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1)

se constituye cdt 180 das C = 650.000 I = 26% NT Rete = 7%


Renta antes de tx , Renta desp tx , Valor que entregaron al vencimiento
Suponiendo i = 18 % determinar tasa real obtenida
a) renta antes tx
B) 731139.0125 = 650000(1+i)6

26/4 = 6.5 =
0.065%
S=
650000(1+0.2864663506)1/2
(1 + i ) = (1 +
0.065)4
S =737.246.25
28.64663506 renta ant tx

(731139.0125/650000)1/6 1 =
0.019798651 = 1.97985191
(1 + 0-0197986191)12= (1+ i)
I = 0.26524081 = 26.52 rent
antes de tx
tasa real

C) valor al vencimiento
c) 0.02652408416 0.18/1 +
0.18= 0.07223801 =
7.22380014

650000 737246.25= 87246.25


87246.25 * 0.07 = $ 6107.2375
2)

un inversionista desea obtener


rentabilidad = 8%
inflacin = 18%

it = 0 .08+0.18+0.08*0.18
it = 27.44 % tasa de inversion

it = ir +if + ir*if
3) un articulo se fabrica en EEUU y se vende en Colombia 50.000 cuanto valdr el
articulo en Colombia y EEUU al final de un ao
Cambio actual us $ 1=1200
60770
25.75
Inflacin EEUU 3%
Devaluacin peso 18%
Inflacin EEUU 3%
25(1+0.003) = 25.75 valor EEUU
Colombia 2000
EEUU
25.75 (1+0.18) =30.385
50.000
us $ 25
30385*2000 = 60770 valor Colombia
4) un articulo se fabrica e Colombia y cuesta 68000 cuando el cambio es
1=2000suponiendo ipp del sector en Colombia 22%devalucion frente al peso 18%
34

68000
35.15

82960

S = 68000((1+0.22)
S = 82960
82960/2360 = 35.15254237 us $

S =2000(1+0.18)
S = 2360

5) 2 inversionistas origen alemn 1 residente en Alemania y otro en colombia cada


uno aporta el 50%.
C = 300.000
S = 400.000

Hallar tasas totales y reales

Tasa prome infla 22% Colombia Alemania 2% devaluacin peso frente dlar
1 ao 18%
2 ao 20%
3 ao 17%
Devaluacin marco frente dlar 1 y 2 aos 2%....... 3 aos revaluacin 3%

Marco
150.000
200.000

2.23
2.25

S= C(1+i)n

134.539.1 1300
= 174.887.892.4
177.777.77 2153.7 = 382.386.00
200.000=150.000(1+i)3 ..i= (200.000/150.000)1/3-1 = 10.06% ea

Ir = 0.01006-0.02/1+0.02 = 7.90% ea
150.000/2.23=67.264.5739 uS$ . . . . . 67.264.5739*1300= $87.443.946.07
2.23 (10.02)2*(1-0.03) = 200.000/2.2504 = 88.896.56
Cambio $ u$
1300(1+0.18)(1+0.20)(1+0.17) = 2153.73
U$ 88.869.56*2153.73 = 191401059.70
191401059.70 = 87443946.07 (1+i)2
191401059.70 / 87443946.07 - 1. . . . It = 29.85%
Ir = 0.2984-0.22/1+0.22 = ir 6.43% ea
8) pais A moneda abc un par de zapatos vale 24.000 if 22%
Cambio actual us$ 1 = abc 1000
Inflacin 6.5%
A
1000
24000 ABC
29280
Precio de salida A
S = C(1+i)n
S= 24000(1+0.22)
S = 29.280

X
24 us
25.56 us
Precio de salida X
S= 24(1+0.06)
S = 25.44

Devaluacin
TC = 29.280/25.44 = 1.150.94
S = C(1+ dev)n
1150.94 = 1000(1+dev)1 . . . . . 1150.94/1000 = 1+ dev dev =0.1509 = 15.09%
9) un inversionista desea todas las inversiones le den el rentab 8% if 17%
Ir = it if/1+if . 0.08 0 it 0.17/1 + 0.17 = 0.08 = it 0.17/1.17
(0.08*1.17) = it 0.17 . . . . 0.0936 + 0.17=it . .. it = 0.2636 . . . 26.36%
10)un ahorador consigna 300.000 el 1 marzo 200.000 el 20 de junio
Cuando retire el 30 agosto si la coperativa pago 27% ea marzo abril y 25 resto
Calcular pesos y upac
300.000(1+0.27)59/360 = 311.984.8687
311984.8687(1+0.25)50/360 =
321.805.3465
S = 521.805.3465 (1+0.25) =
545.285.208

b) 300.000/6650 = 45.112781%
45.112781(1+0.27)59/360 = 46.915%
46915(1+0.25)50/360 =48.3917%
200.000/7.149095 = 28.037.3
48.3917 +28.0373 = 76.42909 unid upac
76.42909(1+0.25)71/360 = 79.867 upac

11) se estima correccin monetaria 1 ao 18% y 2 ao 17%


Calcular vlr antes de tx que entregaron a un inver q invie 800.000a dos aos
Calcular rent antes de tx upac 1 =14000
800.000(1+0.22)(1+0.21)= 1.180.960
1180960/14000 = 84.3542 . . . . .800.000/14000 = 57.1428
84.3542 = 57.1428(1 + i)2
1.2149-1 = i i = 21.4988%
Ip = i ( 1 rotacion) . . . . ip 0.2149(1-0.07 = 20%
S= 800.000(1+0.20)2 = 1.152.000
12) hallar tasa efectiva annual
DTF + 6 p

ipc + 7p

labor + 8p . dtf =15%TA ipc = 10 % labor =5.14 ns

a) DTF + 6 p . 15+6 = 21 TA d =21/4=5.25 TA de period


Ip = d/1 d = 0.0525/1-0.0525 = 0.055408 . Ip 5.5408% et
(1+i)1=(1+0.055408)4 . . . . I = 1.055408-1 . I 24.07 % EA
b) IPC +7p

IPC =10% . . . . . it = 0.10+0.07+0.07*0.10 = 17.7%

c ) Labor + 8 p labor 5.14 ns . . . . .5.14+8 =13.14 . . . .ip = 13.14/2 = 6.57 ep


(1+i) = (1 +0.0657)2 I = 13.5716% EA
13 ) suponiendo IPC 8.5 CM = 12% DTF 15% TA TCC = 15.5
%TA
TBS (CF) 180 dias = 19.27% EA TBS (bancos 360 dias) = 19.19 EA
a) DTF +8.6 = IPC + X . . . . 0.15 +0.086 = 0.085 +X
0.236 = 0.085 + X ia = ( 1-ja/m)-m -1 .. ia = ( 1-0.236/4)-4 -1= ia = 0.27538 =
27%
0.2753=0.085+ x + 0.085*X . .
. 0.2753=0.085+X(1+0.085)
0.2753=0.085+X(1.085) . . . .0.2753/1.085 = X . . . X =
17.53% EA
b) 19.27%ea + 6% EA= 15%TA + X
25.57%EA
4((1+0.2527)1/4-1)-1)/(1+0.2527)1/4 = ja = 0.2190 TA
0.2190=0.15+X. X 0.069.6.9 % TA
14 ) idev +10 = IPC + X
idev + (prime + 200 pb) = DTF +X
idev + (libor + 500 pb) = DTF +X
idev = 25% IPC = 9% prime rate 8.25% DTF 14.5% TA labor 5%
I = 0.25 +0.10 + 0.25*0.10= 0.09 + X + 0.09*X
I= 0.375 EA
= 0.09(X+0.09X)
0.375
= 0.09 +X(1+0.099) . . . . .0.375-0.09/1+0.09= X 0.285/1.09 = 0.26147
X = 26.147% EA
Ja= 4((1+0.25)1/4-1)-1)/(1+0.25)1/4 = ja = 0.2170 TA
Ja= 4((1+0.1025)1/4-1)-1)/(1+0.1025)1/4 = ja = 0.09636TA
b ) idev + (prime + 200 pb)= DTF +X

25% + 10.25 = 14.5 + X


0.2170 + 0.09636+0.2170(0.09636)=0.145+X
0.334270
= 0.145+(x + 0.145X)
0.334270
= 0.145+ X ( 1+0.145)
0.334270-0.145/1+0.145 = X X = 0.18927/1.145 = 16.53% TA
c)

idev + (libor + 500 pb)= DTF +X

Ja= 4((1+0.25)1/4-1)-1)/(1+0.25)1/4 = ja = 0.217033563 TA


Ja= 4((1+0.10)1/4-1)-1)/(1+0.10)1/4 = ja = 0.09418364 TA
25% 10% = 14.5 + X
0.2170..56.+0.09418364+0.217033563*0.09418364
0.331655214 = 0.145 + X( 1+0.145)
0.331655214 -0.145/1+0.145 = X
. X = 0.186658214/1.145 = 16.30
15 ) cual es la rentabilidad ea comprador acep t 180 dias si se conserva hasta su
maduracin bolsa 86.225
S= C (1+i)n = pr = pc (1+i)180/360 . 100= 86.225(1+ i)0.5
(100/36.225)1/0.5=(1+i) ..1.345035-1 =I . 0.345035 =I I= 34.50%
ic=ir-comisicion
ic= 34.5035-0.5 .. ic = 34.0035%
pr = pc(1+i)n . 100 = pc(1+0.3400)0.5 .100/1.15959 = pc .pc 86.387%
18 ) un exporta recibe ab tasa emisicion 28 %ns comiciones compra y venta 0.4 y 0.6
N 0 180 dias J= 28% ns 0.4 compra 0.6 venta
a ) (1+i) = ( 1+0.28/2)2 .. i = (1.14)2-1 ..i = 29.96% EA . TR = 29.96 % EA
d ) pr 100(1+0.2996)-180/360 .. 87.7192982%
b ) tc= tr cm.c .tc & 0.2996 0.04 tc 29.56 % EA
pc = 100(1+0.2956)-180/360 pc 87.854604%
c ) tasa vendedor
tv = tr+comv .. tv = 0.2996 +0.006= 30.56
pv 100(1+0.03056)-180/360 .. pv 87.51%
22 ) seor xx ab 10 millones v. faltando 87 dias compra yy ti = 32% cc0.4% cv
0.375%
a ) TR = 32% + 0.4% . Tr32.4% EA
b ) Pr =100(1+0.324)-87/360 . PR = 93.44 % .. pr 10.000.000(93.44) = 9.344.234
c ) tasa de cesion tv = tr + comv tv = 32.4% + 0.375% = 32.775%
d ) pv = 100(1+0.32775)= 93.378499% . 0.933784(10.000.000) = 9.337849.966
e ) pc= 32.4%-0.4%= 32% EA . 100(1+0.32)-87/360=93.51069826%
pc 0.9351069826(10.000.000)=9.351.069.82
f ) retef 10.000.000-9.344234.3 = 655.765.7 ..RF 655.765.7(0.07) =45.903.62
g ) p pagar yy pc +rf . =9.351.069.62+45.903.62 ppyy = 9.396.974
h) pv rf . Precibe xx= 9.337.849.966 +45.903.62 = 9.383753.58
i ) rentabilidad10.000.000 =9.396.974(1+i)87/360 .. I = (10.000.000/9.396.974)360/87- 1 i= 29.352