7/25/2019 Formulario Pep

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FORMULARIO PEP

VP = Ft Flujo nico VP = F Flujo perpetuo

(1+r)t r

VP = F * (1+r)N- 1 Serie de Flujos r = (1+i/k)k- 1

(1+r)N * r rk= (1+rw)k/w- 1

VP = F1 * (1+w)N - 1 Grdiente !s " Ft= F1(1+)

t-1

(1+) (1+w)N* w

VP = F1* (1+r)N - 1 + G * (1+r)N - 1 - N Grdiente #scl$n " Ft= F1+ G(t-1)

(1+r)N * r r (1+r)N* r (1+r)N

VP = Ft(1+)t = Ft %onde " w = (1+r) - 1

(1+r)t (1+w)t (1+)

& = Sk* (1+r)N * r &uots i'ules N= Nero de cuots

(1+r)N- 1

& = Sk* (1+r)N-k *r &uots i'ules N= Periodo de P'o = Periodo de 'rci

(1+r)N-k

- 1

= Sk N= Nero de cuots = Sk N= Periodo de P'o = Periodo de 'rci

N N , k

%ep = V - V. %epk= ( Vk-1- V.)* 0 %epk = (V - V.) * (N+1-k)

N N k

! = &op * ( P* !P + !.* !!.+ 1 * !NV+ &23* !&23)

VN = - + FN&t VN = - + FN& * (1+r)4 - 1

(1+r)t (1+r)4 * r

VN = - + FN& VN rep = VN * 1 + (1+r4)k-1

- 1r (1+r4)

k-1* r4

VN = VN * 1 + 1 %onde r 4 = (1+r)4 - 1

r4

VN = VN ndi5idul VN = VN &onjunto

%oento 2ptio de inicio

VN = 6 VN 78io r * t+ FN&4+!+1 = + FN&!+1t (1+r)4

(& * (1+r)

-t

) = & * n(1+r) * (1+r)

-t

t

!9o 2ptio

VN = 6 VN 78io r = * !ir r'inl

!

0(VN) = (0(Ft)/ (1+r)0t)

#(Ft) = Ftj*Ptj 0(Ft) = (Ftj- #(Ft))

0*Ptj