
38.0% -27.36
38.5% -28.79
39.0% -30.24
39.5% -31.70
40.0% -33.17
40.5% -34.65
41.0% -36.13
41.5% -37.62
42.0% -39.12
42.5% -40.62
43.0% -42.13
43.5% -43.64
44.0% -45.15
44.5% -46.66
45.0% -48.18
45.5% -49.70
46.0% -51.21
46.5% -52.73
47.0% -54.24
47.5% -55.76
48.0% -57.27
48.5% -58.78
49.0% -60.29
49.5% -61.79
50.0% -63.29
50.5% -64.79
51.0% -66.28
51.5% -67.77
52.0% -69.26
52.5% -70.74
53.0% -72.21
53.5% -73.68
54.0% -75.14
54.5% -76.60
55.0% -78.05
55.5% -79.49
56.0% -80.93
56.5% -82.36
57.0% -83.79
57.5% -85.20
58.0% -86.61
58.5% -88.02
59.0% -89.41
59.5% -90.80
60.0% -92.18
60.5% -93.55
61.0% -94.92
61.5% -96.28
62.0% -97.62
62.5% -98.97
63.0% -100.30
63.5% -101.62
64.0% -102.94
64.5% -104.25
65.0% -105.55
65.5% -106.84
66.0% -108.13
66.5% -109.40
67.0% -110.67
67.5% -111.93
68.0% -113.18
68.5% -114.43
69.0% -115.66
69.5% -116.89
70.0% -118.10
70.5% -119.31
71.0% -120.52
71.5% -121.71
72.0% -122.89
72.5% -124.07
73.0% -125.24
73.5% -126.40
74.0% -127.55
74.5% -128.70
75.0% -129.83
75.5% -130.96
76.0% -132.08
76.5% -133.19
77.0% -134.30
77.5% -135.39
78.0% -136.48
78.5% -137.56
79.0% -138.64
79.5% -139.70
80.0% -140.76
80.5% -141.81
81.0% -142.85
81.5% -143.88
82.0% -144.91
82.5% -145.93
83.0% -146.94
83.5% -147.95
84.0% -148.95
84.5% -149.94
85.0% -150.92
85.5% -151.90
86.0% -152.86
86.5% -153.83
87.0% -154.78
87.5% -155.73
88.0% -156.67
88.5% -157.60
89.0% -158.53
89.5% -159.45
90.0% -160.36
90.5% -161.27
91.0% -162.17
91.5% -163.06
92.0% -163.95
92.5% -164.83
93.0% -165.71
93.5% -166.58
94.0% -167.44
94.5% -168.29
95.0% -169.14
95.5% -169.98
96.0% -170.82
96.5% -171.65
97.0% -172.48
97.5% -173.30
98.0% -174.11
98.5% -174.92
99.0% -175.72
99.5% -176.51
100.0% -177.30
TIR Multiple (caso de dos tir)
Ao Flujo Caja Tasa Dto. VAN
0 -1,600 0.00% -1,600.00
1 10,000 1.00% -1,501.97
2 -10,000 2.00% -1,407.77
3.00% -1,317.22
4.00% -1,230.18
5.00% -1,146.49
6.00% -1,066.00
7.00% -988.59
8.00% -914.13
9.00% -842.49 1500
10.00% -773.55
11.00% -707.22
12.00% -643.37
13.00% -581.91
14.00% -522.75
15.00% -465.78
16.00% -410.94
17.00% -358.13
18.00% -307.27
19.00% -258.29 TIR 1 25%
20.00% -211.11 TIR 2 400%
21.00% -165.67
22.00% -121.90
1000
23.00% -79.74

500

0
0%

0%

0%

0%

0%

0%

0%

0%
20

60
00

10

30

40

50

70
24.00%
-39.13
00

-1000
-500
0
500
1000

0%

10
0%

20
0%

30
0%

40
0%

50
0%

60
0%

70
0%
0

0%

0%

0%

0%

0%

0%

0%

0%
20

60
00

10

30

40

50

70
-500

-1000

25.00% 0.00

-1500

-2000
-1500

-2000

26.00% 37.69
27.00% 74.00
28.00% 108.98
29.00% 142.68
30.00% 175.15
31.00% 206.42
32.00% 236.55
33.00% 265.57
34.00% 293.52
35.00% 320.44
36.00% 346.37
37.00% 371.34
38.00% 395.38
39.00% 418.53
40.00% 440.82
41.00% 462.27
42.00% 482.92
43.00% 502.79
44.00% 521.91
45.00% 540.31
46.00% 558.00
47.00% 575.02
48.00% 591.38
49.00% 607.11
50.00% 622.22
51.00% 636.74
52.00% 650.69
53.00% 664.09
54.00% 676.94
55.00% 689.28
56.00% 701.12
57.00% 712.47
58.00% 723.35
59.00% 733.77
60.00% 743.75
61.00% 753.30
62.00% 762.44
63.00% 771.18
64.00% 779.54
65.00% 787.51
66.00% 795.12
67.00% 802.38
68.00% 809.30
69.00% 815.88
70.00% 822.15
71.00% 828.10
72.00% 833.75
73.00% 839.11
74.00% 844.18
75.00% 848.98
76.00% 853.51
77.00% 857.79
78.00% 861.81
79.00% 865.59
80.00% 869.14
81.00% 872.45
82.00% 875.55
83.00% 878.43
84.00% 881.10
85.00% 883.56
86.00% 885.84
87.00% 887.92
88.00% 889.81
89.00% 891.53
90.00% 893.07
91.00% 894.45
92.00% 895.66
93.00% 896.71
94.00% 897.61
95.00% 898.36
96.00% 898.96
97.00% 899.42
98.00% 899.74
99.00% 899.94
100.00% 900.00
101.00% 899.94
102.00% 899.75
103.00% 899.45
104.00% 899.04
105.00% 898.51
106.00% 897.88
107.00% 897.14
108.00% 896.30
109.00% 895.36
110.00% 894.33
111.00% 893.21
112.00% 891.99
113.00% 890.69
114.00% 889.30
115.00% 887.83
116.00% 886.28
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940.00% -730.92
941.00% -731.66
942.00% -732.41
943.00% -733.15
944.00% -733.89
945.00% -734.64
946.00% -735.38
947.00% -736.11
948.00% -736.85
949.00% -737.59
950.00% -738.32
951.00% -739.06
952.00% -739.79
953.00% -740.52
954.00% -741.25
955.00% -741.98
956.00% -742.71
957.00% -743.43
958.00% -744.16
959.00% -744.88
960.00% -745.60
961.00% -746.32
962.00% -747.05
963.00% -747.76
964.00% -748.48
965.00% -749.20
966.00% -749.91
967.00% -750.63
968.00% -751.34
969.00% -752.05
970.00% -752.76
971.00% -753.47
972.00% -754.18
973.00% -754.89
974.00% -755.60
975.00% -756.30
976.00% -757.00
977.00% -757.71
978.00% -758.41
979.00% -759.11
980.00% -759.81
981.00% -760.51
982.00% -761.20
983.00% -761.90
984.00% -762.59
985.00% -763.29
986.00% -763.98
987.00% -764.67
988.00% -765.36
989.00% -766.05
990.00% -766.74
991.00% -767.42
992.00% -768.11
993.00% -768.79
994.00% -769.48
995.00% -770.16
996.00% -770.84
997.00% -771.52
998.00% -772.20
999.00% -772.88
1000.00% -773.55
%
40
0%

50
0%

60
0%

70
0%

80
0%

90
0%
,0
00
%
%
40
0%

50
0%

60
0%

70
0%

80
0%

90
0%
1,
00
0%
%
40
0%

50
0%

60
0%

70
0%

80
0%

90
0%
1,
00
0%
TIR 1 1.88%
TIR MODIFICADA
TIR 2 9.61% Tasa Descuento Gastos
TIR 3 40.13% Tasa Capitalizacin Ingresos

Ao Flujo Caja Tasa VAN Ao Q+ Q- TIR Modificada


0 -15,000 0.0% 1,489.00 0 0 -15,000
1 10,229 0.5% 967.74 1 10,229 0
2 9,609 1.0% 544.55 2 9,609 0 Valor Actual Gastos
3 15,004 1.5% 206.06 3 15,004 0 Valor Final Ingresos
4 3,774 2.0% -59.46 4 3,774 0
5 -9,709 2.5% -262.31 5 0 -9,709 TIR Modificada
6 -18,097 3.0% -411.53 6 0 -18,097
7 4,217 3.5% -515.02 7 4,217 0
8 18,298 4.0% -579.73 8 18,298 0
9 -12,041 4.5% -611.72 9 0 -12,041
10 -10 5.0% -616.30 10 0 -10
11 -7,500 5.5% -598.10 11 0 -7,500
12 -11,855 6.0% -561.15 12 0 -11,855
13 -12,070 6.5% -508.97 13 0 -12,070
14 -6,349 7.0% -444.61 14 0 -6,349
15 13,570 7.5% -370.72 15 13,570 0
16 377 8.0% -289.60 16 377 0
17 -10,068 8.5% -203.22 17 0 -10,068
18 16,642 9.0% -113.28 18 16,642 0
19 1,609 9.5% -21.24 19 1,609 0
20 10,859 10.0% 71.65 20 10,859 0
10.5% 164.33
11.0% 255.91
11.5% 345.63
12.0% 432.88
12.5% 517.12
13.0% 597.95
13.5% 675.02
14.0% 748.07
14.5% 816.89
15.0% 881.34
15.5% 941.32

4000

2000

0
00% 20% 40% 60%

-2000

-4000
4000

2000

0
00% 20% 40% 60%

-2000

-4000

-6000

-8000
16.0% 996.76

-10000

-12000
-6000

-8000

-10000

-12000

16.5% 1,047.65
17.0% 1,093.97
17.5% 1,135.77
18.0% 1,173.08
18.5% 1,205.99
19.0% 1,234.56
19.5% 1,258.90
20.0% 1,279.10
20.5% 1,295.28
21.0% 1,307.55
21.5% 1,316.05
22.0% 1,320.88
22.5% 1,322.19
23.0% 1,320.10
23.5% 1,314.73
24.0% 1,306.22
24.5% 1,294.69
25.0% 1,280.28
25.5% 1,263.10
26.0% 1,243.27
26.5% 1,220.92
27.0% 1,196.16
27.5% 1,169.11
28.0% 1,139.88
28.5% 1,108.57
29.0% 1,075.28
29.5% 1,040.13
30.0% 1,003.20
30.5% 964.60
31.0% 924.40
31.5% 882.71
32.0% 839.60
32.5% 795.15
33.0% 749.45
33.5% 702.57
34.0% 654.57
34.5% 605.54
35.0% 555.53
35.5% 504.60
36.0% 452.83
36.5% 400.27
37.0% 346.96
37.5% 292.97
38.0% 238.35
38.5% 183.15
39.0% 127.40
39.5% 71.17
40.0% 14.48
40.5% -42.62
41.0% -100.10
41.5% -157.91
42.0% -216.02
42.5% -274.41
43.0% -333.02
43.5% -391.85
44.0% -450.85
44.5% -510.01
45.0% -569.28
45.5% -628.66
46.0% -688.12
46.5% -747.63
47.0% -807.17
47.5% -866.73
48.0% -926.28
48.5% -985.80
49.0% -1,045.29
49.5% -1,104.71
50.0% -1,164.07
50.5% -1,223.34
51.0% -1,282.50
51.5% -1,341.55
52.0% -1,400.48
52.5% -1,459.27
53.0% -1,517.91
53.5% -1,576.38
54.0% -1,634.69
54.5% -1,692.82
55.0% -1,750.77
55.5% -1,808.52
56.0% -1,866.06
56.5% -1,923.40
57.0% -1,980.52
57.5% -2,037.41
58.0% -2,094.08
58.5% -2,150.51
59.0% -2,206.70
59.5% -2,262.64
60.0% -2,318.34
60.5% -2,373.78
61.0% -2,428.97
61.5% -2,483.89
62.0% -2,538.55
62.5% -2,592.94
63.0% -2,647.07
63.5% -2,700.92
64.0% -2,754.49
64.5% -2,807.79
65.0% -2,860.81
65.5% -2,913.54
66.0% -2,966.00
66.5% -3,018.17
67.0% -3,070.06
67.5% -3,121.66
68.0% -3,172.97
68.5% -3,224.00
69.0% -3,274.74
69.5% -3,325.19
70.0% -3,375.35
70.5% -3,425.22
71.0% -3,474.81
71.5% -3,524.10
72.0% -3,573.10
72.5% -3,621.82
73.0% -3,670.25
73.5% -3,718.39
74.0% -3,766.24
74.5% -3,813.80
75.0% -3,861.08
75.5% -3,908.07
76.0% -3,954.78
76.5% -4,001.20
77.0% -4,047.34
77.5% -4,093.19
78.0% -4,138.77
78.5% -4,184.06
79.0% -4,229.07
79.5% -4,273.81
80.0% -4,318.26
80.5% -4,362.45
81.0% -4,406.35
81.5% -4,449.99
82.0% -4,493.35
82.5% -4,536.43
83.0% -4,579.25
83.5% -4,621.80
84.0% -4,664.09
84.5% -4,706.11
85.0% -4,747.86
85.5% -4,789.35
86.0% -4,830.58
86.5% -4,871.55
87.0% -4,912.26
87.5% -4,952.72
88.0% -4,992.92
88.5% -5,032.86
89.0% -5,072.55
89.5% -5,112.00
90.0% -5,151.19
90.5% -5,190.13
91.0% -5,228.83
91.5% -5,267.29
92.0% -5,305.50
92.5% -5,343.47
93.0% -5,381.20
93.5% -5,418.70
94.0% -5,455.95
94.5% -5,492.97
95.0% -5,529.76
95.5% -5,566.32
96.0% -5,602.64
96.5% -5,638.74
97.0% -5,674.61
97.5% -5,710.25
98.0% -5,745.68
98.5% -5,780.87
99.0% -5,815.85
99.5% -5,850.61
100.0% -5,885.15
100.5% -5,919.47
101.0% -5,953.58
101.5% -5,987.48
102.0% -6,021.17
102.5% -6,054.64
103.0% -6,087.91
103.5% -6,120.97
104.0% -6,153.82
104.5% -6,186.47
105.0% -6,218.92
105.5% -6,251.17
106.0% -6,283.21
106.5% -6,315.06
107.0% -6,346.72
107.5% -6,378.18
108.0% -6,409.44
108.5% -6,440.51
109.0% -6,471.39
109.5% -6,502.08
110.0% -6,532.59
110.5% -6,562.91
111.0% -6,593.04
111.5% -6,622.99
112.0% -6,652.75
112.5% -6,682.34
113.0% -6,711.74
113.5% -6,740.97
114.0% -6,770.02
114.5% -6,798.90
115.0% -6,827.60
115.5% -6,856.12
116.0% -6,884.48
116.5% -6,912.66
117.0% -6,940.68
117.5% -6,968.53
118.0% -6,996.21
118.5% -7,023.73
119.0% -7,051.08
119.5% -7,078.27
120.0% -7,105.30
120.5% -7,132.16
121.0% -7,158.87
121.5% -7,185.42
122.0% -7,211.82
122.5% -7,238.05
123.0% -7,264.14
123.5% -7,290.07
124.0% -7,315.85
124.5% -7,341.47
125.0% -7,366.95
125.5% -7,392.28
126.0% -7,417.46
126.5% -7,442.50
127.0% -7,467.39
127.5% -7,492.13
128.0% -7,516.73
128.5% -7,541.19
129.0% -7,565.51
129.5% -7,589.69
130.0% -7,613.73
130.5% -7,637.63
131.0% -7,661.40
131.5% -7,685.03
132.0% -7,708.52
132.5% -7,731.88
133.0% -7,755.11
133.5% -7,778.21
134.0% -7,801.17
134.5% -7,824.01
135.0% -7,846.72
135.5% -7,869.30
136.0% -7,891.75
136.5% -7,914.08
137.0% -7,936.28
137.5% -7,958.35
138.0% -7,980.31
138.5% -8,002.14
139.0% -8,023.85
139.5% -8,045.44
140.0% -8,066.91
140.5% -8,088.26
141.0% -8,109.49
141.5% -8,130.61
142.0% -8,151.61
142.5% -8,172.49
143.0% -8,193.26
143.5% -8,213.92
144.0% -8,234.46
144.5% -8,254.90
145.0% -8,275.22
145.5% -8,295.43
146.0% -8,315.53
146.5% -8,335.52
147.0% -8,355.41
147.5% -8,375.18
148.0% -8,394.85
148.5% -8,414.42
149.0% -8,433.88
149.5% -8,453.24
150.0% -8,472.49
150.5% -8,491.64
151.0% -8,510.69
151.5% -8,529.64
152.0% -8,548.48
152.5% -8,567.23
153.0% -8,585.88
153.5% -8,604.43
154.0% -8,622.88
154.5% -8,641.24
155.0% -8,659.50
155.5% -8,677.66
156.0% -8,695.73
156.5% -8,713.71
157.0% -8,731.59
157.5% -8,749.38
158.0% -8,767.07
158.5% -8,784.68
159.0% -8,802.19
159.5% -8,819.62
160.0% -8,836.95
160.5% -8,854.20
161.0% -8,871.36
161.5% -8,888.43
162.0% -8,905.41
162.5% -8,922.30
163.0% -8,939.11
163.5% -8,955.84
164.0% -8,972.48
164.5% -8,989.04
165.0% -9,005.51
165.5% -9,021.90
166.0% -9,038.21
166.5% -9,054.43
167.0% -9,070.58
167.5% -9,086.64
168.0% -9,102.62
168.5% -9,118.53
169.0% -9,134.35
169.5% -9,150.10
170.0% -9,165.77
170.5% -9,181.36
171.0% -9,196.87
171.5% -9,212.31
172.0% -9,227.67
172.5% -9,242.96
173.0% -9,258.17
173.5% -9,273.31
174.0% -9,288.37
174.5% -9,303.36
175.0% -9,318.28
175.5% -9,333.13
176.0% -9,347.90
176.5% -9,362.60
177.0% -9,377.23
177.5% -9,391.79
178.0% -9,406.28
178.5% -9,420.70
179.0% -9,435.06
179.5% -9,449.34
180.0% -9,463.56
180.5% -9,477.70
181.0% -9,491.78
181.5% -9,505.80
182.0% -9,519.75
182.5% -9,533.63
183.0% -9,547.44
183.5% -9,561.19
184.0% -9,574.88
184.5% -9,588.50
185.0% -9,602.06
185.5% -9,615.56
186.0% -9,628.99
186.5% -9,642.36
187.0% -9,655.67
187.5% -9,668.91
188.0% -9,682.10
188.5% -9,695.22
189.0% -9,708.28
189.5% -9,721.29
190.0% -9,734.23
190.5% -9,747.11
191.0% -9,759.94
191.5% -9,772.71
192.0% -9,785.41
192.5% -9,798.06
193.0% -9,810.66
193.5% -9,823.19
194.0% -9,835.67
194.5% -9,848.09
195.0% -9,860.46
195.5% -9,872.77
196.0% -9,885.03
196.5% -9,897.23
197.0% -9,909.37
197.5% -9,921.46
198.0% -9,933.50
198.5% -9,945.48
199.0% -9,957.41
199.5% -9,969.29
200.0% -9,981.12
Lo que cambia entre las
tres TIR es la
estimacin.
8%
10%

Tir Modificada
9.3498% calculada con TIRM

56,285.27
336,321.08

Tir Modificada calculada


9.3498% acudiendo al concepto
VAN

20% 40% 60% 80% 100% 120% 140% 160% 180% 200%
VAN

20% 40% 60% 80% 100% 120% 140% 160% 180% 200%
Interseccin de Fisher
Year Project A Project B Difference k NPV(A) NPV(B)
0 -1000 -1000 0 0.00% 300.00 400.00
1 500 100 -400 0.50% 287.11 378.73
2 400 300 -100 1.00% 274.44 357.92
3 300 400 100 1.50% 261.99 337.56
4 100 600 500 2.00% 249.74 317.63
2.50% 237.71 298.12
IRR 14.49% 11.79% 7.17% 3.00% 225.87 279.02
3.50% 214.22 260.31
4.00% 202.77 242.00
4.50% 191.51 224.07
5.00% 180.42 206.50
5.50% 169.52 189.30
6.00% 158.79 172.44
6.50% 148.23 155.93
7.00% 137.84 139.75
7.50% 127.62 123.89
8.00% 117.55 108.35
8.50% 107.64 93.11
9.00% 97.89 78.18
9.50% 88.28 63.53
10.00% 78.82 49.18
10.50% 69.50 35.10
11.00% 60.33 21.29
11.50% 51.29 7.75
12.00% 42.39 -5.53
12.50% 33.62 -18.56
13.00% 24.98 -31.35
13.50% 16.47 -43.89
14.00% 8.08 -56.20
14.50% -0.18 -68.28
15.00% -8.33 -80.14
15.50% -16.36 -91.78
16.00% -24.27 -103.21
16.50% -32.08 -114.42
17.00% -39.77 -125.44
17.50% -47.35 -136.25
18.00% -54.83 -146.87
18.50% -62.20 -157.30
19.00% -69.47 -167.55
19.50% -76.65 -177.61
20.00% -83.72 -187.50
20.50% -90.70 -197.21
21.00% -97.58 -206.76
21.50% -104.37 -216.14
22.00% -111.07 -225.35
22.50% -117.68 -234.41
23.00% -124.20 -243.31
23.50% -130.63 -252.06
24.00% -136.98 -260.67
24.50% -143.25 -269.12
25.00% -149.44 -277.44
25.50% -155.55 -285.62
26.00% -161.58 -293.66
26.50% -167.53 -301.57
27.00% -173.40 -309.34
27.50% -179.20 -316.99
28.00% -184.93 -324.52
28.50% -190.59 -331.92
29.00% -196.17 -339.20
29.50% -201.69 -346.37
30.00% -207.14 -353.42
30.50% -212.52 -360.36
31.00% -217.83 -367.19
31.50% -223.08 -373.91
32.00% -228.27 -380.52
32.50% -233.39 -387.03
33.00% -238.46 -393.44
33.50% -243.46 -399.75
34.00% -248.40 -405.96
34.50% -253.28 -412.08
35.00% -258.11 -418.10
35.50% -262.88 -424.03
36.00% -267.60 -429.87
36.50% -272.26 -435.62
37.00% -276.86 -441.29
37.50% -281.42 -446.87
38.00% -285.92 -452.37
38.50% -290.37 -457.78
39.00% -294.77 -463.12
39.50% -299.11 -468.37
40.00% -303.42 -473.55
40.50% -307.67 -478.66
41.00% -311.87 -483.69
41.50% -316.03 -488.64
42.00% -320.14 -493.53
42.50% -324.21 -498.34
43.00% -328.23 -503.09
43.50% -332.21 -507.77
44.00% -336.15 -512.38
44.50% -340.04 -516.93
45.00% -343.90 -521.41
45.50% -347.71 -525.83
46.00% -351.48 -530.19
46.50% -355.21 -534.49
47.00% -358.90 -538.72
47.50% -362.55 -542.90
48.00% -366.16 -547.03
48.50% -369.74 -551.09
49.00% -373.28 -555.10
49.50% -376.78 -559.06
50.00% -380.25 -562.96
El VAN de dos proyectos se cruza

Fisher
Intersection

600

400

200

0
0% 10% 20% 30% 40% 50% NPV(
A)

NPV(
B)
-200

-400

-600
400

200

0
0% 10% 20% 30% 40% 50% NPV(
A)

NPV(
B)
-200

-400

-600

-800

Tasa de descuento
-600

-800

Tasa de descuento
50% NPV(
A)

NPV(
B)
50% NPV(
A)

NPV(
B)