Professional Documents
Culture Documents
i=(1+j/m)m -1
Tasa media
t=1
t= 1
i = =
n
n
C
t=1
j= m[(1+i) 1/m - 1]
ieq = N[(1+j/m)m/N -1]
C t *i t
t= 1
C *t
t=1
t
*t
t=1
n = =
z
C
t=1
eal
I =Cn Co
Cn =Co+I
Cn =Co+Co*i*n
Cn =Co*(1+i*n)
I
n =
Co*i
Cn
Co= =C n*(1+i*n)1
(1+i*n)
Inters exacto y comercial
n
Cn =Co* 1+i *
360
Io=Co*i*n/360
n
Cn =Co* 1+i *
365
n
I = Co*i*
365
Cn
D =Cn Co
D =Cn Co
D =Co*i *n
Descuento comercial
Co = Cn*(1*d *n) =Co
D = Cn*d *n
i
= d
1+ i *n
Vencimiento medio
VF VA
VM = * 365
VA * TNA
Vencimiento comn
C1
C2
Cn
Ct
VA = + + ... + =
(1+TNA*t 1)
(1+TNA*t2)
(1+TNA*t n)
VF = VA (1+TNA*t)
(1+TNA*tt )
2
3. Inters y descuento compuesto
Rgimen de capitalizacin a inters compuesto
! - !
log Cn
Co
n =
log (1+i m)
im
=n
t=1
C t * (1+i mt)n
log
t=1
im = antilog 1
n
Cn = Co*e
* n
VF
VA = o VA = VF * (1+i ) -n
(1+i )n
(1+i ) n 1
S | =C* s | =C*
n i
n i
i
S|
n i
(1+i ) 1
V| = C*a | =C*
n i
n i
i* (1+i ) n
1 (1+i )
V| = C*a | =C*
n i
n i
i
S | *i
n i
+1
C
n =
log (1+i )
S | *i
n i
=
s |
(1+i ) n1
n i
log
1 (1+i ) n
V' | =C* a' | =C* (1+i )*
n i
n i
i
V'|
n i
C=
V' | *i
n i
*(1+i
)
=
a' |
n i
[1 (1+i ) ] *(1+i )
n
V' | *i
n i
+1
C*(1+i )
n =
log (1+i )
Valor final de rentas ciertas, temporarias, peridicas,
de pagos constantes, adelantados e inmediatos
(1+i ) n 1
S' | =C* s' | =C* (1+i )*
n i
n i
i
S'|
n i
C=
(1+i ) n 1
s | =
n i
i
log
D =VF* (1(1 d m) n )
V| *i
n i
=
a |
n i
1 (1+i ) n
C=
t
I = Cn Co
n i
V| *i
n i
1
C
n =
log (1+i )
log
1/n
!
Cn
Cn
1 =
Co
Co
log C1 log C2
n =
log (1+i 2) log (1+i 1)
log
a | =
n i
Cn
Co =
(1+i m)n
Cn =Co*(1+i m)n
C=
V|
s' |
n i
S' | *i
n i
S' | *i
n i
log
+1
C*(1+i )
n =
log (1+i )
[ (1+i ) 1] *(1+i )
n
3
5. Rentas temporales y constantes, diferidas
ay fraccionadas
Valor actual de una renta cierta, temporaria,
peridica, de pagos constantes, vencidos, y diferidos
p perodos
v =*(1+ i ) p
log
p=
C * a ||
p |V |
n i
n i
log
(1+i )
V | * (1+i )p*i
n i
1
C
n =
log (1+i )
7. Rentas variables
C * a n| i *(1+i )
log
p |V |
n i
log (1+i )
(1+ip ) n 1
V | = C*
n ip
ip * (1+i ) n
1
p |V | = v p*V | = v p*C*a| =(1+i ) p *C* 1 +
i
i
i
i
p=
p |V | =v p* V | =v p*C*a |
n i
n i
n i
p |V | *(1+i )
n i
C =
a n | i *(1+i )
1
p |V | = v p*V | = v p*C*a | =(1+i ) p *C*
i
i
i
i
C
V | i =C * a | i = C * 1 +
i
p |V | = C*a | *(1+i ) p
n i
n i
log
a ai0
i =i0+
* (i1 i0)
ai1 ai0
Valor actual para Rentas perpetua,
inmediata, vencida y constante
1
C
V | i =C * a | i = C * =
i
i
p |V | =v p * V | =v p*C*a |
n i
n i
n i
p |V | *(1+i ) p
n i
C =
a n | i
1(q*v ) n
V | =C1* v *
n i
1q*v
V | =C1
n i
V | =C1*v*n
n i
V | *[(1+i )q]
n i
C1 =
1(q*v ) n
V |
n i
C1 =
v *n
(
V | *[(1+i )q]
n i
1
C1
Cp = C1 *q p 1
)
n =
log(q*v )
Cn = C1 *q n 1
log
4
Otras ecuaciones de valor actual de rentas geomtricas
VENCIDAS
INMEDIATA
ADELANTADAS
V | = V | * (1+i )
n i
n i
o C1*v*n
V | = C1
n i
DIFERIDAS
VALOR
FINAL
p V | = p V | *(1+i )
n i
n-p i
p V | = V | *v p
n i
n-p i
p V | = p V | *v p1
n-p i
n i
S | = V | *(1+i ) n
n i
n i
S | = s | *(1+i )
n i
n i
Cuotas posteriores
Busqueda de i mediante interpolacin
i = is +
Cp = C1 + (p 1) *r
va vas
*(i i is )
va i va s
VENCIDAS
r
V | = C1+ +n*r
n i
i
r*n
C 1 = V n | i +
i
n*r
*a |
n i
i
r n*r
V | = C1
n i
i
r*n
C1 = V n i
i
|
n*r
*a | +
n i
i
r
V | = C1+ +r*n *a n| i r*n
n i
i
i
INMEDIATA
1
VI | = 1+ + n *a n | i
n i
i
#
1
VD | = * n a |
n i
n i
i
V | = V | * (1+i )
n i
n i
VI | = VI | * (1+i )
n
i
n i
p V | = p V | *(1+i )
n i
n i
p VD | = p VD | *(1+i )
n i
n i
p VI | =p VI | *(1+i )
n i
n i
p VI | = VI | *v p
n i
n i
p VD | =VD |*v p
n i
n i
VALOR
FINAL
.
.
DIFERIDAS
n i
VD | =VD | * (1+i )
n i
n i
p V | = V | *v p
n i
n i
r r*n
*a | 1
n i
i
q=
ADELANTADAS
S | = V | *(1+i ) n
n i
n i
S | = s | *(1+i )
n i
n i
S | = VI | *(1+i ) n
n i
n i
SI | = sI | *(1+i )
n i
n i
S | = VD | *(1+i ) n
n i
n i
SD | =sS | *(1+i )
n i
n i
r r*n
*a 1
n| i
i
C1
r
r C1 + r i
1
V | = C1+ * = + 2 =
i
i
i
i
i
i
VF = V * (1+i*n)
V
rp =
n
i*V
I p = (n p + 1)
n
VF = V * (1+i )n
Prstamos amortizables mediante un solo pago con
pago peridico de intereses
I = V *i
V = I * a n | i +V*(1+ i )n
G = G1 + G2
CFT = (1+ i* )m 1
C = V * a n | i 1
rp = r1*(1+i )
p1
I1 = i *V
Cp = rp + Ip
2 * n (p 1)
I (op) = i *V * p
2*n
n+1
I n = i *V *
2
I (hp) = i *V *
2 * (n p) +1h
hp
*
2
n
!
!#
1
p1
V
= * [1+i * (np+1)]
Cp = V * + i* 1
n
n
n
#
!
1
C1 = V * + i
n
V
Cn = * (1+i )
n
!
!
p
Sp = V* 1
n
rp = C i*V
V
Tp = p*
n
Ip = i *C* a
np+1 | i
Sistema Americano
C
I n = C
(1+i )
Ci1 = V* i
Cc1 = V* s n | i1
!
Ci1
i =
V
In = n * C V
Total amortizado hasta un perodo p
Cc1
s n | i1 =
V
V
s n | i =
Cc1
V
a n | i =
CT
Tp = r1 * s p| i
I = V* i * n
p
Tp = V*
n
I = V* i
V
r =
n
6
!
!
p
p
V p = V Tp = V * V = V* 1
n
n
1
a n | i1 =
+i
n
1
i = a n | i1
n
a |
1
n i
!
!
a n | i
1
i = * 1
n
n
n+1
n+1
1
V
Cp = rp +I p= + V *i * = V* + i*
n
n
2*n
2*n
!
p
np
Sp = V Tp = V * 1 = V*
n
n
!
n+1
1
a n | i1 =
+ i *
n
2*n
!
n * a n | i1 1 * 2
i =
n+1
V
Tp = p *
n
a n | i
2*n
1
i = * 1 *
n
n +1
n
V
= r = C
n
i
1
= +
n
1 i *n
V
r =
n
V
C =
n
D = n2 * i * C
V =n*C
i
* (n+1)
1
n
C = V* +
n
2*i*(n+1)
V
V =
(1 i *n )
V = V * (1 i *n )
V
C =
n
V = V V * i *n *
V = V * (1 i *n )
(n +1)
D=V*i*
2
(n + 1)
I (O,n) = V* i *
2
V = V D
V = V D
Inversin
PR =
Flujo de Caja
(Inversin - CFn )
PR = n =
CFn=1
n
(Inversin -
CF
1
) CFn=1
.
UNt
UNt
n
k
t =1
t =1
TCG = = *
k
k
n
.
It
It
k
t =1
t =1
7
Precio del
# bono
#
n
Ct
VN
+
P=
t
(1+T I R)
(1+T I R) n
t=1
I0+I
.
.
CF
(1+k)n
(1+k)n
1
Valor Tcnico
PRA = n +
VN = VR
CFn+1
VTt = VRt+ICt
CF2
CFn
VR
(1+k)
(1+k)
(1+k)
(1+k)
CFn
VR
(1+TIR)
(1+TIR)
VAN = + + 2 +.......+ n + n I 0
Tasa Interna de Retorno (TIR)
CF1
CF2
#
Pt
Paridad % = 1 *100
VTt
VN
(1+R)
VAN = + + 2+.......+ n+ n I0 = 0
P = n
(1+TIR) (1+TIR)
)#
C*(1+k)
P *(1+i)
Duration
1
n
+VR
t=1
t=1
TIRM = 1
I0
n-t
n-t
Bonos Amortizing
n
t=1
Bonos Bullet
Ir =
I0
13. Valuacin de Activos de Renta Fija. Bonos y
obligaciones negociables
C=VN ai | n
m
C t*t
t= 1
(1+T I R ) t
D =
P
VR
(1+k) +
(1+k)t
t
CF
Ct
CY % = *100
Pt IC t
Ct
P=
(1+T I R ) t
t=1
P= C * aim| n
C t*t
n*VN
(1+T I R )
t= 1
(1+T I R) t
D =
P
t
DM =
(1+T I R)
1 *D*TIR%
P% =
(1+T I R)
CTt= VN * ic
P% = DM * TIR%
Convexity
1
Factor de Convexity = *
P
t=1
t*Ct*(1+t )
(1+T I R ) t +2
Intereses acumulados
% P = DM *TIR% + Factor de Convexity* (TIR%) 2