Guía Ejercicios 1

0 1 2 3
97,25 = 8/(1+r) 8/(1+r)^2 8/(1+r)^3

0 = -97.25 8/(1+r) 8/(1+r)^2 8/(1+r)^3

Tasa Interna de Retorno: es la tasa de descuento que provoca que el Valor Actual Neto (VAN) sea igual a Cero
Para calcular la TIR, debemos buscar la tasa por aproximación para que se de la igualdad

0 = -97.25 8/(1+r) 8/(1+r)^2 8/(1+r)^3

-70.1882716049383 -97.25 5.33333333333 3.55555555555556 2.37037037037

-81.1405218063902 -97.25 4.57142857143 2.61224489795918 1.492711370262

-42.96776 -97.25 6.4 5.12 4.096

-13.2725575369608 -97.25 7.11111111111 6.32098765432099 5.61865569273

11.1747275711314 -97.25 7.54716981132 7.11997152011392 6.716954264258

-1.13965126335174 -97.25 7.33944954128 6.73343994613248 6.177467840489

4.77294245099924 -97.25 7.44186046512 6.92266089778259 6.439684556077

2.74999999999997 -97.25 7.40740740741 6.85871056241427 6.350657928161

0.779678960520243 -97.25 7.3732718894 6.79564229437873 6.263264787446

0.391784792145515 -97.25 7.3664825046 6.7831330613297 6.245978877836

0.01 -97.25 7.35970561178 6.77065833650003 6.228756519319

0.00 -97.25 7.35963790582 6.77053376308869 6.228584615679

Cálculo Exel

Fórmulas
Financieras 0 1 2 3
TIR -97.25 8 8 8

TIR= 8.70153759% 0.043507687954413

Ejercicio 2

0 1 2 3
0 = -97.25 4/(1+(i/2)) 4/(1+(i/2))^2 4/(1+(i/2))^3

0 = -97.25 4/(1,0435) 4/(1,0435)^2 4/(1,0435)^3

0 = -97.25 3.83325347389 3.6734580487647 3.52032395665

0 = 0.0

0 = -97.25 4 4 4

TIR= 4.345%

Ejercicio 3

0 1 2 3
1.030 = 70/(1+r) 70/(1+r)^2 70/(1+r)^3

0 = -1030 70/(1+r) 70/(1+r)^2 70/(1+r)^3

-776.748971193416 -1030 46.6666666667 31.1111111111111 20.74074074074

-881.426191467841 -1030 40 22.8571428571429 13.0612244898

-514.0704 -1030 56 44.8 35.84

-143.723603082254 -1030 63.6363636364 57.8512396694215 52.59203606311

56.5895334126162 -1030 66.6666666667 63.4920634920635 60.4686318972

-30.0000000000001 -1030 65.4205607477 61.1407109791248 57.14085138236

-9.22160280930382 -1030 65.7276995305 61.7161497939122 57.94943642621

-21.7555038317695 -1030 65.543071161 61.3699168174613 57.46246893021

-17.599967335272 -1030 65.6044985942 61.4850033684998 57.62418310075

12.1236378556569 -1030 66.0377358491 62.2997508009968 58.77334981226

-0.752550878239504 -1030 65.851364064 61.948602129793 58.2771421729

 1.37901915474595 -1030 65.8823529412 62.0069204152249 58.35945450845

1.80602373571855 -1030 65.8885542169 62.0185939541298 58.37593557429

-0.326696760852087 -1030 65.857559507 61.9602592031321 58.29359225057

0.1 -1030 65.8637561159 61.971919567106 58.31004852005

1030 = 1030

0= -1,030 70 70 70

TIR= 6.28%

Ejercicio 4
0 1 2 3
0= -1030 35/(1+r) 35/(1+r)^2 35/(1+r)^3

0= -1030 35/(1,03146) 35/(1,03146)^2 35/(1,03146)^3

0= -1030 35/(1,03146) 35/(1,03146)^2 35/(1,03146)^3

-0.03 -1030 33.9324840517 32.8975278263166 31.89413823737

1.030 = 1030

0= -1,030 35 35 35

TIR= 3.146%

k= 3.146%
VAN= $-0

Guía 2
Ejercicio 1

0 1 2 3
-1,000 0 0 0

TIR= 5.137%

Ejercicio 2
a)
Precio= 6/(1,0625)+6/(1,0625)^2+6/(1,0625)^3+6/(1,0625)^4+106/(1,0625)^5

1 2 3 4
Precio = 5.6470588235294 5.31487889273 5.00223895786688 4.707989607404

Precio = 98.954032694842

b)

Precio= 6/(1,0575)+6/(1,0575)^2+6/(1,0575)^3+6/(1,0575)^4+106/(1,0575)^5

1 2 3 4
Precio = 5.6737588652482 5.36525661016 5.07352870937476 4.797663082151

Precio = 101.06029185449

Ejercicio 3
Bono = $15,000,000
Cupón= $1,050,000
¿Cuál es la tasa de interés?

Tasa Interes= ($ 1.050.000/15.000.000)*100

Tasa Interes= 7.00 %

Ejercicio 4

Bono se vende: 8,000,000

Interés nominal 7%

Ganancia por años= 8.000.000*7%

Ganancia por años= 560,000 pesos

Ejercicio 5

Bono se vende 15,000,000

Valor nominal 20,000,000
Cupón 7.5 %

¿Cuál es el rendimiento actual del bono?

Rendimiento Bono= 1,500,000 Pesos

Ejercicio 6

VN= 2,000 Dólares

Cupon anual 8 %
n= 5 años
Cotización mercado 1,870 Dólares

0 1 2 3
0 = -1870 160/(1+r) 160/(1+r)^2 160/1+r)^3

-1870 -1870 160/(1,097) 160/(1,097)^2 160/(1,097)^3

0 -1870 146 133 121

1.870 = 160/(1+r) 160/1+r)^2 160/1+r)^3

1870 146 133 121

0 1 2 3
0 = -1,870 160 160 160

TIR= 9.7016%

VAN
k= 5.00000%

VAN= 390

Ejercicio 7

VN= 6000 Dólares

TIR= 4%
n= 5 años
Cupon= 0

Valor= 6.000(1,04)^5
1 2 3 4
Valor= 0/(1,04) 0/(1,04)^2 0/(1,04)^3 0/(1,04)^4

Valor= 0 0 0 0

Valor del Bono= 4,931.56 Dólares

Guía 3
Ejercicio 1

a)
Valor Nominal= 1,000
Cupón= 12%
n= 3 años
Precio= ???

b)
1 2 3
Precio= 120/1,09 120/(1,1)^2 1120/(1,11)^3

Precio= 110.09 99.17 818.93

Precio= 1,028.2

c) 0 1 2 3

0= -1,028 120/(1+r) 120/(1+r)^2 1120/(1+r)^3

0= -1,028 120/(1,10849) 120/(1,10849)^2 1120/(1,10849)^3

0 -1,028 108 98 822

1028,2= 120/(1+r) 120/(1+r)^2 1120/(1+r)^3

1028,2= 120/(1,10849) 120/(1,10849)^2 1120/(1,10849)^3

1,028.2 108.25537 97.66022 822.28560

0 1 2 3
-1,028 120 120 1,120

TIR= 10.8490%

Ejercicio 2
Cupón= 8%
VN= 1,000
n= 6 años

1 2 3 4
Precio= 80/(1,05) 80/(1,06)^2 80/(1,07)^3 80/(1,08)^4

Precio= 76.19 71.20 65.30 58.80

Precio= 933.12

Ejercicio 3
0 1 2 3
0= -933 80/(1+r) 80/(1+r)^2 80/(1+r)^3

0= -933 80/(1,09517) 80/(1,09517)^2 80/(1,09517)^3

-0 -933 73 67 61

-933 80 80 80

TIR= 9.517%

Ejercicio 4

Bono A
VN= 1,000
Cupón= 3%
Precio Mercado= 98500%
n= 5 años
Bono B
VN= 1,000
Cupón= 2%
Precio Mercado= 990
n= 5 años

BONO A
0 1 2 3
-985 30 30 30

TIR= 3.331%
k= 2%
VAN= $62.13

BONO A
0 1 2 3
-990 20 20 20

TIR= 2.213%
k= 2%
VAN= $10.00

Guía 4
Ejercicio 1

VP= Capital/(1+i)^n

VP= 1.000.000/(1,1)^20

VP= 148,644

Ejercicio 2

VN= 1,000
Tasa Interés= 13%
Cupón= Cada 6 meses
n= 4 años

1 2 3 4
VP= 65/(1,065) 65/(1,065)^2 65/(1,065)^3 65/(1,065)^4

VP= 61.0329 57.3079 53.8102 50.5260

VP= 1,000.0000

Ejercicio 3

VN= 1,000
Tasa Interés= 10%
Cupón= 10% Anual
n= 4 años

a) 1 2 3 4
Precio= 100/(1,1) 100/(1,1)^2 100/(1,1)^3 1100/(1,1)^4

Precio= 91 83 75 751

Precio= 1,000

b)
Tasa Interés 12%

1 2 3 4
Precio= 100/(1,12) 100/(1,12)^2 100/(1,12)^3 1100/(1,12)^4
Precio= 89.2857 79.7194 71.1780 699.0699

Precio= 939.25

c)
Tasa Interés 8%

1 2 3 4
Precio= 100/(1,08) 100/(1,08)^2 100/(1,08)^3 1100/(1,08)^4

Precio= 92.593 85.734 79.383 808.533

Precio= 1,066.24

d)
0 1 2 3
-1066.24 100/(1+r) 100/(1+r)^2 100/(1+r)^3

-1066.24 100/(1,08) 100/(1,08)^2 100/(1,08)^3

0.00 -1066.24 92.5925925926 85.7338820301783 79.38322410202

-1066.24 100 100 100

TIR= 8.0001%

Ejercicio 4
VN= 1000
n= 5 años
Cupón= 8%
Pagos= Semestrales
Precio del bono????
si r=
8%, 10% y 6%

a)
8%
1 2 3 4
Precio= 80/(1,08) 80/(1,08)^2 80/(1,08)^3 80/(1,08)^4

Precio= 74.074074074074 68.5871056241 63.5065792816136 58.80238822372

Precio= 1000

b)
 10%

Precio= 80/(1,1) 80/(1,1)^2 80/(1,1)^3 80/(1,1)^4

Precio= 72.727272727273 66.1157024793 60.1051840721262 54.64107642921

Precio= 877.10865788591

c)
6%

Precio= 80/(1,06) 80/(1,06)^2 80/(1,06)^3 80/(1,06)^4

Precio= 75.471698113208 71.1997152011 67.1695426425841 63.36749305904

Precio= 1147.2017410283

Ejercicio 5

n= 5
Cupón= 8.60%
Pagos= semestrales
Venta Actual= 97%
Rendimiento???

TIR???? 0 1 2 3

0= -970 86/(1+r) 86/(1+r)^2 86/(1+r)^3

0= -970 86/(1,090689) 86/(1,090689)^2 86/(1,090689)^3

0.00 -970 78.8492411677 72.2930561945146 66.28200723993

-970 86 86 86

TIR= 9.0689%
 4 5
8/(1+r)^4 8/(1+r)^5

8/(1+r)^4 8/(1+r)^5

o (VAN) sea igual a Cero

8/(1+r)^4 108/(1+r)^5

1.58024691358 14.2222222222 50%

0.852977925864 6.5801154281 75%

3.2768 35.38944 25%

4.99436061576 59.9323273891 12.5%

6.336749305904 80.7038826695 6%

5.667401688522 70.1925897202 9%

5.990404238211 75.2283322938 7.5%

5.880238822372 73.5029852796 8.0%

5.772594274144 71.8249057152 8.5%

5.751361765963 71.4948285824 8.6%

5.730226788702 71.1665700529 8.7%

5.73001592964 71.1632966119 8.701%

4 5
8 108
 4 5 6 7 8 9
4/(1+(i/2))^4 4/(1+(i/2))^5 4/(1+(i/2))^6 4/(1+(i/2))^7 4/(1+(i/2))^8 4/(1+(i/2))^9

4/(1,0435)^4 4/(1,0435)^5 4/(1,0435)^6 4/(1,0435)^7 4/(1,0435)^8 4/(1,0435)^9

3.373573509009 3.2329405932 3.098170189942 2.969017910821 2.845249555171 2.726640685358

4 4 4 4 4 4

4 5
70/(1+r)^4 1.070/(1+r)^5

70/(1+r)^4 1.070/(1+r)^5

13.82716049383 140.905349794 50%

7.463556851312 65.1918843339 75%

28.672 350.6176 25%

47.81094187556 664.385815673 10%

57.58917323543 838.372998121 5%

53.40266484333 762.895212048 7%

54.41261636264 780.972495077 6.5%

53.80380985974 770.0652294 6.8%

54.00579484606 773.680552755 6.7%

55.44655642666 799.566244967 6.0%

54.82327579765 788.347064957 6.3%

 54.92654541971 790.20374587 6.25%

54.94722851496 790.575711475 6.24%

54.84391029313 788.717981985 6.29%

54.8645544976 789.089108452 6.28%

70 1,070

4 5 6 7 8 9
35/(1+r)^4 35/(1+r)^5 35/(1+r)^6 35/(1+r)^7 35/(1+r)^8 35/(1+r)^9

35/(1,03146)^4 35/(1,03146)^5 35/(1,03146)^6 35/(1,03146)^7 35/(1,03146)^8 35/(1,03146)^9

35/(1,03146)^4 35/(1,03146)^5 35/(1,03146)^6 35/(1,03146)^7 35/(1,03146)^8 35/(1,03146)^9

30.92135248809 29.9782371474 29.06388725441 28.17742544976 27.31800113408 26.48478965164

35 35 35 35 35 35

4 5 6 7
0 0 0 1,420
 5
78

5
80
 4 5
160/1+r)^4 2160/1+r)^5

160/(1,097)^4 2160/(1,097)^5

110 1360

160/1+r)^4 2160/1+r)^5

110 1360

4 5
160 2,160

5
6.000/(1,04)^5

4932
(1,10849)^3

(1,10849)^3

5 6
80/(1,09)^5 1080/(1,1)^6

51.99 609.63

4 5 6
80/(1+r)^4 80/(1+r)^5 1080/(1+r)^6

80/(1,09517)^4 80/(1,09517)^5 1080/(1,09517)^6

56 51 626

80 80 1,080

4 5
30 1,030

4 5
20 1,020
 5 6 7 8
65/(1,065)^5 65/(1,065)^6 65/(1,065)^7 1065/(1,065)^8

47.4423 44.5467 41.8279 643.5062

 4
1100/(1+r)^4

1100/(1,08)^4

808.5328380761

1100

5 6 7 8 9 10
80/(1,08)^5 80/(1,08)^6 80/(1,08)^7 80/(1,08)^8 80/(1,08)^9 1080/(1,08)^10

54.4466557627 50.4135701506 46.67923162097 43.22151076016 40.01991737052 500.2489671315

80/(1,1)^5 80/(1,1)^6 80/(1,1)^7 80/(1,1)^8 80/(1,1)^9 1080/(1,1)^10

49.67370584473 45.1579144043 41.05264945846 37.32059041678 33.9278094698 416.3867525839

80/(1,06)^5 80/(1,06)^6 80/(1,06)^7 80/(1,06)^8 80/(1,06)^9 1080/(1,06)^10

59.78065382928 56.3968432352 53.20456908979 50.19298970735 47.3518770824 603.0663590683

4 5 6 7 8 9

86/(1+r)^4 86/(1+r)^5 86/(1+r)^6 86/(1+r)^7 86/(1+r)^8 86/(1+r)^9

86/(1,090689)^4 86/(1,090689)^5 86/(1,090689)^6 86/(1,090689)^7 86/(1,090689)^8 86/(1,090689)^9

60.77076713888 55.7177776056 51.08493585761 46.83730729622 42.9428620773 39.37223358565

86 86 86 86 86 86
 10
104/(1+(i/2))^10

104/(1,0435)^10

67.9373817147168

104
 10
1035/(1+r)^10

1035/(1,03146)^10

1035/(1,03146)^10

759.305320044277

1,035
 10

1086/(1+r)^10

1086/(1,090689)^10

455.848462014547

1086