<div id="pf1" class="pf w0 h0" data-page-no="1"><div class="pc pc1 w0 h0"><img class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bg1.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls2">Cuaderno</div><div class="t m1 x2 h3 y2 ff1 fs1 fc0 sc0 ls0 ws0">r<span class="blank _0"></span>esumen<span class="blank _0"></span></div><div class="t m2 x3 h4 y3 ff1 fs2 fc0 sc0 ls1 ws1">ANÁLISIS</div><div class="t m3 x4 h5 y4 ff1 fs3 fc0 sc0 ls3">FINANCIERO</div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div> <div id="pf2" class="pf w0 h0" data-page-no="2"><div class="pc pc2 w0 h0"><img class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bg2.png"><div class="t m4 x5 h6 y5 ff1 fs4 fc0 sc0 lsa">RESUMEN</div><div class="t m5 x6 h7 y6 ff1 fs5 fc0 sc0 ls4 ws3">PRUEBA</div><div class="t m6 x7 h8 y7 ff1 fs6 fc0 sc0 lsb">1</div><div class="t m7 x8 h9 y8 ff2 fs7 fc0 sc0 lsb">\u2460</div><div class="t m8 x9 ha y9 ff3 fs8 fc0 sc0 lsc">El</div><div class="t m9 xa hb ya ff4 fs9 fc0 sc0 lsd ws4">val<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t ma xb hc yb ff5 fsa fc0 sc0 lse ws5">del</div><div class="t mb xc hd yc ff6 fsb fc0 sc0 lsf ws6">dinero</div><div class="t mc xd he yd ff7 fsc fc0 sc0 ls10 ws7">cambia</div><div class="t md x2 hf ye ff8 fsd fc0 sc0 ls11">en</div><div class="t me xe h10 yf ff8 fse fc0 sc0 ls12">el</div><div class="t mf xf h11 y10 ff9 fsf fc0 sc0 ls13 ws8">tiempo</div><div class="t m10 x10 h12 y11 ff8 fs10 fc0 sc0 lsb">\u2022</div><div class="t m11 x11 h13 y12 ffa fs11 fc0 sc0 ls14">NO</div><div class="t m12 x12 h14 y13 ff8 fs12 fc0 sc0 ls15">es</div><div class="t m13 x13 h15 y14 ffb fs13 fc0 sc0 ls16">lo</div><div class="t m14 x14 h16 y15 ff8 fs14 fc0 sc0 ls17">mismo</div><div class="t m15 xd h17 y16 ffc fs15 fc0 sc0 ls18">$<span class="ffd ws9">100</span></div><div class="t m16 x7 h18 y17 ffe fs16 fc0 sc0 ls19 wsa">hay</div><div class="t m17 x15 h19 y18 fff fs17 fc0 sc0 ls1a">que</div><div class="t m18 x16 h1a y19 ff10 fs18 fc0 sc0 ls1b">$<span class="ff11 wsb">100</span></div><div class="t m19 x17 h1b y1a ff8 fs19 fc0 sc0 ls1c">en</div><div class="t m1a x18 h1c y1b ff8 fs1a fc0 sc0 lsb">1</div><div class="t m1b x19 h1d y1c ff8 fs1b fc0 sc0 ls1d wsc">año</div><div class="t m1c x10 h1e y1d ff8 fs1c fc0 sc0 lsb">\u2022</div><div class="t m1d x11 h1f y1e ff12 fs1d fc0 sc0 ls1e wsd">Cuando</div><div class="t m1e x1a h20 y1f ff13 fs1e fc0 sc0 ls1f wse">ten<span class="blank _1"> </span>go</div><div class="t m1f x1b h21 y20 ff8 fs1f fc0 sc0 ls20 wsf">val<span class="blank"> </span>o<span class="blank"> </span>re<span class="blank"> </span>s</div><div class="t m20 x1c h22 y21 ff8 fs20 fc0 sc0 ls21">en</div><div class="t m21 x1d h23 y22 ff8 fs21 fc0 sc0 ls22 ws10">distintos</div><div class="t m22 x1e h24 y23 ff14 fs22 fc0 sc0 ls23 ws11">tiempos</div><div class="t m23 x1f h25 y24 ff15 fs23 fc0 sc0 ls24 ws12">ten<span class="blank"> </span>g<span class="blank"> </span>o</div><div class="t m24 x20 h26 y25 ff8 fs24 fc0 sc0 ls25">que</div><div class="t m25 x21 h27 y26 ff16 fs25 fc0 sc0 ls26 ws13">trabajar</div><div class="t m26 x22 h28 y27 ff8 fs26 fc0 sc0 ls27 ws14">todo</div><div class="t m27 x23 h29 y28 ff8 fs27 fc0 sc0 ls28">en</div><div class="t m28 x24 h2a y29 ff8 fs28 fc0 sc0 ls29">un</div><div class="t m29 x25 h2b y2a ff8 fs29 fc0 sc0 ls2a">mismo</div><div class="t m2a x26 h2c y2b ff8 fs2a fc0 sc0 ls2b ws15">periodo</div><div class="t m2b x27 h2d y2c ff17 fs2b fc0 sc0 ls2c ws16">Inter<span class="blank _0"></span>és</div><div class="t m2c x28 h2e y2d ff18 fs2c fc0 sc0 ls2d">simple</div><div class="t m2d x29 h2f y2e ff8 fs2d fc0 sc0 lsb">:</div><div class="t m2e x27 h30 y2f ff8 fs2e fc0 sc0 lsb">-</div><div class="t m2f x2a h31 y30 ff19 fs2f fc0 sc0 ls2e">Se</div><div class="t m30 x2b h32 y31 ff1a fs30 fc0 sc0 ls2f">paga</div><div class="t m31 x2c h33 y32 ff8 fs31 fc0 sc0 ls30 ws17">sobre</div><div class="t m32 x2d h34 y33 ff8 fs32 fc0 sc0 ls31">el</div><div class="t m33 x2e h35 y34 ff8 fs33 fc0 sc0 ls32 ws18">monto</div><div class="t m34 x2f h36 y35 ff8 fs34 fc0 sc0 ls33 ws19">inicial</div><div class="t m35 x30 h37 y36 ff1b fs35 fc0 sc0 ls34 ws1a">VFN</div><div class="t m36 x13 h38 y37 ff8 fs36 fc0 sc0 lsb">=</div><div class="t m37 x22 h39 y38 ff1c fs37 fc0 sc0 ls35">Co</div><div class="t m38 x2d h3a y39 ff1d fs38 fc0 sc0 lsb">(</div><div class="t m39 x31 h3b y3a ff1e fs39 fc0 sc0 lsb">1</div><div class="t m3a x2e h3c y3b ff8 fs3a fc0 sc0 ls36">tni</div><div class="t m3b x32 h3d y3c ff1f fs3b fc0 sc0 lsb">)</div><div class="t m3c x28 h3e y3d ff8 fs3c fc0 sc0 lsb">T</div><div class="t m3d x3 h3f y3e ff8 fs3d fc0 sc0 lsb">M</div><div class="t m3e x33 h40 y3f ff8 fs3e fc0 sc0 lsb">T</div><div class="t m3f x34 h41 y40 ff8 fs3f fc0 sc0 lsb">T</div><div class="t m40 x35 h42 y41 ff8 fs40 fc0 sc0 ls5 ws1b">V<span class="blank _0"></span>alor</div><div class="t m41 x28 h43 y42 ff8 fs41 fc0 sc0 ls37">en</div><div class="t m42 x36 h44 y43 ff8 fs42 fc0 sc0 ls38">el</div><div class="t m43 x37 h45 y44 ff8 fs43 fc0 sc0 ls39 ws1c">valo<span class="blank"> </span>r</div><div class="t m44 x38 h46 y45 ff8 fs44 fc0 sc0 ls3a">tiempo</div><div class="t m45 x1c h47 y46 ff8 fs45 fc0 sc0 ls6 ws1d">tasa</div><div class="t m46 x39 h48 y47 ff8 fs46 fc0 sc0 ls3b">de</div><div class="t m47 x3a h49 y48 ff8 fs47 fc0 sc0 ls7 ws1e">periodo</div><div class="t m48 x3b h4a y49 ff8 fs48 fc0 sc0 lsb">n</div><div class="t m49 x3c h4b y4a ff8 fs49 fc0 sc0 ls8 ws1f">inicial</div><div class="t m4a x1c h4c y4b ff8 fs4a fc0 sc0 ls3c ws20">Interés</div><div class="t m4b x27 h4d y4c ff20 fs4b fc0 sc0 ls3d ws21">Inter<span class="blank _0"></span>és</div><div class="t m4c x12 h4e y4d ff21 fs4c fc0 sc0 ls3e ws22">compuesto</div><div class="t m4d x10 h4f y4e ff8 fs4d fc0 sc0 lsb">-</div><div class="t m4e x3d h50 y4f ff22 fs4e fc0 sc0 ls3f">Se</div><div class="t m4f x30 h51 y50 ff23 fs4f fc0 sc0 ls9 ws23">capitaliza</div><div class="t m50 x3e h52 y51 ff24 fs50 fc0 sc0 ls40">el</div><div class="t m51 x3f h53 y52 ff8 fs51 fc0 sc0 ls41 ws24">monto</div><div class="t m52 x1d h54 y53 ff8 fs52 fc0 sc0 ls42">del</div><div class="t m53 x40 h55 y54 ff25 fs53 fc0 sc0 ls43">final</div><div class="t m54 x41 h56 y55 ff26 fs54 fc0 sc0 ls44">del</div><div class="t m55 x42 h57 y56 ff27 fs55 fc0 sc0 ls45 ws25">periodo</div><div class="t m56 x43 h58 y57 ff8 fs56 fc0 sc0 ls46 ws26">anterior</div><div class="t m57 x44 h59 y58 ff28 fs57 fc0 sc0 ls47 ws27">VFN</div><div class="t m58 x45 h5a y59 ff8 fs58 fc0 sc0 lsb">=</div><div class="t m59 x46 h5b y5a ff29 fs59 fc0 sc0 ls48">Co</div><div class="t m5a x47 h5c y5b ff8 fs5a fc0 sc0 lsb">(</div><div class="t m5b x48 h5d y5c ff8 fs5b fc0 sc0 lsb">1</div><div class="t m5c x49 h5e y5d ff8 fs5c fc0 sc0 lsb">+</div><div class="t m5d x2e h5f y5e ff2a fs5d fc0 sc0 lsb">¡</div><div class="t m5e x4a h60 y5f ff2b fs5e fc0 sc0 lsb">µ</div><div class="t m5f x34 h61 y60 ff2a fs5f fc0 sc0 lsb">\u2190</div><div class="t m60 x25 h62 y61 ff8 fs60 fc0 sc0 ls49">tiempo</div><div class="t m3c x28 h3e y62 ff8 fs3c fc0 sc0 lsb">T</div><div class="t m61 x3 h63 y63 ff8 fs61 fc0 sc0 lsb">A</div><div class="t m62 x2e h64 y64 ff8 fs62 fc0 sc0 lsb">t</div><div class="t m63 xa h65 y65 ff8 fs63 fc0 sc0 ls5 ws1b">V<span class="blank _0"></span>alor</div><div class="t m64 x28 h66 y66 ff8 fs64 fc0 sc0 ls4a">en</div><div class="t m42 x36 h67 y67 ff8 fs65 fc0 sc0 ls38">el</div><div class="t m43 x37 h45 y68 ff8 fs43 fc0 sc0 ls39 ws1c">valo<span class="blank"> </span>r</div><div class="t m65 x4b h68 y69 ff8 fs66 fc0 sc0 ls4b ws28">tasa</div><div class="t m66 x24 h69 y6a ff8 fs67 fc0 sc0 ls4c">de</div><div class="t m47 x3a h49 y6b ff8 fs47 fc0 sc0 ls7 ws1e">periodo</div><div class="t m67 x3b h6a y6c ff8 fs68 fc0 sc0 lsb">n</div><div class="t m68 x3c h6b y6d ff8 fs69 fc0 sc0 ls8 ws1f">inicial</div><div class="t m69 x2e h6c y6e ff8 fs6a fc0 sc0 ls4d ws29">Interés</div><div class="t m6a x4c h6d y6f ff2c fs6b fc0 sc0 ls4e ws2a">inter<span class="blank _0"></span>és</div><div class="t m6b x4d h6e y70 ff2d fs6c fc0 sc0 lsb">$</div><div class="t m6c x4e h6f y71 ff8 fs6d fc0 sc0 lsb">^</div><div class="t m6d x4c h70 y72 ff2e fs6e fc0 sc0 ls4f ws2b">compuesto</div><div class="t m6e x4f h71 y73 ff2f fs6f fc0 sc0 ls50 ws2c">interés</div><div class="t m6f x7 h72 y74 ff30 fs70 fc0 sc0 ls51 ws2d">simple</div><div class="t m70 x2f h73 y75 ff1 fs71 fc0 sc0 lsb">÷</div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div> <div id="pf3" class="pf w0 h0" data-page-no="3"><div class="pc pc3 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bg3.png"><div class="t m71 x27 h74 y76 ff31 fs72 fc0 sc0 ls5e ws2e">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m72 x30 h75 y77 ff32 fs73 fc0 sc0 ls5f ws2f">ef<span class="blank _0"></span>ectiva</div><div class="t m73 x14 h76 y78 ff33 fs74 fc0 sc0 ls60">anual</div><div class="t m74 x33 h77 y79 ff8 fs75 fc0 sc0 lsb">:</div><div class="t m75 x27 h78 y7a ff2a fs76 fc0 sc0 lsb">\u2192</div><div class="t m76 x11 h79 y7b ff8 fs77 fc0 sc0 ls61">Es</div><div class="t m77 x44 h7a y7c ff34 fs78 fc0 sc0 ls62">la</div><div class="t m78 x50 h7b y7d ff8 fs79 fc0 sc0 ls63 ws30">tasa</div><div class="t m79 x51 h7c y7e ff8 fs7a fc0 sc0 ls64">de</div><div class="t m7a x3e h7d y7f ff35 fs7b fc0 sc0 ls65 ws31">interés</div><div class="t m7b x1c h7e y80 ff8 fs7c fc0 sc0 ls66">que</div><div class="t m7c x4 h7f y81 ff36 fs7d fc0 sc0 ls67 ws32">utilizo</div><div class="t m7d x52 h80 y82 ff8 fs7e fc0 sc0 ls68">si</div><div class="t m7e x16 h81 y83 ff8 fs7f fc0 sc0 ls69">la</div><div class="t m7f x53 h82 y84 ff8 fs80 fc0 sc0 ls6a ws33">nominal</div><div class="t m80 x27 h83 y85 ff37 fs81 fc0 sc0 ls6b">tuviera</div><div class="t m81 x28 h84 y86 ff38 fs82 fc0 sc0 ls6c">la</div><div class="t m82 x13 h85 y87 ff39 fs83 fc0 sc0 ls6d ws34">verd<span class="blank"> </span>a<span class="blank"> </span>d<span class="blank"> </span>e<span class="blank"> </span>r<span class="blank"> </span>a</div><div class="t m83 x2e h86 y88 ff3a fs84 fc0 sc0 ls6e ws35">capitalización</div><div class="t m84 x15 h87 y89 ff8 fs85 fc0 sc0 lsb">(</div><div class="t m85 x54 h88 y8a ff8 fs86 fc0 sc0 ls6f">si</div><div class="t m86 x41 h89 y8b ff8 fs87 fc0 sc0 ls70">mi</div><div class="t m87 x55 h8a y8c ff3b fs88 fc0 sc0 ls71 ws36">capitalización</div><div class="t m88 x27 h8b y8d ff3c fs89 fc0 sc0 ls72 ws37">fuera</div><div class="t m89 x56 h8c y8e ff8 fs8a fc0 sc0 ls73 ws38">anal</div><div class="t m8a x3c h8d y8f ff8 fs8b fc0 sc0 lsb">)</div><div class="t m8b x27 h8e y90 ff2a fs8c fc0 sc0 lsb">\u2192</div><div class="t m8c x57 h8f y91 ff8 fs8d fc0 sc0 ls74 ws39">Esto</div><div class="t m8d x28 h90 y92 ff8 fs8e fc0 sc0 ls75">se</div><div class="t m8e x1a h91 y93 ff8 fs8f fc0 sc0 ls76">usa</div><div class="t m8f x14 h92 y94 ff8 fs90 fc0 sc0 ls77 ws3a">cuando</div><div class="t m90 x58 h93 y95 ff3d fs91 fc0 sc0 ls78 ws3b">ten<span class="blank _1"> </span>go</div><div class="t m91 x59 h94 y96 ff3e fs92 fc0 sc0 ls79 ws3c">capitalizaciones</div><div class="t m92 x5a h95 y97 ff3f fs93 fc0 sc0 ls7a">que</div><div class="t m93 x19 h96 y98 ff8 fs94 fc0 sc0 ls7b">no</div><div class="t m94 x20 h97 y99 ff8 fs95 fc0 sc0 ls7c ws3d">son</div><div class="t m95 x10 h98 y9a ff8 fs96 fc0 sc0 ls7d ws3e">anuales</div><div class="t m96 x13 h99 y9b ff8 fs97 fc0 sc0 lsb">(</div><div class="t m97 x1a h9a y9c ff8 fs98 fc0 sc0 ls7e ws3f">semestrales</div><div class="t m98 x38 h9b y9d ff8 fs99 fc0 sc0 lsb">,</div><div class="t m99 x5b h9c y9e ff8 fs9a fc0 sc0 ls7f">mensuales</div><div class="t m9a x5c h9d y9f ff8 fs9b fc0 sc0 lsb">,</div><div class="t m9b x5d h9e ya0 ff40 fs9c fc0 sc0 ls80 ws40">trimestrales</div><div class="t m9c x5e h9f ya1 ff8 fs9d fc0 sc0 lsb">,</div><div class="t m9d x5f ha0 ya2 ff8 fs9e fc0 sc0 ls81 ws41">etc</div><div class="t m9e x1f ha1 ya3 ff8 fs9f fc0 sc0 lsb">.</div><div class="t m9f x60 ha2 ya4 ff41 fsa0 fc0 sc0 lsb">)</div><div class="t ma0 x61 ha3 ya5 ff42 fsa1 fc0 sc0 lsb">(</div><div class="t ma1 x56 ha4 ya6 ff43 fsa2 fc0 sc0 lsb">1</div><div class="t ma2 x62 ha5 ya7 ff8 fsa3 fc0 sc0 lsb">t</div><div class="t ma3 x45 ha6 ya8 ff44 fsa4 fc0 sc0 ls82 ws42">tasa</div><div class="t ma4 x14 ha7 ya9 ff45 fsa5 fc0 sc0 ls83 ws43">nominal</div><div class="t ma5 x63 ha8 yaa ff1 fsa6 fc0 sc0 lsb">)</div><div class="t ma6 x1c ha9 yab ff8 fsa7 fc0 sc0 lsb">M</div><div class="t ma7 x1d haa yac ff8 fsa8 fc0 sc0 lsb">=</div><div class="t ma8 x64 hab yad ff46 fsa9 fc0 sc0 lsb">(</div><div class="t ma9 x40 hac yae ff8 fsaa fc0 sc0 lsb">A</div><div class="t maa x26 had yaf ff8 fsab fc0 sc0 ls84">ti</div><div class="t mab x52 hae yb0 ff47 fsac fc0 sc0 ls85 ws44">efectiv<span class="blank _0"></span>a</div><div class="t mac x65 haf yb1 ff48 fsad fc0 sc0 lsb">)</div><div class="t mad x51 hb0 yb2 ff8 fsae fc0 sc0 lsb">m</div><div class="t mae x29 hb1 yb3 ff8 fsaf fc0 sc0 lsb">T</div><div class="t maf x2c hb2 yb4 ff8 fsb0 fc0 sc0 ls52 ws45">cuantas</div><div class="t mb0 x14 hb3 yb5 ff8 fsb1 fc0 sc0 ls86 ws46">vece<span class="blank"> </span>s</div><div class="t mb1 x66 hb4 yb6 ff8 fsb2 fc0 sc0 ls53 ws47">cabe</div><div class="t mb2 x67 hb5 yb7 ff8 fsb3 fc0 sc0 ls87">el</div><div class="t mb3 x45 hb6 yb8 ff8 fsb4 fc0 sc0 ls88 ws48">periodo</div><div class="t mb4 xc hb7 yb9 ff8 fsb5 fc0 sc0 ls89">en</div><div class="t mb5 x31 hb8 yba ff8 fsb6 fc0 sc0 lsb">1</div><div class="t mb6 x68 hb9 ybb ff8 fsb7 fc0 sc0 ls54 ws49">año</div><div class="t mb7 x27 hba ybc ff49 fsb8 fc0 sc0 ls8a">Cuando</div><div class="t mb8 x50 hbb ybd ff4a fsb9 fc0 sc0 ls8b ws4a">ten<span class="blank"> </span>g<span class="blank"> </span>o</div><div class="t mb9 x69 hbc ybe ff8 fsba fc0 sc0 ls8c">un</div><div class="t mba x49 hbd ybf ff4b fsbb fc0 sc0 ls8d ws4b">ejercicio</div><div class="t mbb x4f hbe yc0 ff4c fsbc fc0 sc0 ls8e">que</div><div class="t mbc x6a hbf yc1 ff8 fsbd fc0 sc0 ls8f ws4c">dan</div><div class="t mbd x6b hc0 yc2 ff8 fsbe fc0 sc0 ls90">la</div><div class="t mbe x6c hc1 yc3 ff4d fsbf fc0 sc0 ls91 ws4d">tasa</div><div class="t mbf x60 hc2 yc4 ff8 fsc0 fc0 sc0 ls92 ws4e">efectiv<span class="blank _0"></span>a</div><div class="t mc0 x6d hc3 yc5 ff4e fsc1 fc0 sc0 lsb">y</div><div class="t mc1 x27 hc4 yc6 ff4f fsc2 fc0 sc0 ls93 ws4f">necesito</div><div class="t mc2 x3b hc5 yc7 ff50 fsc3 fc0 sc0 ls94 ws50">saber</div><div class="t mc3 x6e hc6 yc8 ff8 fsc4 fc0 sc0 lsb">V</div><div class="t mc4 x1b hc7 yc9 ff8 fsc5 fc0 sc0 ls95">En</div><div class="t mc5 x4b hc8 yca ff8 fsc6 fc0 sc0 lsb">:</div><div class="t mc6 x27 hc9 ycb ff51 fsc7 fc0 sc0 lsb">\u2460</div><div class="t mc7 x57 hca ycc ff52 fsc8 fc0 sc0 ls96">paso</div><div class="t mc8 x3b hcb ycd ff8 fsc9 fc0 sc0 lsb">i</div><div class="t mc9 x13 hcc yce ff53 fsca fc0 sc0 ls97 ws51">efectiv<span class="blank _0"></span>a</div><div class="t mca x31 hcd ycf ff8 fscb fc0 sc0 lsb">a</div><div class="t mcb x38 hce yd0 ff8 fscc fc0 sc0 lsb">i</div><div class="t mcc x24 hcf yd1 ff54 fscd fc0 sc0 ls98 ws52">nominal</div><div class="t mcd x6f hd0 yd2 ff55 fsce fc0 sc0 lsb">\u2461</div><div class="t mce x11 hd1 yd3 ff56 fscf fc0 sc0 ls99">Aplico</div><div class="t mcf x13 hd2 yd4 ff57 fsd0 fc0 sc0 ls9a ws53">fór<span class="blank _2"> </span>mu<span class="blank"> </span>l<span class="blank"> </span>a</div><div class="t md0 x49 hd3 yd5 ff8 fsd1 fc0 sc0 lsb">:</div><div class="t md1 x40 hd4 yd6 ff2a fsd2 fc0 sc0 lsb">\u2192</div><div class="t md2 x5d hd5 yd7 ff8 fsd3 fc0 sc0 ls55 ws54">años</div><div class="t md3 x70 hd6 yd8 ff2a fsd4 fc0 sc0 lsb">\u2192</div><div class="t md4 x71 hd7 yd9 ff8 fsd5 fc0 sc0 ls56 ws55">periodos</div><div class="t md5 x72 hd8 yda ff8 fsd6 fc0 sc0 ls9b">de</div><div class="t md6 x61 hd9 ydb ff58 fsd7 fc0 sc0 ls9c ws56">VFM</div><div class="t md7 x2c hda ydc ff8 fsd8 fc0 sc0 lsb">=</div><div class="t md8 x3c hdb ydd ff59 fsd9 fc0 sc0 ls9d">Co</div><div class="t md9 x6 hdc yde ff1 fsda fc0 sc0 lsb">(</div><div class="t mda x2d hdd ydf ff5a fsdb fc0 sc0 lsb">1</div><div class="t mdb x31 hde ye0 ff8 fsdc fc0 sc0 lsb">t</div><div class="t mdc x2e hdf ye1 ff5b fsdd fc0 sc0 lsb">¡</div><div class="t mdd x33 he0 ye2 ff5c fsde fc0 sc0 ls57 ws57">nominal</div><div class="t mde x73 he1 ye3 ff1 fsdf fc0 sc0 lsb">)</div><div class="t mdf x74 he2 ye4 ff8 fse0 fc0 sc0 lsb">n</div><div class="t me0 x75 he3 ye5 ff8 fse1 fc0 sc0 ls9e">Xm</div><div class="t me1 x41 he4 ye6 ff8 fse2 fc0 sc0 ls58 ws58">capitalización</div><div class="t me2 x76 he5 ye7 ff2a fse3 fc0 sc0 lsb">µ</div><div class="t me3 x4b he6 ye8 ff8 fse4 fc0 sc0 lsb">#</div><div class="t me4 x4a he7 ye9 ff8 fse5 fc0 sc0 ls9f">de</div><div class="t me5 x34 he8 yea ff5d fse6 fc0 sc0 lsa0 ws59">periodos</div><div class="t me6 x77 he9 yeb ff8 fse7 fc0 sc0 lsa1">de</div><div class="t me7 x76 hea yec ff5e fse8 fc0 sc0 lsa2 ws5a">capitalización</div><div class="t me8 x27 heb yed ff5f fse9 fc0 sc0 lsa3 ws5b">Anualidades</div><div class="t me9 x22 hec yee ff8 fsea fc0 sc0 lsb">y</div><div class="t mea xc hed yef ff60 fseb fc0 sc0 lsa4 ws5c">perpetuidad</div><div class="t meb x78 hee yf0 ff2a fsec fc0 sc0 lsb">\u2192</div><div class="t mec x21 hef yf1 ff8 fsed fc0 sc0 lsa5 ws5d">Ocurre</div><div class="t med x45 hf0 yf2 ff61 fsee fc0 sc0 lsa6 ws5e">cuando</div><div class="t mee x31 hf1 yf3 ff62 fsef fc0 sc0 lsa7 ws5f">hay</div><div class="t mef xd hf2 yf4 ff8 fsf0 fc0 sc0 lsa8 ws60">muchos</div><div class="t mf0 x79 hf3 yf5 ff63 fsf1 fc0 sc0 ls59 ws61">pagos</div><div class="t mf1 x7a hf4 yf6 ff8 fsf2 fc0 sc0 lsb">.</div><div class="t mf2 x78 hf5 yf7 ff64 fsf3 fc0 sc0 lsb">\u2460</div><div class="t mf3 x57 hf6 yf8 ff65 fsf4 fc0 sc0 lsa9 ws62">Pe<span class="blank"> </span>r<span class="blank"> </span>p<span class="blank"> </span>e<span class="blank"> </span>t<span class="blank"> </span>u<span class="blank"> </span>i<span class="blank"> </span>d<span class="blank"> </span>a<span class="blank"> </span>d</div><div class="t mf4 x6e hf7 yf9 ff66 fsf5 fc0 sc0 lsaa ws63">simple</div><div class="t mf5 x33 hf8 yfa ff8 fsf6 fc0 sc0 lsb">.</div><div class="t mf6 x21 hf9 yfb ff8 fsf7 fc0 sc0 lsb">-</div><div class="t mf7 x2b hfa yfc ff67 fsf8 fc0 sc0 lsab ws64">Flujo</div><div class="t mf8 x13 hfb yfd ff68 fsf9 fc0 sc0 lsac ws65">constante</div><div class="t mf9 x2e hfc yfe ff8 fsfa fc0 sc0 lsad">de</div><div class="t mfa x58 hfd yff ff69 fsfb fc0 sc0 lsae ws66">pagos</div><div class="t mfb x7b hfe y100 ff6a fsfc fc0 sc0 lsaf">que</div><div class="t mfc x15 hff y101 ff6b fsfd fc0 sc0 lsb0 ws67">continúa</div><div class="t mfd x5e h100 y102 ff6c fsfe fc0 sc0 lsb1 ws68">para</div><div class="t mfe x7c h101 y103 ff6d fsff fc0 sc0 lsb2 ws69">siempre</div><div class="t mff x50 h102 y104 ff8 fs100 fc0 sc0 lsb3">VPO</div><div class="t m100 x3c h103 y105 ff8 fs101 fc0 sc0 lsb">=</div><div class="t m101 x1 h104 y106 ff6e fs102 fc0 sc0 lsb4">G-</div><div class="t m102 x1b h105 y107 ff2a fs103 fc0 sc0 lsb">\u2190</div><div class="t m103 x7d h106 y108 ff8 fs104 fc0 sc0 lsb5 ws6a">fwro</div><div class="t m104 x7 h107 y109 ff8 fs105 fc0 sc0 lsb6 ws6b">Cuando</div><div class="t m105 x7e h108 y10a ff6f fs106 fc0 sc0 lsb7 ws6c">teng<span class="blank _1"> </span>o</div><div class="t m106 x7f h109 y10b ff8 fs107 fc0 sc0 lsb">:</div><div class="t m107 x80 h10a y10c ff8 fs108 fc0 sc0 lsb8">NPO</div><div class="t m108 x17 h10b y10d ff8 fs109 fc0 sc0 lsb">=</div><div class="t m109 x81 h10c y10e ff70 fs10a fc0 sc0 lsb9 ws6d">Cotta</div><div class="t m10a x3b h10d y10f ff8 fs10b fc0 sc0 lsb">T</div><div class="t m10b x51 h10e y110 ff8 fs10c fc0 sc0 lsb">i</div><div class="t m10c x2d h10f y111 ff2a fs10d fc0 sc0 lsb">\u2190</div><div class="t m10d x31 h110 y112 ff8 fs10e fc0 sc0 ls5a ws6e">tasa</div><div class="t m10e x38 h111 y113 ff8 fs10f fc0 sc0 lsba">de</div><div class="t m10f x73 h112 y114 ff71 fs110 fc0 sc0 lsbb">pago</div><div class="t m110 x82 h113 y115 ff8 fs111 fc0 sc0 lsbc">en</div><div class="t m111 x83 h114 y116 ff8 fs112 fc0 sc0 lsbd">ti</div><div class="t m112 x1e h115 y117 ff8 fs113 fc0 sc0 lsb">O</div><div class="t m113 x43 h116 y118 ff8 fs114 fc0 sc0 lsb">i</div><div class="t m114 x44 h117 y119 ff8 fs115 fc0 sc0 ls5b ws6f">V<span class="blank _0"></span>alor</div><div class="t m115 x7d h118 y11a ff8 fs116 fc0 sc0 ls5c ws70">interés</div><div class="t m116 x61 h119 y11b ff8 fs117 fc0 sc0 ls5d ws71">presente</div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div> <div id="pf4" class="pf w0 h0" data-page-no="4"><div class="pc pc4 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bg4.png"><div class="t m117 x27 h11a y11c ff72 fs118 fc0 sc0 lsb">\u2461</div><div class="t m118 x57 h11b y11d ff73 fs119 fc0 sc0 lsc4 ws72">Per<span class="blank _1"> </span>p<span class="blank"> </span>e<span class="blank"> </span>t<span class="blank"> </span>u<span class="blank"> </span>i<span class="blank"> </span>d<span class="blank"> </span>a<span class="blank _1"> </span>d</div><div class="t m119 x1 h11c y11e ff74 fs11a fc0 sc0 lsc5 ws73">crecient<span class="blank _0"></span>e</div><div class="t m11a x57 h11d y11f ff8 fs11b fc0 sc0 lsb">-</div><div class="t m11b x61 h11e y120 ff75 fs11c fc0 sc0 lsc6">Flujo</div><div class="t m11c x1a h11f y121 ff76 fs11d fc0 sc0 lsc7">de</div><div class="t m11d xc h120 y122 ff77 fs11e fc0 sc0 lsc8 ws74">pagos</div><div class="t m11e x84 h121 y123 ff78 fs11f fc0 sc0 lsc9">que</div><div class="t m11f x85 h122 y124 ff8 fs120 fc0 sc0 lsca ws75">van</div><div class="t m120 x74 h123 y125 ff8 fs121 fc0 sc0 lscb ws76">creciendo</div><div class="t m121 x42 h124 y126 ff8 fs122 fc0 sc0 lscc">en</div><div class="t m122 x86 h125 y127 ff8 fs123 fc0 sc0 lscd">los</div><div class="t m123 x7c h126 y128 ff79 fs124 fc0 sc0 lsce ws77">periodos</div><div class="t m124 x87 h127 y129 ff8 fs125 fc0 sc0 lsb">.</div><div class="t m125 x21 h128 y12a ff7a fs126 fc0 sc0 lscf ws78">Par<span class="blank"> </span>a</div><div class="t m126 x28 h129 y12b ff8 fs127 fc0 sc0 lsd0 ws79">conocer</div><div class="t m127 x51 h12a y12c ff8 fs128 fc0 sc0 lsd1">el</div><div class="t m128 x1b h12b y12d ff7b fs129 fc0 sc0 lsd2">flujo</div><div class="t m129 x5b h12c y12e ff8 fs12a fc0 sc0 lsd3">en</div><div class="t m12a x25 h12d y12f ff7c fs12b fc0 sc0 lsd4">tiempo</div><div class="t m12b x2 h12e y130 ff8 fs12c fc0 sc0 lsb">n</div><div class="t m12c x88 h12f y131 ff8 fs12d fc0 sc0 lsb">:</div><div class="t m12d x7a h130 y132 ff7d fs12e fc0 sc0 lsd5">Cn</div><div class="t m12e xf h131 y133 ff8 fs12f fc0 sc0 lsb">=</div><div class="t m12f x80 h132 y134 ff8 fs130 fc0 sc0 lsd6">LA</div><div class="t m130 x5f h133 y135 ff7e fs131 fc0 sc0 lsd7">tq</div><div class="t m131 x89 h134 y136 ff7f fs132 fc0 sc0 lsb">)</div><div class="t m132 x8a h135 y137 ff8 fs133 fc0 sc0 lsb">"</div><div class="t m133 x8b h136 y138 ff8 fs134 fc0 sc0 lsb">"</div><div class="t m134 x19 h137 y139 ff80 fs135 fc0 sc0 lsb">\u21b3</div><div class="t m135 x5f h138 y13a ff8 fs136 fc0 sc0 lsbe ws7a">tasa</div><div class="t m136 x5a h139 y13b ff8 fs137 fc0 sc0 lsd8">de</div><div class="t m137 x8c h13a y13c ff8 fs138 fc0 sc0 lsbf ws7b">flujo</div><div class="t m138 x5f h13b y13d ff8 fs139 fc0 sc0 lsc0 ws7c">crecimiento</div><div class="t m139 x8d h13c y13e ff8 fs13a fc0 sc0 lsc1 ws7d">Inicial</div><div class="t m13a x11 h13d y13f ff81 fs13b fc0 sc0 lsd9 ws7e">Par<span class="blank"> </span>a</div><div class="t m13b x8e h13e y140 ff8 fs13c fc0 sc0 lsda">el</div><div class="t m13c x8f h13f y141 ff8 fs13d fc0 sc0 lsdb ws7f">val<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m13d x14 h140 y142 ff82 fs13e fc0 sc0 lsdc ws80">present<span class="blank _0"></span>e</div><div class="t m13e x5b h141 y143 ff8 fs13f fc0 sc0 lsdd">de</div><div class="t m13f x32 h142 y144 ff8 fs140 fc0 sc0 lsde">la</div><div class="t m140 x1d h143 y145 ff8 fs141 fc0 sc0 lsdf ws81">perpetuidad</div><div class="t m141 x7a h144 y146 ff8 fs142 fc0 sc0 lsb">:</div><div class="t m142 x90 h145 y147 ff8 fs143 fc0 sc0 lse0">VF</div><div class="t m143 x91 h146 y148 ff1 fs144 fc0 sc0 lse1">Cri</div><div class="t m144 x5f h147 y149 ff8 fs145 fc0 sc0 lsb">-</div><div class="t m145 x92 h148 y14a ff83 fs146 fc0 sc0 lsb">g</div><div class="t m146 x90 h149 y14b ff8 fs147 fc0 sc0 lsb">\u2022</div><div class="t m147 x93 h14a y14c ff8 fs148 fc0 sc0 lse2 ws82">útil</div><div class="t m148 x94 h14b y14d ff8 fs149 fc0 sc0 lse3 ws83">cuando</div><div class="t m149 x95 h14c y14e ff84 fs14a fc0 sc0 lse4 ws84">gcr</div><div class="t m14a x78 h14d y14f ff85 fs14b fc0 sc0 lsb">\u2462</div><div class="t m14b x57 h14e y150 ff86 fs14c fc0 sc0 lse5">Anualidad</div><div class="t m14c x96 h14f y151 ff87 fs14d fc0 sc0 lse6">simple</div><div class="t m14d x57 h150 y152 ff8 fs14e fc0 sc0 lsb">-</div><div class="t m14e xa h151 y153 ff88 fs14f fc0 sc0 lse7 ws85">Secuencia</div><div class="t m14f x3 h152 y154 ff8 fs150 fc0 sc0 lse8">de</div><div class="t m150 x2d h153 y155 ff89 fs151 fc0 sc0 lse9 ws86">pagos</div><div class="t m151 x5b h154 y156 ff8a fs152 fc0 sc0 lsea ws87">constantes</div><div class="t m152 x74 h155 y157 ff8b fs153 fc0 sc0 lsb">y</div><div class="t m153 x82 h156 y158 ff8c fs154 fc0 sc0 lseb ws88">periódicos</div><div class="t m154 x5f h157 y159 ff8 fs155 fc0 sc0 lsec">que</div><div class="t m155 x18 h158 y15a ff8 fs156 fc0 sc0 lsed ws89">term<span class="blank"> </span>in<span class="blank"> </span>an</div><div class="t m156 x57 h159 y15b ff8 fs157 fc0 sc0 lsee">en</div><div class="t m157 x8e h15a y15c ff8 fs158 fc0 sc0 lsef">un</div><div class="t m158 x2c h15b y15d ff8d fs159 fc0 sc0 lsf0 ws8a">periodo</div><div class="t m159 x31 h15c y15e ff8 fs15a fc0 sc0 lsb">t</div><div class="t m15a x2e h15d y15f ff8 fs15b fc0 sc0 lsb">.</div><div class="t m15b xa h15e y160 ff8 fs15c fc0 sc0 lsb">C</div><div class="t m15c x12 h15f y161 ff8 fs15d fc0 sc0 lsb">c</div><div class="t m15d x8f h160 y162 ff8 fs15e fc0 sc0 lsb">c</div><div class="t m15e x3c h161 y163 ff8 fs15f fc0 sc0 lsb">c</div><div class="t m15f x6 h162 y164 ff8 fs160 fc0 sc0 lsb">c</div><div class="t m160 x48 h163 y165 ff8 fs161 fc0 sc0 lsb">c</div><div class="t m161 x1d h164 y166 ff8 fs162 fc0 sc0 lsb">c</div><div class="t m162 x73 h165 y167 ff8 fs163 fc0 sc0 lsb">c</div><div class="t m163 x97 h166 y168 ff8 fs164 fc0 sc0 lsb">c</div><div class="t m164 x2b h167 y169 ff8 fs165 fc0 sc0 lsb">1</div><div class="t m165 x12 h168 y16a ff8 fs166 fc0 sc0 lsb">2</div><div class="t m166 x8f h169 y16b ff8 fs167 fc0 sc0 lsb">3</div><div class="t m167 x98 h16a y16c ff8 fs168 fc0 sc0 lsb">4</div><div class="t m168 x51 h16b y16d ff8 fs169 fc0 sc0 lsb">5</div><div class="t m169 x99 h16c y16e ff8 fs16a fc0 sc0 lsb">6</div><div class="t m16a x39 h16d y16f ff8 fs16b fc0 sc0 lsf1">T2</div><div class="t m16b x59 h16e y170 ff8 fs16c fc0 sc0 lsf2">FI</div><div class="t m16c x2 h16f y171 ff8 fs16d fc0 sc0 lsb">T</div><div class="t m16d x9a h170 y172 ff8e fs16e fc0 sc0 lsf3">vi.</div><div class="t m16e x1a h171 y173 ff1 fs16f fc0 sc0 lsf4">ÉÜ</div><div class="t m16f x7d h172 y174 ff8 fs170 fc0 sc0 lsb">-</div><div class="t m170 x3f h173 y175 ff1 fs171 fc0 sc0 lsb">*</div><div class="t m171 x58 h174 y176 ff8f fs172 fc0 sc0 lsb">¥</div><div class="t m172 x63 h175 y177 ff8 fs173 fc0 sc0 lsc2 ws8b">Número</div><div class="t m173 x25 h176 y178 ff8 fs174 fc0 sc0 lsf5">de</div><div class="t m174 x76 h177 y179 ff8 fs175 fc0 sc0 lsc3 ws8c">cuotas</div><div class="t m175 x9b h178 y17a ff8 fs176 fc0 sc0 lsb">.</div><div class="t m176 x55 h179 y17b ff90 fs177 fc0 sc0 lsf6 ws8d">IMPORT<span class="blank _3"></span>ANTE</div><div class="t m177 x9c h17a y17c ff8 fs178 fc0 sc0 lsb">.</div><div class="t m178 x80 h17b y17d ff8 fs179 fc0 sc0 lsf7 ws8e">Cuando</div><div class="t m179 x8b h17c y17e ff91 fs17a fc0 sc0 lsf8">algo</div><div class="t m17a x9d h17d y17f ff8 fs17b fc0 sc0 lsf9">no</div><div class="t m17b x9e h17e y180 ff92 fs17c fc0 sc0 lsfa ws8f">par<span class="blank"> </span>te</div><div class="t m17c x89 h17f y181 ff8 fs17d fc0 sc0 lsfb">en</div><div class="t m17d x8b h180 y182 ff8 fs17e fc0 sc0 lsfc">tu</div><div class="t m17e x9f h181 y183 ff8 fs17f fc0 sc0 lsb">,</div><div class="t m17f xa0 h182 y184 ff8 fs180 fc0 sc0 lsb">y</div><div class="t m180 xa1 h183 y185 ff8 fs181 fc0 sc0 lsfd">uso</div><div class="t m181 x42 h184 y186 ff8 fs182 fc0 sc0 lsfe ws90">fór<span class="blank _1"> </span>m<span class="blank"> </span>u<span class="blank"> </span>l<span class="blank"> </span>a</div><div class="t m182 x60 h185 y187 ff8 fs183 fc0 sc0 lsff">de</div><div class="t m183 xa2 h186 y188 ff8 fs184 fc0 sc0 ls100">VP</div><div class="t m184 x9c h187 y189 ff8 fs185 fc0 sc0 lsb">,</div><div class="t m185 xa3 h188 y18a ff8 fs186 fc0 sc0 ls101">ese</div><div class="t m186 xa4 h189 y18b ff8 fs187 fc0 sc0 ls102 ws91">flujo</div><div class="t m187 x55 h18a y18c ff8 fs188 fc0 sc0 ls103 ws92">Corresponde</div><div class="t m188 x19 h18b y18d ff8 fs189 fc0 sc0 lsb">a</div><div class="t m189 xa0 h18c y18e ff8 fs18a fc0 sc0 lsb">1</div><div class="t m18a xa5 h18d y18f ff8 fs18b fc0 sc0 ls104 ws93">periodo</div><div class="t m18b x93 h18e y190 ff8 fs18c fc0 sc0 ls105">menos</div><div class="t m18c x81 h18f y191 ff2a fs18d fc0 sc0 lsb">\u2192</div><div class="t m18d xa6 h190 y192 ff8 fs18e fc0 sc0 ls106">uso</div><div class="t m18e x19 h191 y193 ff93 fs18f fc0 sc0 ls107">1-</div><div class="t m18f xa4 h192 y194 ff8 fs190 fc0 sc0 ls108 ws94">para</div><div class="t m190 xa7 h193 y195 ff8 fs191 fc0 sc0 lsb">(</div><div class="t m191 x9f h194 y196 ff94 fs192 fc0 sc0 ls109 ws95">At<span class="blank"> </span>i<span class="blank"> </span>st</div><div class="t m192 x93 h195 y197 ff8 fs193 fc0 sc0 ls10a ws96">traerlo</div><div class="t m193 x18 h196 y198 ff8 fs194 fc0 sc0 lsb">a</div><div class="t m194 x19 h197 y199 ff8 fs195 fc0 sc0 ls10b">E-</div><div class="t m195 xa0 h198 y19a ff8 fs196 fc0 sc0 lsb">o</div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div> <div id="pf5" class="pf w0 h0" data-page-no="5"><div class="pc pc5 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bg5.png"><div class="t m196 x8 h199 y19b ff95 fs197 fc0 sc0 lsb">\u2461</div><div class="t m197 xa8 h19a y19c ff96 fs198 fc0 sc0 ls10f ws97">Presupues<span class="blank _0"></span>to</div><div class="t m198 xa9 h19b y19d ff8 fs199 fc0 sc0 ls110">de</div><div class="t m199 x29 h19c y19e ff97 fs19a fc0 sc0 ls10c ws98">capital</div><div class="t m19a x10 h19d y19f ff8 fs19b fc0 sc0 lsb">\u2022</div><div class="t m19b xaa h19e y1a0 ff98 fs19c fc0 sc0 ls111 ws99">Evaluación</div><div class="t m19c x3 h19f y1a1 ff99 fs19d fc0 sc0 lsb">y</div><div class="t m19d x6e h1a0 y1a2 ff9a fs19e fc0 sc0 ls112 ws9a">selección</div><div class="t m19e x32 h1a1 y1a3 ff8 fs19f fc0 sc0 ls113">de</div><div class="t m19f x4 h1a2 y1a4 ff9b fs1a0 fc0 sc0 ls114 ws9b">pr<span class="blank _0"></span>oy<span class="blank _0"></span>ectos</div><div class="t m1a0 x27 h1a3 y1a5 ff9c fs1a1 fc0 sc0 ls115 ws9c">Va<span class="blank"> </span>l<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m1a1 x56 h1a4 y1a6 ff9d fs1a2 fc0 sc0 ls116 ws9d">pr<span class="blank _0"></span>esente</div><div class="t m1a2 x6 h1a5 y1a7 ff9e fs1a3 fc0 sc0 ls117 ws9e">neto</div><div class="t m1a3 x3f h1a6 y1a8 ff9f fs1a4 fc0 sc0 ls118 ws9f">LV<span class="blank"> </span>P<span class="blank"> </span>N</div><div class="t m1a4 x25 h1a7 y1a9 ff8 fs1a5 fc0 sc0 lsb">o</div><div class="t m1a5 xab h1a8 y1aa ffa0 fs1a6 fc0 sc0 ls119">NPV</div><div class="t m1a6 xac h1a9 y1ab ffa1 fs1a7 fc0 sc0 lsb">)</div><div class="t m1a7 x10 h1aa y1ac ff2a fs1a8 fc0 sc0 lsb">\u2192</div><div class="t m1a8 x11 h1ab y1ad ffa2 fs1a9 fc0 sc0 ls11a">En</div><div class="t m1a9 x30 h1ac y1ae ffa3 fs1aa fc0 sc0 ls11b wsa0">tér<span class="blank"> </span>mi<span class="blank"> </span>no<span class="blank"> </span>s</div><div class="t m1aa xc h1ad y1af ffa4 fs1ab fc0 sc0 ls11c">de</div><div class="t m1ab x3e h1ae y1b0 ffa5 fs1ac fc0 sc0 ls11d wsa1">hoy</div><div class="t m1ac x4a h1af y1b1 ff8 fs1ad fc0 sc0 lsb">,</div><div class="t m1ad xd h1b0 y1b2 ff8 fs1ae fc0 sc0 ls11e wsa2">cuanto</div><div class="t m1ae x74 h1b1 y1b3 ff8 fs1af fc0 sc0 ls11f wsa3">val<span class="blank"> </span>e</div><div class="t m1af x52 h1b2 y1b4 ff8 fs1b0 fc0 sc0 ls120">el</div><div class="t m1b0 xad h1b3 y1b5 ffa6 fs1b1 fc0 sc0 ls121 wsa4">pr<span class="blank _0"></span>oy<span class="blank _0"></span>ecto</div><div class="t m1b1 xa6 h1b4 y1b6 ff8 fs1b2 fc0 sc0 lsb">.</div><div class="t m1b2 x10 h1b5 y1b7 ffa7 fs1b3 fc0 sc0 lsb">*</div><div class="t m1b3 x21 h1b6 y1b8 ffa8 fs1b4 fc0 sc0 ls122 wsa5">Cuando</div><div class="t m1b4 xa9 h1b7 y1b9 ffa9 fs1b5 fc0 sc0 ls123 wsa6">pago</div><div class="t m1b5 x69 h1b8 y1ba ff8 fs1b6 fc0 sc0 lsb">:</div><div class="t m1b6 x3e h1b9 y1bb ffaa fs1b7 fc0 sc0 ls10d wsa7">flujo</div><div class="t m1b7 x76 h1ba y1bc ffab fs1b8 fc0 sc0 ls124 wsa8">negativ<span class="blank _0"></span>o</div><div class="t m1b8 x27 h1bb y1bd ff8 fs1b9 fc0 sc0 lsb">*</div><div class="t m1b9 xaa h1bc y1be ff8 fs1ba fc0 sc0 ls125 wsa9">Cuando</div><div class="t m1ba x13 h1bd y1bf ff8 fs1bb fc0 sc0 ls126 wsaa">rec<span class="blank"> </span>i<span class="blank"> </span>b<span class="blank"> </span>o</div><div class="t m1bb x47 h1be y1c0 ff8 fs1bc fc0 sc0 lsb">:</div><div class="t m1bc x31 h1bf y1c1 ffac fs1bd fc0 sc0 ls127">flujo</div><div class="t m1bd x34 h1c0 y1c2 ffad fs1be fc0 sc0 ls128 wsab">positiv<span class="blank _0"></span>o</div><div class="t m1be x1 h1c1 y1c3 ff8 fs1bf fc0 sc0 ls129">00</div><div class="t m1bf x61 h1c2 y1c4 ffae fs1c0 fc0 sc0 ls12a">VPN</div><div class="t m1c0 x45 h1c3 y1c5 ff8 fs1c1 fc0 sc0 lsb">=</div><div class="t m1c1 xae h1c4 y1c6 ff1 fs1c2 fc0 sc0 lsb">[</div><div class="t m1c2 x69 h1c5 y1c7 ff8 fs1c3 fc0 sc0 ls12b">Ct</div><div class="t m1c3 x1d h1c6 y1c8 ff2a fs1c4 fc0 sc0 lsb">\u2192</div><div class="t m1c4 x64 h1c7 y1c9 ff8 fs1c5 fc0 sc0 ls12c">sumo</div><div class="t m1c5 x83 h1c8 y1ca ff8 fs1c6 fc0 sc0 ls12d">los</div><div class="t m1c6 x7f h1c9 y1cb ffaf fs1c7 fc0 sc0 ls12e wsac">flujos</div><div class="t m1c7 x5a h1ca y1cc ff8 fs1c8 fc0 sc0 ls12f wsad">descontados</div><div class="t m1c8 x2d h1cb y1cd ffb0 fs1c9 fc0 sc0 lsb">(</div><div class="t m1c9 x48 h1cc y1ce ffb1 fs1ca fc0 sc0 ls130 wsae">At<span class="blank"> </span>i<span class="blank"> </span>t<span class="blank"> </span>t</div><div class="t m1ca x79 h1cd y1cf ff8 fs1cb fc0 sc0 ls131">de</div><div class="t m1cb x82 h1ce y1d0 ff8 fs1cc fc0 sc0 ls132">la</div><div class="t m1cc x7a h1cf y1d1 ffb2 fs1cd fc0 sc0 ls133 wsaf">tasa</div><div class="t m1cd x6c h1d0 y1d2 ff8 fs1ce fc0 sc0 ls134">de</div><div class="t m1ce x92 h1d1 y1d3 ff8 fs1cf fc0 sc0 ls135 wsb0">interés</div><div class="t m1cf x95 h1d2 y1d4 ff8 fs1d0 fc0 sc0 lsb">.</div><div class="t m1d0 x46 h1d3 y1d5 ff8 fs1d1 fc0 sc0 ls136">E-</div><div class="t m1d1 x14 h1d4 y1d6 ff8 fs1d2 fc0 sc0 lsb">O</div><div class="t m1d2 xaf h1d5 y1d7 ff8 fs1d3 fc0 sc0 lsb">*</div><div class="t m1d3 x72 h1d6 y1d8 ffb3 fs1d4 fc0 sc0 ls137 wsb1">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m1d4 xb0 h1d7 y1d9 ff8 fs1d5 fc0 sc0 ls138">de</div><div class="t m1d5 xb1 h1d8 y1da ff8 fs1d6 fc0 sc0 ls139 wsb2">descuento</div><div class="t m1d6 xb2 h1d9 y1db ffb4 fs1d7 fc0 sc0 ls13a">VPN</div><div class="t m1d7 x45 h1da y1dc ff8 fs1d8 fc0 sc0 lsb">></div><div class="t m1d8 xb3 h1db y1dd ff8 fs1d9 fc0 sc0 ls13b">Os</div><div class="t m1d9 x69 h1dc y1de ffb5 fs1da fc0 sc0 ls13c wsb3">val<span class="blank"> </span>e</div><div class="t m1da x38 h1dd y1df ffb6 fs1db fc0 sc0 ls13d">la</div><div class="t m1db xb4 h1de y1e0 ff8 fs1dc fc0 sc0 ls13e">pena</div><div class="t m1dc x4f h1df y1e1 ff8 fs1dd fc0 sc0 ls13f wsb4">inv<span class="blank _0"></span>er<span class="blank"> </span>tir</div><div class="t m1dd xa6 h1e0 y1e2 ff8 fs1de fc0 sc0 lsb">"</div><div class="t m1de xb2 h1e1 y1e3 ffb7 fs1df fc0 sc0 ls140 wsb5">VPN</div><div class="t m1df x8f h1e2 y1e4 ff8 fs1e0 fc0 sc0 lsb">=</div><div class="t m1e0 xa9 h1e3 y1e5 ff8 fs1e1 fc0 sc0 lsb">O</div><div class="t m1e1 x3 h1e4 y1e6 ff2a fs1e2 fc0 sc0 lsb">\u2192</div><div class="t m1e2 x6e h1e5 y1e7 ff8 fs1e3 fc0 sc0 ls141 wsb6">Indifer<span class="blank _0"></span>ente</div><div class="t m1e3 xb5 h1e6 y1e8 ff8 fs1e4 fc0 sc0 lsb">a</div><div class="t m1e4 xb6 h1e7 y1e9 ff8 fs1e5 fc0 sc0 ls142">la</div><div class="t m1e5 xb7 h1e8 y1ea ff8 fs1e6 fc0 sc0 ls143 wsb7">inv<span class="blank _0"></span>ersión</div><div class="t m1e6 x72 h1e9 y1eb ff8 fs1e7 fc0 sc0 ls144 wsb8">costo</div><div class="t m1e7 xb8 h1ea y1ec ff8 fs1e8 fc0 sc0 ls145">de</div><div class="t m1e8 xb9 h1eb y1ed ffb8 fs1e9 fc0 sc0 ls146 wsb9">capital</div><div class="t m1e9 xb2 h1ec y1ee ffb9 fs1ea fc0 sc0 ls147">VPN</div><div class="t m1ea x36 h1ed y1ef ff8 fs1eb fc0 sc0 lsb"><</div><div class="t m1eb x13 h1ee y1f0 ff8 fs1ec fc0 sc0 ls148">01</div><div class="t m1ec x29 h1ef y1f1 ff8 fs1ed fc0 sc0 ls149">No</div><div class="t m1ed xba h1f0 y1f2 ff8 fs1ee fc0 sc0 ls14a wsba">val<span class="blank"> </span>e</div><div class="t m1ee x4a h1f1 y1f3 ff8 fs1ef fc0 sc0 ls14b">la</div><div class="t m1ef x1c h1f2 y1f4 ff8 fs1f0 fc0 sc0 ls14c">pena</div><div class="t m1f0 x64 h1f3 y1f5 ff8 fs1f1 fc0 sc0 ls14d wsbb">Inv<span class="blank _0"></span>er<span class="blank"> </span>tir</div><div class="t m1f1 x27 h1f4 y1f6 ffba fs1f2 fc0 sc0 ls14e wsbc">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m1f2 x56 h1f5 y1f7 ffbb fs1f3 fc0 sc0 ls14f wsbd">interna</div><div class="t m1f3 x6 h1f6 y1f8 ff8 fs1f4 fc0 sc0 ls150">de</div><div class="t m1f4 x49 h1f7 y1f9 ffbc fs1f5 fc0 sc0 ls151 wsbe">reto<span class="blank"> </span>r<span class="blank _1"> </span>n<span class="blank"> </span>o</div><div class="t m1f5 x4f h1f8 y1fa ffbd fs1f6 fc0 sc0 ls152 wsbf">LT<span class="blank"> </span>I<span class="blank"> </span>R</div><div class="t m1f6 x6a h1f9 y1fb ffbe fs1f7 fc0 sc0 lsb">)</div><div class="t m1f7 x27 h1fa y1fc ffbf fs1f8 fc0 sc0 lsb">\u2192</div><div class="t m1f8 x21 h1fb y1fd ff8 fs1f9 fc0 sc0 ls153">Es</div><div class="t m1f9 x44 h1fc y1fe ffc0 fs1fa fc0 sc0 ls154 wsc0">específica</div><div class="t m1fa x6e h1fd y1ff ff8 fs1fb fc0 sc0 ls155">del</div><div class="t m1fb x4b h1fe y200 ffc1 fs1fc fc0 sc0 ls156 wsc1">pro<span class="blank _0"></span>yecto</div><div class="t m1fc x78 h1ff y201 ff2a fs1fd fc0 sc0 lsb">\u2192</div><div class="t m1fd x21 h200 y202 ffc2 fs1fe fc0 sc0 ls157 wsc2">Sólo</div><div class="t m1fe x12 h201 y203 ffc3 fs1ff fc0 sc0 ls158">depende</div><div class="t m1ff xc h202 y204 ff8 fs200 fc0 sc0 ls159">de</div><div class="t m200 x3e h203 y205 ffc4 fs201 fc0 sc0 ls15a wsc3">los</div><div class="t m201 x33 h204 y206 ffc5 fs202 fc0 sc0 ls15b wsc4">flujos</div><div class="t m202 xb6 h205 y207 ff8 fs203 fc0 sc0 ls15c">de</div><div class="t m203 x64 h206 y208 ff8 fs204 fc0 sc0 ls15d wsc5">efectiv<span class="blank _0"></span>o</div><div class="t m204 xbb h207 y209 ff8 fs205 fc0 sc0 ls15e">del</div><div class="t m205 x72 h208 y20a ffc6 fs206 fc0 sc0 ls15f wsc6">pro<span class="blank _0"></span>yecto</div><div class="t m206 x78 h209 y20b ff2a fs207 fc0 sc0 lsb">\u2192</div><div class="t m207 x11 h20a y20c ff8 fs208 fc0 sc0 ls160 wsc7">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m208 x62 h20b y20d ff8 fs209 fc0 sc0 ls161">con</div><div class="t m209 x1a h20c y20e ffc7 fs20a fc0 sc0 ls162">la</div><div class="t m20a x29 h20d y20f ffc8 fs20b fc0 sc0 ls163">cual</div><div class="t m20b x49 h20e y210 ff8 fs20c fc0 sc0 ls164">el</div><div class="t m20c x4a h20f y211 ffc9 fs20d fc0 sc0 ls165">VPN</div><div class="t m20d x9b h210 y212 ff8 fs20e fc0 sc0 ls166">del</div><div class="t m20e xb7 h211 y213 ffca fs20f fc0 sc0 ls167 wsc8">periodo</div><div class="t m20f x41 h212 y214 ff8 fs210 fc0 sc0 lsb">O</div><div class="t m210 xf h213 y215 ff8 fs211 fc0 sc0 ls168">sea</div><div class="t m211 x5f h214 y216 ff8 fs212 fc0 sc0 lsb">0</div><div class="t m212 x27 h215 y217 ff2a fs213 fc0 sc0 lsb">\u2192</div><div class="t m213 x57 h216 y218 ffcb fs214 fc0 sc0 ls169">La</div><div class="t m214 xbc h217 y219 ffcc fs215 fc0 sc0 ls16a wsc9">comparo</div><div class="t m215 x14 h218 y21a ff8 fs216 fc0 sc0 ls16b">con</div><div class="t m216 x7d h219 y21b ff8 fs217 fc0 sc0 ls16c">la</div><div class="t m217 x4a h21a y21c ffcd fs218 fc0 sc0 ls16d wsca">tasa</div><div class="t m218 xbd h21b y21d ff8 fs219 fc0 sc0 ls16e">de</div><div class="t m219 x73 h21c y21e ff8 fs21a fc0 sc0 ls16f wscb">descuento</div><div class="t m21a x93 h21d y21f ffce fs21b fc0 sc0 ls170 wscc">para</div><div class="t m21b x89 h21e y220 ff8 fs21c fc0 sc0 ls171 wscd">ver</div><div class="t m21c x8c h21f y221 ff8 fs21d fc0 sc0 ls172">si</div><div class="t m21d x20 h220 y222 ff8 fs21e fc0 sc0 ls173">es</div><div class="t m21e xa4 h221 y223 ff8 fs21f fc0 sc0 ls174">viable</div><div class="t m21f x6f h222 y224 ffcf fs220 fc0 sc0 lsb">\u2460</div><div class="t m220 x21 h223 y225 ffd0 fs221 fc0 sc0 ls175">En</div><div class="t m221 x44 h224 y226 ffd1 fs222 fc0 sc0 ls176 wsce">pr<span class="blank _0"></span>oy<span class="blank _0"></span>ecto</div><div class="t m222 x96 h225 y227 ffd2 fs223 fc0 sc0 ls177">de</div><div class="t m223 x66 h226 y228 ffd3 fs224 fc0 sc0 ls178 wscf">Inv<span class="blank _0"></span>ersión</div><div class="t m224 xbd h227 y229 ffd4 fs225 fc0 sc0 lsb">(</div><div class="t m225 x2f h228 y22a ff8 fs226 fc0 sc0 ls179">Coco</div><div class="t m226 x40 h229 y22b ff8 fs227 fc0 sc0 lsb">y</div><div class="t m227 x75 h22a y22c ff8 fs228 fc0 sc0 ls17a">Ct</div><div class="t m228 x7e h22b y22d ff8 fs229 fc0 sc0 ls17b">so</div><div class="t m229 x71 h22c y22e ff8 fs22a fc0 sc0 ls10e wsd0">para</div><div class="t m22a x72 h22d y22f ff8 fs22b fc0 sc0 ls17c wsd1">todo</div><div class="t m22b x17 h22e y230 ff8 fs22c fc0 sc0 ls17d">tb</div><div class="t m22c x5a h22f y231 ff8 fs22d fc0 sc0 lsb">1</div><div class="t m22d x18 h230 y232 ff8 fs22e fc0 sc0 ls17e">con</div><div class="t m22e x8c h231 y233 ff8 fs22f fc0 sc0 ls17f">mínimo</div><div class="t m22f xbe h232 y234 ff8 fs230 fc0 sc0 ls180">un</div><div class="t m230 xbf h233 y235 ff8 fs231 fc0 sc0 ls181 wsd2">Ctso</div><div class="t m231 xc0 h234 y236 ffd5 fs232 fc0 sc0 lsb">)</div><div class="t m232 x7a h235 y237 ff8 fs233 fc0 sc0 ls182">VPN</div><div class="t m233 xc1 h236 y238 ffd6 fs234 fc0 sc0 ls183">TIR</div><div class="t m234 x8f h237 y239 ff8 fs235 fc0 sc0 lsb">></div><div class="t m235 xb h238 y23a ffd7 fs236 fc0 sc0 ls184 wsd3">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m236 x69 h239 y23b ffd8 fs237 fc0 sc0 ls185 wsd4">descuento</div><div class="t m237 x1c h23a y23c ff2a fs238 fc0 sc0 lsb">\u2192</div><div class="t m238 x39 h23b y23d ffd9 fs239 fc0 sc0 ls186">SI</div><div class="t m239 xc2 h23c y23e ff8 fs23a fc0 sc0 ls187 wsd5">acepto</div><div class="t m23a x61 h23d y23f ff8 fs23b fc0 sc0 ls188 wsd6">TIRL</div><div class="t m23b xb h23e y240 ffda fs23c fc0 sc0 ls189 wsd7">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m23c x69 h23f y241 ff8 fs23d fc0 sc0 ls18a wsd8">descuento</div><div class="t m23d xc3 h240 y242 ff2a fs23e fc0 sc0 lsb">\u2192</div><div class="t m23e xbd h241 y243 ffdb fs23f fc0 sc0 ls18b">NO</div><div class="t m23f xc2 h242 y244 ffdc fs240 fc0 sc0 ls18c wsd9">acepto</div><div class="t m240 x7f h243 y245 ffdd fs241 fc0 sc0 lsb">\udb8b\udc1b</div><div class="t m241 x53 h244 y246 ff8 fs242 fc0 sc0 ls18d wsda">acepto</div><div class="t m242 x18 h245 y247 ff8 fs243 fc0 sc0 lsb">1</div><div class="t m243 xc4 h246 y248 ff8 fs244 fc0 sc0 lsb">(</div><div class="t m244 xc5 h247 y249 ff8 fs245 fc0 sc0 ls18e">TIR</div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div> <div id="pf6" class="pf w0 h0" data-page-no="6"><div class="pc pc6 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bg6.png"><div class="t m245 x78 h248 y24a ffde fs246 fc0 sc0 lsb">\u2461</div><div class="t m246 xc6 h249 y24b ffdf fs247 fc0 sc0 ls190">En</div><div class="t m247 x12 h24a y24c ffe0 fs248 fc0 sc0 ls191 wsdb">pr<span class="blank _0"></span>oy<span class="blank _0"></span>ecto</div><div class="t m248 x6e h24b y24d ff8 fs249 fc0 sc0 ls192">de</div><div class="t m249 x49 h24c y24e ffe1 fs24a fc0 sc0 ls193 wsdc">financiamiento</div><div class="t m24a x88 h24d y24f ffe2 fs24b fc0 sc0 ls194 wsdd">lloro</div><div class="t m24b x6b h24e y250 ff8 fs24c fc0 sc0 lsb">y</div><div class="t m24c xf h24f y251 ff8 fs24d fc0 sc0 ls195 wsde">Cte</div><div class="t m24d x91 h250 y252 ff8 fs24e fc0 sc0 lsb">O</div><div class="t m24e x17 h251 y253 ff8 fs24f fc0 sc0 ls196 wsdf">para</div><div class="t m24f x18 h252 y254 ff8 fs250 fc0 sc0 ls197">tu</div><div class="t m250 x95 h253 y255 ff8 fs251 fc0 sc0 ls198">con</div><div class="t m251 xbe h254 y256 ff8 fs252 fc0 sc0 ls199">minino</div><div class="t m252 xc7 h255 y257 ff8 fs253 fc0 sc0 lsb">1</div><div class="t m253 xc8 h256 y258 ff8 fs254 fc0 sc0 ls19a wse0">ctao</div><div class="t m254 xc9 h257 y259 ffe3 fs255 fc0 sc0 lsb">)</div><div class="t m233 x61 h236 y25a ffd6 fs234 fc0 sc0 ls183">TIR</div><div class="t m234 x36 h237 y25b ff8 fs235 fc0 sc0 lsb">></div><div class="t m235 x1a h238 y25c ffd7 fs236 fc0 sc0 ls184 wsd3">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m255 x6e h239 y25d ffd8 fs237 fc0 sc0 ls185 wsd4">descuento</div><div class="t m256 xc3 h23a y25e ff2a fs238 fc0 sc0 lsb">\u2192</div><div class="t m257 x85 h258 y25f ffe4 fs256 fc0 sc0 ls19b">No</div><div class="t m239 xb7 h259 y260 ff8 fs257 fc0 sc0 ls187 wsd5">acepto</div><div class="t m23a xb2 h23d y261 ff8 fs23b fc0 sc0 ls188 wsd6">TIRL</div><div class="t m23b x1a h23e y262 ffda fs23c fc0 sc0 ls189 wsd7">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m23c x6e h23f y263 ff8 fs23d fc0 sc0 ls18a wsd8">descuento</div><div class="t m23d x34 h240 y264 ff2a fs23e fc0 sc0 lsb">\u2192</div><div class="t m258 x9b h25a y265 ffe5 fs258 fc0 sc0 ls19c">SI</div><div class="t m23f xb7 h242 y266 ffdc fs240 fc0 sc0 ls18c wsd9">acepto</div><div class="t m259 x91 h25b y267 ff8 fs259 fc0 sc0 ls19d wse1">rechazo</div><div class="t m25a xca h25c y268 ff8 fs25a fc0 sc0 ls19e wse2">acepto</div><div class="t m25b xcb h25d y269 ff8 fs25b fc0 sc0 lsb">F</div><div class="t m25c xcc h25e y26a ff8 fs25c fc0 sc0 ls19f">TIR</div><div class="t m25d x6c h25f y26b ffe6 fs25d fc0 sc0 ls1a0 wse3">IMPORT<span class="blank _3"></span>ANTE</div><div class="t m25e x72 h260 y26c ff8 fs25e fc0 sc0 ls1a1">No</div><div class="t m25f xcd h261 y26d ff8 fs25f fc0 sc0 ls1a2 wse4">sirve</div><div class="t m260 x43 h262 y26e ffe7 fs260 fc0 sc0 ls1a3">la</div><div class="t m261 x9c h263 y26f ff8 fs261 fc0 sc0 ls1a4">TIR</div><div class="t m262 x72 h264 y270 ff8 fs262 fc0 sc0 ls1a5 wse5">cuando</div><div class="t m263 x60 h265 y271 ffe8 fs263 fc0 sc0 ls1a6 wse6">ten<span class="blank _1"> </span>go</div><div class="t m264 x72 h266 y272 ffe9 fs264 fc0 sc0 ls1a7 wse7">flujos</div><div class="t m265 x89 h267 y273 ffea fs265 fc0 sc0 ls1a8 wse8">positivos</div><div class="t m266 xa1 h268 y274 ff8 fs266 fc0 sc0 lsb">y</div><div class="t m267 x93 h269 y275 ffeb fs267 fc0 sc0 ls1a9 wse9">negativ<span class="blank _0"></span>os</div><div class="t m268 x7c h26a y276 ff8 fs268 fc0 sc0 lsb">a</div><div class="t m269 x8d h26b y277 ff8 fs269 fc0 sc0 ls1aa">lo</div><div class="t m26a x20 h26c y278 ffec fs26a fc0 sc0 ls1ab wsea">lar<span class="blank _0"></span>go</div><div class="t m26b x93 h26d y279 ff8 fs26b fc0 sc0 ls1ac">del</div><div class="t m26c x86 h26e y27a ffed fs26c fc0 sc0 ls1ad wseb">periodo</div><div class="t m26d x8 h26f y27b ff8f fs26d fc0 sc0 lsb">\u2462</div><div class="t m26e xa8 h270 y27c ffee fs26e fc0 sc0 ls1ae wsec">Bonos</div><div class="t m26f x10 h271 y27d ff8 fs26f fc0 sc0 lsb">\u2022</div><div class="t m270 x57 h272 y27e ffef fs270 fc0 sc0 ls1af wsed">Instrumento</div><div class="t m271 x29 h273 y27f ff8 fs271 fc0 sc0 ls1b0">de</div><div class="t m272 x3e h274 y280 ff8 fs272 fc0 sc0 ls1b1">deuda</div><div class="t m273 x1c h275 y281 ff8 fs273 fc0 sc0 lsb">a</div><div class="t m274 x39 h276 y282 fff0 fs274 fc0 sc0 ls18f wsee">lar<span class="blank _0"></span>go</div><div class="t m275 x75 h277 y283 fff1 fs275 fc0 sc0 ls1b2 wsef">plazo</div><div class="t m276 xce h278 y284 fff2 fs276 fc0 sc0 ls1b3 wsf0">Va<span class="blank"> </span>l<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m277 x28 h279 y285 ff8 fs277 fc0 sc0 ls1b4 wsf1">nominal</div><div class="t m278 x69 h27a y286 ff8 fs278 fc0 sc0 lsb">:</div><div class="t m279 x66 h27b y287 fff3 fs279 fc0 sc0 ls1b5 wsf2">Va<span class="blank"> </span>l<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m27a x76 h27c y288 fff4 fs27a fc0 sc0 ls1b6 wsf3">establecido</div><div class="t m27b xcf h27d y289 fff5 fs27b fc0 sc0 ls1b7">del</div><div class="t m27c x16 h27e y28a ff8 fs27c fc0 sc0 ls1b8 wsf4">bono</div><div class="t m27d xce h27f y28b fff6 fs27d fc0 sc0 ls1b9 wsf5">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m27e xc1 h280 y28c ff8 fs27e fc0 sc0 ls1ba">de</div><div class="t m27f x36 h281 y28d ff8 fs27f fc0 sc0 ls1bb wsf6">cupón</div><div class="t m280 x6 h282 y28e ff8 fs280 fc0 sc0 lsb">o</div><div class="t m281 x2d h283 y28f ff8 fs281 fc0 sc0 ls1bc wsf7">interés</div><div class="t m282 xd0 h284 y290 ff8 fs282 fc0 sc0 ls1bd wsf8">nominal</div><div class="t m283 x73 h285 y291 ff8 fs283 fc0 sc0 lsb">:</div><div class="t m284 x74 h286 y292 ff8 fs284 fc0 sc0 ls1be wsf9">Interés</div><div class="t m285 x6b h287 y293 fff7 fs285 fc0 sc0 ls1bf wsfa">que</div><div class="t m286 xd1 h288 y294 fff8 fs286 fc0 sc0 ls1c0">paga</div><div class="t m287 x18 h289 y295 ff8 fs287 fc0 sc0 ls1c1">el</div><div class="t m288 xd2 h28a y296 ff8 fs288 fc0 sc0 ls1c2 wsfb">bono</div><div class="t m289 xd3 h28b y297 ff80 fs289 fc0 sc0 lsb">\u21b3</div><div class="t m28a xbc h28c y298 fff9 fs28a fc0 sc0 ls1c3 wsfc">Pa<span class="blank"> </span>r<span class="blank"> </span>a</div><div class="t m28b x13 h28d y299 ff8 fs28b fc0 sc0 ls1c4 wsfd">sacar</div><div class="t m28c xd4 h28e y29a fffa fs28c fc0 sc0 ls1c5">los</div><div class="t m28d x38 h28f y29b fffb fs28d fc0 sc0 ls1c6">flujos</div><div class="t m28e xce h290 y29c fffc fs28e fc0 sc0 ls1c7 wsfe">Msa</div><div class="t m28f x9a h291 y29d ff8 fs28f fc0 sc0 ls1c8 wsff">ren<span class="blank"> </span>d<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>to</div><div class="t m290 x48 h292 y29e ff8 fs290 fc0 sc0 lsb">:</div><div class="t m291 x31 h293 y29f ff8 fs291 fc0 sc0 ls1c9 ws100">interés</div><div class="t m292 xd5 h294 y2a0 ff8 fs292 fc0 sc0 ls1ca ws101">utilizado</div><div class="t m293 xd6 h295 y2a1 ff8 fs293 fc0 sc0 ls1cb ws102">para</div><div class="t m294 xaf h296 y2a2 ff8 fs294 fc0 sc0 ls1cc ws103">traer</div><div class="t m295 x5e h297 y2a3 ff8 fs295 fc0 sc0 ls1cd">al</div><div class="t m296 x1f h298 y2a4 fffd fs296 fc0 sc0 ls1ce ws104">presente</div><div class="t m297 xd7 h299 y2a5 ff8 fs297 fc0 sc0 lsb">(</div><div class="t m298 xd8 h29a y2a6 ff8 fs298 fc0 sc0 lsb">i</div><div class="t m299 xbf h29b y2a7 fffe fs299 fc0 sc0 lsb">)</div><div class="t m29a xd3 h29c y2a8 ff80 fs29a fc0 sc0 lsb">\u21b3</div><div class="t m29b x9a h29d y2a9 ffff fs29b fc0 sc0 ls1cf ws105">Par<span class="blank"> </span>a</div><div class="t m29c x98 h29e y2aa ff100 fs29c fc0 sc0 ls1d0">el</div><div class="t m29d x29 h29f y2ab ff101 fs29d fc0 sc0 ls1d1 ws106">inter<span class="blank _0"></span>és</div><div class="t m29e xd9 h2a0 y2ac ff102 fs29e fc0 sc0 ls1d2">del</div><div class="t m29f x1c h2a1 y2ad ff103 fs29f fc0 sc0 ls1d3 ws107">denominador</div><div class="t m2a0 xda h2a2 y2ae ff8 fs2a0 fc0 sc0 lsb">.</div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div> <div id="pf7" class="pf w0 h0" data-page-no="7"><div class="pc pc7 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bg7.png"><div class="t m2a1 x11 h2a3 y2af ff104 fs2a1 fc0 sc0 ls1d5">Bonos</div><div class="t m2a2 x2c h2a4 y2b0 ff105 fs2a2 fc0 sc0 ls1d6 ws108">perpetuos</div><div class="t m2a3 xdb h2a5 y2b1 ff8 fs2a3 fc0 sc0 lsb">-</div><div class="t m2a4 x61 h2a6 y2b2 ff106 fs2a4 fc0 sc0 ls1d7">Bonos</div><div class="t m2a5 x3 h2a7 y2b3 ff107 fs2a5 fc0 sc0 ls1d8">que</div><div class="t m2a6 x99 h2a8 y2b4 ff8 fs2a6 fc0 sc0 ls1d4 ws109">nunca</div><div class="t m2a7 x1c h2a9 y2b5 ff8 fs2a7 fc0 sc0 ls1d9 ws10a">ven<span class="blank"> </span>c<span class="blank"> </span>e<span class="blank"> </span>n</div><div class="t m2a8 x74 h2aa y2b6 ff8 fs2a8 fc0 sc0 lsb">.</div><div class="t m2a9 x26 h2ab y2b7 ff8 fs2a9 fc0 sc0 ls1da">Es</div><div class="t m2aa xda h2ac y2b8 ff108 fs2aa fc0 sc0 ls1db">la</div><div class="t m2ab xdc h2ad y2b9 ff109 fs2ab fc0 sc0 ls1dc ws10b">obligación</div><div class="t m2ac xb1 h2ae y2ba ff8 fs2ac fc0 sc0 ls1dd">de</div><div class="t m2ad x11 h2af y2bb ff10a fs2ad fc0 sc0 ls1de ws10c">pagar</div><div class="t m2ae x36 h2b0 y2bc ff8 fs2ae fc0 sc0 ls1df">un</div><div class="t m2af x46 h2b1 y2bd ff8 fs2af fc0 sc0 ls1e0 ws10d">interés</div><div class="t m2b0 x2e h2b2 y2be ff10b fs2b0 fc0 sc0 ls1e1">fijo</div><div class="t m2b1 xc3 h2b3 y2bf ff8 fs2b1 fc0 sc0 lsb">a</div><div class="t m2b2 xb6 h2b4 y2c0 ff10c fs2b2 fc0 sc0 ls1e2 ws10e">perpetuidad</div><div class="t m2b3 xbb h2b5 y2c1 ff8 fs2b3 fc0 sc0 lsb">.</div><div class="t m2b4 xb h2b6 y2c2 ff10d fs2b4 fc0 sc0 ls1e3">VP</div><div class="t m2b5 x29 h2b7 y2c3 ff8 fs2b5 fc0 sc0 lsb">=</div><div class="t m2b6 xdd h2b8 y2c4 ff10e fs2b6 fc0 sc0 ls1e4 ws10f">Pa<span class="blank"> </span>g<span class="blank"> </span>o</div><div class="t m2b7 x84 h2b9 y2c5 ff10f fs2b7 fc0 sc0 ls1e5">fijo</div><div class="t m2b8 x6e h2ba y2c6 ff110 fs2b8 fc0 sc0 ls1e6 ws110">tasa</div><div class="t m2b9 x3f h2bb y2c7 ff8 fs2b9 fc0 sc0 ls1e7 ws111">ren<span class="blank"> </span>d<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>to</div><div class="t m2ba x4f h2bc y2c8 ff8 fs2ba fc0 sc0 lsb">.</div><div class="t m2bb x11 h2bd y2c9 ff8 fs2bb fc0 sc0 ls1e8">Bonos</div><div class="t m2bc x50 h2be y2ca ff8 fs2bc fc0 sc0 ls1e9">con</div><div class="t m2bd x22 h2bf y2cb ff8 fs2bd fc0 sc0 ls1ea ws112">ven<span class="blank"> </span>c<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>t<span class="blank"> </span>o</div><div class="t m2be x34 h2c0 y2cc ff111 fs2be fc0 sc0 ls1eb ws113">limitado</div><div class="t m2bf x11 h2c1 y2cd ff8 fs2bf fc0 sc0 lsb">-</div><div class="t m2c0 xb2 h2c2 y2ce ff112 fs2c0 fc0 sc0 ls1ec ws114">Bonos</div><div class="t m2c1 xb3 h2c3 y2cf ff113 fs2c1 fc0 sc0 ls1ed ws115">que</div><div class="t m2c2 x47 h2c4 y2d0 ff114 fs2c2 fc0 sc0 ls1ee">pagan</div><div class="t m2c3 xb4 h2c5 y2d1 ff8 fs2c3 fc0 sc0 ls1ef ws116">intereses</div><div class="t m2c4 xac h2c6 y2d2 ff8 fs2c4 fc0 sc0 lsb">y</div><div class="t m2c5 x82 h2c7 y2d3 ff8 fs2c5 fc0 sc0 ls1f0">el</div><div class="t m2c6 x52 h2c8 y2d4 ff8 fs2c6 fc0 sc0 ls1f1 ws117">val<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m2c7 xd1 h2c9 y2d5 ff8 fs2c7 fc0 sc0 ls1f2 ws118">nominal</div><div class="t m2c8 xb1 h2ca y2d6 ff8 fs2c8 fc0 sc0 lsb">.</div><div class="t m2c9 x9a h2cb y2d7 ff115 fs2c9 fc0 sc0 ls1f3">VP</div><div class="t m2ca x50 h2cc y2d8 ff8 fs2ca fc0 sc0 lsb">=</div><div class="t m2cb x98 h2cd y2d9 ff116 fs2cb fc0 sc0 ls1f4 ws119">Pa<span class="blank"> </span>g<span class="blank"> </span>o</div><div class="t m2cc x2d h2ce y2da ff117 fs2cc fc0 sc0 ls1f5">fijo</div><div class="t m2cd xd9 h2cf y2db ff8 fs2cd fc0 sc0 lsb">t</div><div class="t m2ce x58 h2d0 y2dc ff8 fs2ce fc0 sc0 lsb">.</div><div class="t m2cf x34 h2d1 y2dd ff8 fs2cf fc0 sc0 lsb">.</div><div class="t m2d0 xd5 h2d2 y2de ff8 fs2d0 fc0 sc0 lsb">.</div><div class="t m2d1 xb5 h2d3 y2df ff8 fs2d1 fc0 sc0 lsb">.</div><div class="t m2d2 xde h2d4 y2e0 ff8 fs2d2 fc0 sc0 lsb">.</div><div class="t m2d3 xdf h2d5 y2e1 ff8 fs2d3 fc0 sc0 lsb">t</div><div class="t m2d4 x73 h2d6 y2e2 ff118 fs2d4 fc0 sc0 ls1f6 ws11a">Pa<span class="blank"> </span>g<span class="blank"> </span>o</div><div class="t m2d5 x15 h2d7 y2e3 ff119 fs2d5 fc0 sc0 ls1f7 ws11b">fijo</div><div class="t m2d6 xaf h2d8 y2e4 ff8 fs2d6 fc0 sc0 lsb">t</div><div class="t m2d7 xe0 h2d9 y2e5 ff8 fs2d7 fc0 sc0 ls1f8 ws11c">Va<span class="blank"> </span>l<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m2d8 x94 h2da y2e6 ff8 fs2d8 fc0 sc0 ls1f9 ws11d">nominal</div><div class="t m2d9 x22 h2db y2e7 ff8 fs2d9 fc0 sc0 lsb">(</div><div class="t m2da x29 h2dc y2e8 ff8 fs2da fc0 sc0 ls1fa ws11e">Ati</div><div class="t m2db x99 h2dd y2e9 ff8 fs2db fc0 sc0 lsb">)</div><div class="t m2dc x7d h2de y2ea ff8 fs2dc fc0 sc0 lsb">'</div><div class="t m2dd x79 h2df y2eb ff8 fs2dd fc0 sc0 lsb">(</div><div class="t m2de xac h2e0 y2ec ff8 fs2de fc0 sc0 lsb">A</div><div class="t m2df x75 h2e1 y2ed ff8 fs2df fc0 sc0 ls1fb">ti</div><div class="t m2e0 xcf h2e2 y2ee ff8 fs2e0 fc0 sc0 lsb">)</div><div class="t m2e1 x70 h2e3 y2ef ff8 fs2e1 fc0 sc0 lsb">"</div><div class="t m2e2 x5e h2e4 y2f0 ff11a fs2e2 fc0 sc0 lsb">(</div><div class="t m2e3 x5f h2e5 y2f1 ff8 fs2e3 fc0 sc0 lsb">A</div><div class="t m2e4 x94 h2e6 y2f2 ff8 fs2e4 fc0 sc0 ls1fc">ti</div><div class="t m2e5 x89 h2e7 y2f3 ff11b fs2e5 fc0 sc0 lsb">)</div><div class="t m2e6 xe1 h2e8 y2f4 ff8 fs2e6 fc0 sc0 lsb">"</div><div class="t m2e7 x21 h2e9 y2f5 ff11c fs2e7 fc0 sc0 ls1fd">Bonos</div><div class="t m2e8 x2c h2ea y2f6 ff8 fs2e8 fc0 sc0 ls1fe">de</div><div class="t m2e9 xe2 h2eb y2f7 ff11d fs2e9 fc0 sc0 ls1ff">cupón</div><div class="t m2ea x2e h2ec y2f8 ff8 fs2ea fc0 sc0 ls200 ws11f">cero</div><div class="t m2eb x57 h2ed y2f9 ff8 fs2eb fc0 sc0 lsb">-</div><div class="t m2ec x44 h2ee y2fa ff11e fs2ec fc0 sc0 ls201">No</div><div class="t m2ed xe3 h2ef y2fb ff11f fs2ed fc0 sc0 ls202">hace</div><div class="t m2ee x96 h2f0 y2fc ff120 fs2ee fc0 sc0 ls203 ws120">pagos</div><div class="t m2ef x38 h2f1 y2fd ff121 fs2ef fc0 sc0 ls204 ws121">periódicos</div><div class="t m2f0 x79 h2f2 y2fe ff122 fs2f0 fc0 sc0 ls205 ws122">pero</div><div class="t m2f1 x7e h2f3 y2ff ff8 fs2f1 fc0 sc0 ls206">se</div><div class="t m2f2 xe4 h2f4 y300 ff8 fs2f2 fc0 sc0 ls207 ws123">ven<span class="blank"> </span>d<span class="blank"> </span>e</div><div class="t m2f3 x86 h2f5 y301 ff8 fs2f3 fc0 sc0 ls208">con</div><div class="t m2f4 xb9 h2f6 y302 ff8 fs2f4 fc0 sc0 ls209 ws124">descuento</div><div class="t m2f5 x57 h2f7 y303 ff123 fs2f5 fc0 sc0 ls20a ws125">sobre</div><div class="t m2f6 x3b h2f8 y304 ff8 fs2f6 fc0 sc0 ls20b">su</div><div class="t m2f7 xb3 h2f9 y305 ff8 fs2f7 fc0 sc0 ls20c ws126">val<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m2f8 x1b h2fa y306 ff8 fs2f8 fc0 sc0 ls20d ws127">nominal</div><div class="t m2f9 x34 h2fb y307 ff8 fs2f9 fc0 sc0 lsb">.</div><div class="t m2fa x25 h2fc y308 ff8 fs2fa fc0 sc0 ls20e ws128">Cuando</div><div class="t m2fb x88 h2fd y309 ff8 fs2fb fc0 sc0 ls20f ws129">ven<span class="blank"> </span>c<span class="blank"> </span>e</div><div class="t m2fc xaf h2fe y30a ff8 fs2fc fc0 sc0 lsb">,</div><div class="t m2fd xf h2ff y30b ff8 fs2fd fc0 sc0 ls210">se</div><div class="t m2fe x53 h300 y30c ff124 fs2fe fc0 sc0 ls211 ws12a">paga</div><div class="t m2ff x43 h301 y30d ff8 fs2ff fc0 sc0 ls212">el</div><div class="t m300 xd2 h302 y30e ff8 fs300 fc0 sc0 ls213 ws12b">val<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m301 x11 h303 y30f ff8 fs301 fc0 sc0 ls214 ws12c">nominal</div><div class="t m302 xb3 h304 y310 ff8 fs302 fc0 sc0 ls215">con</div><div class="t m303 x6 h305 y311 ff8 fs303 fc0 sc0 ls216">el</div><div class="t m304 x66 h306 y312 ff8 fs304 fc0 sc0 ls217 ws12d">interés</div><div class="t m305 x58 h307 y313 ff8 fs305 fc0 sc0 lsb">.</div><div class="t m306 x3 h308 y314 ff125 fs306 fc0 sc0 ls218">VP</div><div class="t m307 x69 h309 y315 ff8 fs307 fc0 sc0 lsb">=</div><div class="t m308 x7d h30a y316 ff126 fs308 fc0 sc0 ls219 ws12e">Va<span class="blank"> </span>l<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m309 xd5 h30b y317 ff127 fs309 fc0 sc0 ls21a ws12f">nominal</div><div class="t m30a x4a h30c y318 ff128 fs30a fc0 sc0 lsb">(</div><div class="t m30b xd h30d y319 ff8 fs30b fc0 sc0 lsb">1</div><div class="t m30c x34 h30e y31a ff8 fs30c fc0 sc0 ls21b">ti</div><div class="t m30d x85 h30f y31b ff129 fs30d fc0 sc0 lsb">)</div><div class="t m30e x1d h310 y31c ff8 fs30e fc0 sc0 lsb">n</div><div class="t m2ea xe5 h311 y31d ff12a fs30f fc0 sc0 ls21c">Si</div><div class="t m30f x21 h312 y31e ff12b fs310 fc0 sc0 ls21d ws130">ren<span class="blank"> </span>d<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>t<span class="blank"> </span>o</div><div class="t m310 x96 h313 y31f ff8 fs311 fc0 sc0 lsb">></div><div class="t m311 x69 h314 y320 ff8 fs312 fc0 sc0 ls21e ws131">tasa</div><div class="t m312 x67 h315 y321 ff8 fs313 fc0 sc0 ls21f ws132">nominal</div><div class="t m313 xdf h316 y322 ff2a fs314 fc0 sc0 lsb">\u2192</div><div class="t m314 x74 h317 y323 ff12c fs315 fc0 sc0 ls220 ws133">Va<span class="blank"> </span>l<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m315 x52 h318 y324 ff12d fs316 fc0 sc0 ls221 ws134">del</div><div class="t m316 xe0 h319 y325 ff8 fs317 fc0 sc0 ls222 ws135">bono</div><div class="t m317 xb0 h31a y326 ff8 fs318 fc0 sc0 lsb">a</div><div class="t m318 x60 h31b y327 ff12e fs319 fc0 sc0 ls223 ws136">val<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m319 xa0 h31c y328 ff12f fs31a fc0 sc0 ls224">nominal</div><div class="t m31a xbc h31d y329 ff8 fs31b fc0 sc0 ls225 ws137">porque</div><div class="t m31b x98 h31e y32a ff8 fs31c fc0 sc0 ls226">los</div><div class="t m31c x29 h31f y32b ff130 fs31d fc0 sc0 ls227 ws138">mantos</div><div class="t m31d x38 h320 y32c ff131 fs31e fc0 sc0 ls228 ws139">pagados</div><div class="t m31e x1d h321 y32d ff8 fs31f fc0 sc0 ls229">en</div><div class="t m31f xc2 h322 y32e ff8 fs320 fc0 sc0 ls22a ws13a">interés</div><div class="t m320 xda h323 y32f ff8 fs321 fc0 sc0 ls22b">no</div><div class="t m321 x90 h324 y330 ff132 fs322 fc0 sc0 ls22c">compensan</div><div class="t m322 x18 h325 y331 ff8 fs323 fc0 sc0 ls22d">mi</div><div class="t m323 x56 h326 y332 ff1 fs324 fc0 sc0 ls22e ws13b">re<span class="blank"> </span>n<span class="blank"> </span>d<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>t<span class="blank _1"> </span>o</div><div class="t m324 xae h327 y333 ff133 fs325 fc0 sc0 ls22f ws13c">exi<span class="blank"> </span>g<span class="blank"> </span>i<span class="blank"> </span>d<span class="blank"> </span>a</div><div class="t m325 x23 h328 y334 ff8 fs326 fc0 sc0 lsb">.</div><div class="t m326 x3f h329 y335 ff134 fs327 fc0 sc0 ls230 ws13d">Exijo</div><div class="t m327 x1c h32a y336 ff135 fs328 fc0 sc0 ls231 ws13e">además</div><div class="t m328 x5c h32b y337 ff136 fs329 fc0 sc0 ls232">alguna</div><div class="t m329 x6b h32c y338 ff8 fs32a fc0 sc0 ls233 ws13f">val<span class="blank"> </span>o<span class="blank"> </span>r<span class="blank"> </span>i<span class="blank"> </span>z<span class="blank"> </span>a<span class="blank"> </span>c<span class="blank"> </span>i<span class="blank"> </span>ó<span class="blank"> </span>n</div><div class="t m32a x18 h32d y339 ff8 fs32b fc0 sc0 ls234">del</div><div class="t m32b x95 h32e y33a ff8 fs32c fc0 sc0 ls235 ws140">bono</div><div class="t m32c xd8 h32f y33b ff8 fs32d fc0 sc0 lsb">.</div><div class="t m32d x8 h330 y33c ff137 fs32e fc0 sc0 ls236">Si</div><div class="t m32e x9 h331 y33d ff8 fs32f fc0 sc0 lsb">-</div><div class="t m32f xaa h332 y33e ff138 fs330 fc0 sc0 ls237 ws141">ren<span class="blank"> </span>d<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>to</div><div class="t m330 xe2 h333 y33f ff8 fs331 fc0 sc0 lsb">a</div><div class="t m331 xdd h334 y340 ff139 fs332 fc0 sc0 ls238">tasa</div><div class="t m332 xd9 h335 y341 ff13a fs333 fc0 sc0 ls239">nominal</div><div class="t m333 x4c h336 y342 ff2a fs334 fc0 sc0 lsb">\u2192</div><div class="t m334 x5c h337 y343 ff8 fs335 fc0 sc0 ls23a ws142">Va<span class="blank"> </span>l<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m335 xda h338 y344 ff13b fs336 fc0 sc0 ls23b">del</div><div class="t m336 xf h339 y345 ff13c fs337 fc0 sc0 ls23c ws143">bono</div><div class="t m337 x86 h33a y346 ff8 fs338 fc0 sc0 lsb">></div><div class="t m338 xe6 h33b y347 ff8 fs339 fc0 sc0 ls23d ws144">val<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m339 xd2 h33c y348 ff8 fs33a fc0 sc0 ls23e ws145">nominal</div><div class="t m33a x28 h33d y349 ff13d fs33b fc0 sc0 ls23f ws146">Interés</div><div class="t m33b x29 h33e y34a ff8 fs33c fc0 sc0 ls240">mas</div><div class="t m33c x31 h33f y34b ff13e fs33d fc0 sc0 ls241">que</div><div class="t m33d xd h340 y34c ff13f fs33e fc0 sc0 ls242 ws147">compensa</div><div class="t m33e x6a h341 y34d ff8 fs33f fc0 sc0 ls243">mi</div><div class="t mab xe7 h342 y34e ff140 fs340 fc0 sc0 ls244 ws148">ren<span class="blank"> </span>d<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>to</div><div class="t m33f xa6 h343 y34f ff141 fs341 fc0 sc0 ls245 ws149">exi<span class="blank"> </span>g<span class="blank"> </span>i<span class="blank"> </span>d<span class="blank"> </span>o</div><div class="t m340 xe8 h344 y350 ff142 fs342 fc0 sc0 ls246 ws14a">Esto<span class="blank _0"></span>y</div><div class="t m341 x3 h345 y351 ff143 fs343 fc0 sc0 ls247 ws14b">dispuesta</div><div class="t m342 xd0 h346 y352 ff8 fs344 fc0 sc0 lsb">a</div><div class="t m343 xb5 h347 y353 ff144 fs345 fc0 sc0 ls248">pagar</div><div class="t m344 x40 h348 y354 ff8 fs346 fc0 sc0 lsb">una</div><div class="t m345 x7a h349 y355 ff145 fs347 fc0 sc0 ls249">prima</div><div class="t m346 xcd h34a y356 ff146 fs348 fc0 sc0 ls24a ws14c">para</div><div class="t m347 xb1 h34b y357 ff147 fs349 fc0 sc0 ls24b">comprar</div><div class="t m348 x62 h34c y358 ff148 fs34a fc0 sc0 ls24c">el</div><div class="t m349 x1a h34d y359 ff8 fs34b fc0 sc0 ls24d">bono</div><div class="t m34a x48 h34e y35a ff8 fs34c fc0 sc0 lsb">l</div><div class="t m34b x7d h34f y35b ff149 fs34d fc0 sc0 ls24e">pago</div><div class="t m34c xb4 h350 y35c ff8 fs34e fc0 sc0 ls24f">más</div><div class="t m34d xab h351 y35d ff14a fs34f fc0 sc0 ls250">que</div><div class="t m34e x6a h352 y35e ff8 fs350 fc0 sc0 ls251">el</div><div class="t m34f x54 h353 y35f ff8 fs351 fc0 sc0 ls252 ws14d">val<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m350 xe0 h354 y360 ff8 fs352 fc0 sc0 ls253 ws14e">nominal</div><div class="t m351 x60 h355 y361 ff14b fs353 fc0 sc0 lsb">)</div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div> <div id="pf8" class="pf w0 h0" data-page-no="8"><div class="pc pc8 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bg8.png"><div class="t m352 x11 h356 y362 ff14c fs354 fc0 sc0 ls258 ws14f">Capitalización</div><div class="t m353 x3e h357 y363 ff14d fs355 fc0 sc0 ls259 ws150">semestral</div><div class="t m354 xe9 h358 y364 ff14e fs356 fc0 sc0 ls25a">del</div><div class="t m355 x5c h359 y365 ff14f fs357 fc0 sc0 ls25b ws151">interés</div><div class="t m356 xc6 h35a y366 ff8 fs358 fc0 sc0 lsb">-</div><div class="t m357 x30 h35b y367 ff150 fs359 fc0 sc0 ls25c ws152">Cuando</div><div class="t m358 x6e h35c y368 ff8 fs35a fc0 sc0 ls25d">me</div><div class="t m2c8 x4b h35d y369 ff8 fs35b fc0 sc0 ls25e ws153">dan</div><div class="t m359 x1c h35e y36a ff151 fs35c fc0 sc0 ls25f ws154">tasas</div><div class="t m35a x79 h35f y36b ff8 fs35d fc0 sc0 ls260 ws155">anuales</div><div class="t m35b x72 h360 y36c ff8 fs35e fc0 sc0 lsb">y</div><div class="t m35c xd1 h361 y36d ff8 fs35f fc0 sc0 ls261">los</div><div class="t m35d xe6 h362 y36e ff152 fs360 fc0 sc0 ls262 ws156">bonos</div><div class="t m35e x21 h363 y36f ff8 fs361 fc0 sc0 ls263">se</div><div class="t m35f x30 h364 y370 ff153 fs362 fc0 sc0 ls264 ws157">capitalizan</div><div class="t m360 x3e h365 y371 ff154 fs363 fc0 sc0 ls265 ws158">semestralmente</div><div class="t m361 x11 h366 y372 ff155 fs364 fc0 sc0 lsb">\u2460</div><div class="t m362 x30 h367 y373 ff8 fs365 fc0 sc0 ls266 ws159">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m363 x45 h368 y374 ff156 fs366 fc0 sc0 ls267 ws15a">cupón</div><div class="t m364 x2d h369 y375 ff8 fs367 fc0 sc0 lsb">÷</div><div class="t m365 x7d h36a y376 ff8 fs368 fc0 sc0 lsb">2</div><div class="t m366 x67 h36b y377 ff8 fs369 fc0 sc0 lsb">=</div><div class="t m367 xd h36c y378 ff8 fs36a fc0 sc0 ls268 ws15b">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m368 x4f h36d y379 ff157 fs36b fc0 sc0 ls269 ws15c">cupón</div><div class="t m369 xea h36e y37a ff8 fs36c fc0 sc0 ls26a ws15d">semestral</div><div class="t m36a x21 h36f y37b ff158 fs36d fc0 sc0 lsb">\u2461</div><div class="t m36b x44 h370 y37c ff8 fs36e fc0 sc0 ls26b ws15e">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m36c x2c h371 y37d ff8 fs36f fc0 sc0 ls26c ws15f">ren<span class="blank"> </span>d<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>to</div><div class="t m36d x3f h372 y37e ff8 fs370 fc0 sc0 lsb">÷</div><div class="t m36e x84 h373 y37f ff8 fs371 fc0 sc0 lsb">2</div><div class="t m36f x58 h374 y380 ff8 fs372 fc0 sc0 lsb">=</div><div class="t m370 x25 h375 y381 ff159 fs373 fc0 sc0 ls26d ws160">Ta<span class="blank"> </span>s<span class="blank"> </span>a</div><div class="t m371 xeb h376 y382 ff8 fs374 fc0 sc0 ls26e ws161">rend<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>t<span class="blank"> </span>o</div><div class="t m372 xd1 h377 y383 ff8 fs375 fc0 sc0 ls26f ws162">semestral</div><div class="t m373 xe5 h378 y384 ff15a fs376 fc0 sc0 lsb">\u2463</div><div class="t m374 x2a h379 y385 ff15b fs377 fc0 sc0 ls270 ws163">Ac<span class="blank"> </span>c<span class="blank"> </span>i<span class="blank"> </span>o<span class="blank"> </span>n<span class="blank"> </span>e<span class="blank"> </span>s</div><div class="t m375 x98 h37a y386 ff15c fs378 fc0 sc0 ls271 ws164">ordinarias</div><div class="t m376 x34 h37b y387 ff15d fs379 fc0 sc0 lsb">y</div><div class="t m377 x9b h37c y388 ff15e fs37a fc0 sc0 ls272 ws165">pr<span class="blank _0"></span>ef<span class="blank _0"></span>erenciales</div><div class="t m378 xad h37d y389 ff8 fs37b fc0 sc0 lsb">.</div><div class="t m379 x21 h37e y38a ff15f fs37c fc0 sc0 ls273 ws166">Acc<span class="blank"> </span>i<span class="blank"> </span>o<span class="blank"> </span>n<span class="blank"> </span>e<span class="blank _1"> </span>s</div><div class="t m37a x98 h37f y38b ff160 fs37d fc0 sc0 ls274 ws167">pr<span class="blank _0"></span>ef<span class="blank _0"></span>erenciales</div><div class="t m37b x57 h380 y38c ff8 fs37e fc0 sc0 lsb">-</div><div class="t m37c xb2 h381 y38d ff161 fs37f fc0 sc0 ls275 ws168">Tien<span class="blank _1"> </span>en</div><div class="t m37d x3c h382 y38e ff162 fs380 fc0 sc0 ls276 ws169">pref<span class="blank _0"></span>er<span class="blank _0"></span>encia</div><div class="t m37e xd h383 y38f ff8 fs381 fc0 sc0 ls277">en</div><div class="t m37f x25 h384 y390 ff8 fs382 fc0 sc0 ls278">el</div><div class="t m380 x4c h385 y391 ff163 fs383 fc0 sc0 ls279 ws16a">pago</div><div class="t m381 x88 h386 y392 ff8 fs384 fc0 sc0 ls27a">de</div><div class="t m382 x71 h387 y393 ff8 fs385 fc0 sc0 ls27b">dividendos</div><div class="t m383 x57 h388 y394 ff8 fs386 fc0 sc0 lsb">-</div><div class="t m384 x61 h389 y395 ff164 fs387 fc0 sc0 ls1d5">No</div><div class="t m385 x3b h38a y396 ff8 fs388 fc0 sc0 ls27c">es</div><div class="t m386 xb3 h38b y397 ff8 fs389 fc0 sc0 lsb">una</div><div class="t m387 x47 h38c y398 ff165 fs38a fc0 sc0 ls27d ws16b">obligación</div><div class="t m388 xb5 h38d y399 ff166 fs38b fc0 sc0 ls27e ws16c">legal</div><div class="t m389 xeb h38e y39a ff167 fs38c fc0 sc0 ls27f ws16d">t.no</div><div class="t m38a x7e h38f y39b ff8 fs38d fc0 sc0 ls280">es</div><div class="t m38b x7a h390 y39c ff168 fs38e fc0 sc0 ls281 ws16e">seguro</div><div class="t m38c x91 h391 y39d ff8 fs38f fc0 sc0 ls282">que</div><div class="t m38d x1f h392 y39e ff8 fs390 fc0 sc0 ls283">se</div><div class="t m38e xb1 h393 y39f ff8 fs391 fc0 sc0 ls284 ws16f">van</div><div class="t m38f x61 h394 y3a0 ff8 fs392 fc0 sc0 lsb">a</div><div class="t m390 x28 h395 y3a1 ff169 fs393 fc0 sc0 ls285">pagar</div><div class="t m391 x96 h396 y3a2 ff16a fs394 fc0 sc0 lsb">)</div><div class="t m392 x11 h397 y3a3 ff8 fs395 fc0 sc0 lsb">-</div><div class="t m393 x61 h398 y3a4 ff16b fs396 fc0 sc0 ls286">Nunca</div><div class="t m394 x37 h399 y3a5 ff8 fs397 fc0 sc0 ls287">se</div><div class="t m395 x69 h39a y3a6 ff16c fs398 fc0 sc0 ls288 ws170">paga</div><div class="t m396 x84 h39b y3a7 ff8 fs399 fc0 sc0 ls289">el</div><div class="t m397 xc3 h39c y3a8 ff8 fs39a fc0 sc0 ls28a ws171">val<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m398 x73 h39d y3a9 ff8 fs39b fc0 sc0 ls28b ws172">nominal</div><div class="t m399 x7a h39e y3aa ff8 fs39c fc0 sc0 lsb">,</div><div class="t m39a x6b h39f y3ab ff8 fs39d fc0 sc0 ls28c">es</div><div class="t m39b x72 h3a0 y3ac ff8 fs39e fc0 sc0 ls28d">una</div><div class="t m39c x86 h3a1 y3ad ff8 fs39f fc0 sc0 ls28e ws173">refere<span class="blank"> </span>n<span class="blank"> </span>c<span class="blank"> </span>i<span class="blank"> </span>a</div><div class="t m39d x61 h3a2 y3ae ff16d fs3a0 fc0 sc0 ls28f ws174">para</div><div class="t m39e x45 h3a3 y3af ff8 fs3a1 fc0 sc0 ls290">los</div><div class="t m39f xe2 h3a4 y3b0 ff8 fs3a2 fc0 sc0 ls291 ws175">dividendos</div><div class="t m3a0 x34 h3a5 y3b1 ff8 fs3a3 fc0 sc0 lsb">.</div><div class="t m3a1 x30 h3a6 y3b2 ff8 fs3a4 fc0 sc0 ls254 ws176">Precio</div><div class="t m3a2 x8f h3a7 y3b3 ff8 fs3a5 fc0 sc0 ls292">acción</div><div class="t m3a3 xe2 h3a8 y3b4 ff8 fs3a6 fc0 sc0 lsb">=</div><div class="t m3a4 x69 h3a9 y3b5 ff16e fs3a7 fc0 sc0 ls293 ws177">porcent<span class="blank _0"></span>aje</div><div class="t m3a5 xec h3aa y3b6 ff8 fs3a8 fc0 sc0 ls294">de</div><div class="t m3a6 xdf h3ab y3b7 ff16f fs3a9 fc0 sc0 ls295">acción</div><div class="t m3a7 xcf h3ac y3b8 ff8 fs3aa fc0 sc0 lsb">x</div><div class="t m3a8 xda h3ad y3b9 ff170 fs3ab fc0 sc0 ls296 ws178">Va<span class="blank"> </span>l<span class="blank"> </span>o<span class="blank"> </span>r</div><div class="t m3a9 x55 h3ae y3ba ff8 fs3ac fc0 sc0 ls297 ws179">nominal</div><div class="t m3aa x4 h3af y3bb ff8 fs3ad fc0 sc0 ls298 ws17a">ren<span class="blank"> </span>d<span class="blank"> </span>i<span class="blank"> </span>m<span class="blank"> </span>i<span class="blank"> </span>e<span class="blank"> </span>n<span class="blank"> </span>to</div><div class="t m3ab x11 h3b0 y3bc ff171 fs3ae fc0 sc0 ls299 ws17b">Acc<span class="blank"> </span>i<span class="blank _1"> </span>o<span class="blank"> </span>n<span class="blank"> </span>e<span class="blank"> </span>s</div><div class="t m3ac xb3 h3b1 y3bd ff8 fs3af fc0 sc0 ls29a ws17c">ordinarias</div><div class="t m3ad x57 h3b2 y3be ff8 fs3b0 fc0 sc0 lsb">-</div><div class="t m3ae x61 h3b3 y3bf ff172 fs3b1 fc0 sc0 ls29b">De</div><div class="t m3af x3b h3b4 y3c0 ff173 fs3b2 fc0 sc0 ls29c">los</div><div class="t m3b0 xb3 h3b5 y3c1 ff174 fs3b3 fc0 sc0 ls29d ws17d">accionistas</div><div class="t m3b1 x5b h3b6 y3c2 ff175 fs3b4 fc0 sc0 ls29e ws17e">propios</div><div class="t m3b2 x4c h3b7 y3c3 ff8 fs3b5 fc0 sc0 ls29f">de</div><div class="t m3b3 x40 h3b8 y3c4 ff8 fs3b6 fc0 sc0 ls2a0">la</div><div class="t m3b4 xcf h3b9 y3c5 ff8 fs3b7 fc0 sc0 ls2a1 ws17f">empresa</div><div class="t m3b5 xdb h3ba y3c6 ff8 fs3b8 fc0 sc0 lsb">-</div><div class="t m3b6 x61 h3bb y3c7 ff176 fs3b9 fc0 sc0 ls2a2">Son</div><div class="t m3b7 xe3 h3bc y3c8 ff8 fs3ba fc0 sc0 ls2a3">los</div><div class="t m3b8 x3c h3bd y3c9 ff8 fs3bb fc0 sc0 ls2a4 ws180">últimos</div><div class="t m3b9 x23 h3be y3ca ff8 fs3bc fc0 sc0 ls2a5">en</div><div class="t m3ba x84 h3bf y3cb ff8 fs3bd fc0 sc0 ls2a6 ws181">reci<span class="blank"> </span>b<span class="blank"> </span>i<span class="blank"> </span>r</div><div class="t m3bb x2f h3c0 y3cc ff177 fs3be fc0 sc0 ls2a7">pago</div><div class="t m3bc x40 h3c1 y3cd ff8 fs3bf fc0 sc0 ls2a8">de</div><div class="t m3bd xcf h3c2 y3ce ff8 fs3c0 fc0 sc0 ls2a9 ws182">dividendos</div><div class="t m3be xdb h3c3 y3cf ff8 fs3c1 fc0 sc0 lsb">\u2022</div><div class="t m3bf xc1 h3c4 y3d0 ff178 fs3c2 fc0 sc0 ls2aa">Riesgo</div><div class="t m3c0 xb3 h3c5 y3d1 ff8 fs3c3 fc0 sc0 ls2ab ws183">alto</div><div class="t m3c1 xdd h3c6 y3d2 ff8 fs3c4 fc0 sc0 ls2ac">al</div><div class="t m3c2 x7d h3c7 y3d3 ff179 fs3c5 fc0 sc0 ls2ad">adquirir</div><div class="t m3c3 x85 h3c8 y3d4 ff8 fs3c6 fc0 sc0 ls2ae ws184">estas</div><div class="t m3c4 x5c h3c9 y3d5 ff8 fs3c7 fc0 sc0 ls2af ws185">acciones</div><div class="t m3c5 xdb h3ca y3d6 ff8 fs3c8 fc0 sc0 lsb">\u2022</div><div class="t m3c6 x61 h3cb y3d7 ff8 fs3c9 fc0 sc0 ls2b0">Pueden</div><div class="t m3c7 x1a h3cc y3d8 ff8 fs3ca fc0 sc0 ls2b1 ws186">salir</div><div class="t m3c8 x2d h3cd y3d9 ff17a fs3cb fc0 sc0 ls2b2 ws187">muy</div><div class="t m3c9 xd9 h3ce y3da ff17b fs3cc fc0 sc0 ls2b3 ws188">beneficiados</div><div class="t m3ca xac h3cf y3db ff8 fs3cd fc0 sc0 ls2b4 ws189">cuando</div><div class="t m3cb xed h3d0 y3dc ff8 fs3ce fc0 sc0 ls2b5">la</div><div class="t m3cc x6c h3d1 y3dd ff8 fs3cf fc0 sc0 ls2b6">acción</div><div class="t m3cd xa6 h3d2 y3de ff8 fs3d0 fc0 sc0 ls2b7 ws18a">crece</div><div class="t m3ce xee h3d3 y3df ff8 fs3d1 fc0 sc0 lsb">.</div><div class="t m3cf xb5 h3d4 y3e0 ff8 fs3d2 fc0 sc0 ls2b8">dividendo</div><div class="t m3d0 xde h3d5 y3e1 ff8 fs3d3 fc0 sc0 ls255 ws18b">inicial</div><div class="t m3d1 x12 h3d6 y3e2 ff8 fs3d4 fc0 sc0 ls2b9 ws18c">Precio</div><div class="t m3d2 x1a h3d7 y3e3 ff8 fs3d5 fc0 sc0 ls2ba">acción</div><div class="t m3d3 x51 h3d8 y3e4 ff8 fs3d6 fc0 sc0 lsb">=</div><div class="t m3d4 x49 h3d9 y3e5 ff17c fs3d7 fc0 sc0 lsb">D</div><div class="t m3d5 x38 h3da y3e6 ff8 fs3d8 fc0 sc0 lsb">1</div><div class="t m3d6 xd0 h3db y3e7 ff8 fs3d9 fc0 sc0 lsb">"</div><div class="t m3d7 x48 h3dc y3e8 ff17d fs3da fc0 sc0 lsb">[</div><div class="t m3d8 x3f h3dd y3e9 ff17e fs3db fc0 sc0 lsb">Y</div><div class="t m3d9 x34 h3de y3ea ff8 fs3dc fc0 sc0 ls256 ws18d">crecimiento</div><div class="t m3da x6 h3df y3eb ff8 fs3dd fc0 sc0 ls257 ws18e">rendimiento</div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div> <div id="pf9" class="pf w0 h0" data-page-no="9"><div class="pc pc9 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bg9.png"><div class="t m3db x6f h3e0 y3ec ff17f fs3de fc0 sc0 ls2bc">Anualidades</div><div class="t m3dc x57 h3e1 y3ed ff8 fs3df fc0 sc0 lsb">-</div><div class="t m3dd x61 h3e2 y3ee ff8 fs3e0 fc0 sc0 ls2bd ws18f">Secuencia</div><div class="t m3de xe2 h3e3 y3ef ff180 fs3e1 fc0 sc0 ls2be ws190">finita</div><div class="t m3df x23 h3e4 y3f0 ff8 fs3e2 fc0 sc0 ls2bf">de</div><div class="t m3e0 x33 h3e5 y3f1 ff181 fs3e3 fc0 sc0 ls2c0 ws191">pagos</div><div class="t m3e1 x2f h3e6 y3f2 ff182 fs3e4 fc0 sc0 ls2c1 ws192">que</div><div class="t m3e2 xef h3e7 y3f3 ff8 fs3e5 fc0 sc0 ls2c2 ws193">crecen</div><div class="t m3e3 xbb h3e8 y3f4 ff8 fs3e6 fc0 sc0 lsb">a</div><div class="t m3e4 xdc h3e9 y3f5 ff8 fs3e7 fc0 sc0 ls2c3">una</div><div class="t m3e5 xcd h3ea y3f6 ff8 fs3e8 fc0 sc0 ls2c4 ws194">tasa</div><div class="t m3e6 xb9 h3eb y3f7 ff8 fs3e9 fc0 sc0 ls2c5 ws195">constante</div><div class="t m3e7 xf0 h3ec y3f8 ff183 fs3ea fc0 sc0 lsb">g</div><div class="t m3e8 xf1 h3ed y3f9 ff184 fs3eb fc0 sc0 ls2c6">VPN</div><div class="t m3e9 x1 h3ee y3fa ff8 fs3ec fc0 sc0 lsb">.</div><div class="t m3ea x1 h3ef y3fb ff8 fs3ed fc0 sc0 lsb">-</div><div class="t m3eb x51 h3f0 y3fc ff1 fs3ee fc0 sc0 ls2c7">EÉ</div><div class="t m3ec xd0 h3f1 y3fd ff8 fs3ef fc0 sc0 lsb">-</div><div class="t m3ed x1c h3f2 y3fe ff1 fs3f0 fc0 sc0 ls2c8">VIII</div><div class="t m3ee x26 h3f3 y3ff ff1 fs3f1 fc0 sc0 lsb">)</div><div class="t m3ef x6b h3f4 y400 ff185 fs3f2 fc0 sc0 ls2c9">acá</div><div class="t m3f0 x6c h3f5 y401 ff8 fs3f3 fc0 sc0 ls2ca">no</div><div class="t m3f1 x81 h3f6 y402 ff8 fs3f4 fc0 sc0 ls2cb">es</div><div class="t m3f2 x43 h3f7 y403 ff8 fs3f5 fc0 sc0 ls2cc ws196">necesario</div><div class="t m3f3 xaf h3f8 y404 ff186 fs3f6 fc0 sc0 ls2cd">que</div><div class="t m3f4 xf2 h3f9 y405 ff187 fs3f7 fc0 sc0 ls2ce ws197">rsg</div><div class="t m3f5 x60 h3fa y406 ff8 fs3f8 fc0 sc0 lsb">,</div><div class="t m3f6 x7c h3fb y407 ff8 fs3f9 fc0 sc0 ls2cf ws198">pero</div><div class="t m3f7 xca h3fc y408 ff8 fs3fa fc0 sc0 ls2d0">si</div><div class="t m3f8 xaf h3fd y409 ff8 fs3fb fc0 sc0 ls2d1">tiene</div><div class="t m3f9 x17 h3fe y40a ff8 fs3fc fc0 sc0 ls2d2">que</div><div class="t m3fa xa6 h3ff y40b ff188 fs3fd fc0 sc0 ls2d3 ws199">cumplirse</div><div class="t m3fb xe4 h400 y40c ff2a fs3fe fc0 sc0 lsb">\u2713</div><div class="t m3fc x7f h401 y40d ff189 fs3ff fc0 sc0 ls2d4">2g</div><div class="t m3fd xcd h402 y40e ff8 fs400 fc0 sc0 ls2d5 ws19a">cuando</div><div class="t m3fe xe4 h403 y40f ff1 fs401 fc0 sc0 ls2bb ws19b">comienza</div><div class="t m3ff x6c h404 y410 ff8 fs402 fc0 sc0 ls2d6">la</div><div class="t m400 x94 h405 y411 ff18a fs403 fc0 sc0 ls2d7 ws19c">perpetuidad</div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div> <div id="pfa" class="pf w0 h0" data-page-no="a"><div class="pc pca w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/76d9584c-2a61-49cb-bf50-6c5ea4642fa0/bga.png"><div class="t m401 xe5 h406 y412 ff1 fs404 fc0 sc0 ls2db"><span class="fc0 sc0">RESUMEN</span></div><div class="t m402 xd4 h407 y413 ff1 fs405 fc0 sc0 ls2d8 ws19d"><span class="fc0 sc0">P</span><span class="fc0 sc0">RUEBA</span></div><div class="t m403 xf3 h408 y414 ff1 fs406 fc0 sc0 lsb"><span class="fc0 sc0">2</span></div><div class="t m404 xf4 h409 y415 ff18b fs407 fc0 sc0 ls2dc ws19e"><span class="fc0 sc0">Te</span><span class="blank"> </span><span class="fc0 sc0">m</span><span class="blank"> </span><span class="fc0 sc0">a</span></div><div class="t m405 xb2 h40a y416 ff18c fs408 fc0 sc0 lsb"><span class="fc0 sc0">1</span></div><div class="t m406 x12 h40b y417 ff8 fs409 fc0 sc0 lsb"><span class="fc0 sc0">:</span></div><div class="t m407 x8f h40c y418 ff18d fs40a fc0 sc0 ls2dd ws19f"><span class="fc0 sc0">Ta</span><span class="blank"> </span><span class="fc0 sc0">s</span><span class="blank"> </span><span class="fc0 sc0">a</span><span class="blank"> </span><span class="fc0 sc0">s</span></div><div class="t m408 x51 h40d y419 ff8 fs40b fc0 sc0 lsb"><span class="fc0 sc0">.</span></div><div class="t m409 x4e h40e y41a ff18e fs40c fc0 sc0 ls2de ws1a0"><span class="fc0 sc0">Ta</span><span class="blank"> </span><span class="fc0 sc0">s</span><span class="blank"> </span><span class="fc0 sc0">a</span></div><div class="t m40a x35 h40f y41b ff18f fs40d fc0 sc0 ls2df ws1a1"><span class="fc0 sc0">fo</span><span class="blank"> </span><span class="fc0 sc0">r</span><span class="blank"> </span><span class="fc0 sc0">w</span><span class="fc0 sc0">a</span><span class="blank"> </span><span class="fc0 sc0">r</span><span class="blank"> </span><span class="fc0 sc0">d</span></div><div class="t m40b xf5 h410 y41c ff8 fs40e fc0 sc0 lsb"><span class="fc0 sc0">:</span></div><div class="t m40c x3 h411 y41d ff190 fs40f fc0 sc0 ls2e0 ws1a2"><span class="fc0 sc0">ta</span><span class="fc0 sc0">s</span><span class="fc0 sc0">a</span></div><div class="t m40d xf6 h412 y41e ff191 fs410 fc0 sc0 ls2e1 ws1a3"><span class="fc0 sc0">imp</span><span class="fc0 sc0">l</span><span class="fc0 sc0">ícit</span><span class="fc0 sc0">a</span></div><div class="t m40e xe9 h413 y41f ff8 fs411 fc0 sc0 ls2e2 ws1a4"><span class="fc0 sc0">pa</span><span class="fc0 sc0">ra</span></div><div class="t m40f x5d h414 y420 ff8 fs412 fc0 sc0 ls2e3"><span class="fc0 sc0">un</span></div><div class="t m410 xe7 h415 y421 ff8 fs413 fc0 sc0 ls2e4 ws1a5"><span class="fc0 sc0">moment</span><span class="fc0 sc0">o</span></div><div class="t m411 xf7 h416 y422 ff8 fs414 fc0 sc0 ls2e5 ws1a6"><span class="fc0 sc0">fu</span><span class="fc0 sc0">t</span><span class="fc0 sc0">u</span><span class="fc0 sc0">r</span><span class="fc0 sc0">o</span></div><div class="t m412 x78 h417 y423 ff8 fs415 fc0 sc0 ls2e6"><span class="fc0 sc0">5959s</span></div><div class="t m413 xbc h418 y424 ff192 fs416 fc0 sc0 ls2e7"><span class="fc0 sc0">spot</span></div><div class="t m414 xa9 h419 y425 ff8 fs417 fc0 sc0 lsb"><span class="fc0 sc0">:</span></div><div class="t m415 x37 h41a y426 ff193 fs418 fc0 sc0 ls2e8 ws1a7"><span class="fc0 sc0">ta</span><span class="fc0 sc0">s</span><span class="fc0 sc0">a</span></div><div class="t m416 x2d h41b y427 ff8 fs419 fc0 sc0 ls2e9"><span class="fc0 sc0">de</span></div><div class="t m417 x2e h41c y428 ff8 fs41a fc0 sc0 ls2ea ws1a8"><span class="fc0 sc0">int</span><span class="fc0 sc0">er</span><span class="fc0 sc0">és</span></div><div class="t m418 xec h41d y429 ff194 fs41b fc0 sc0 ls2eb"><span class="fc0 sc0">al</span></div><div class="t m419 xab h41e y42a ff8 fs41c fc0 sc0 ls2ec ws1a9"><span class="fc0 sc0">con</span><span class="fc0 sc0">t</span><span class="fc0 sc0">ad</span><span class="fc0 sc0">o</span></div><div class="t m41a xf8 h41f y42b ff80 fs41d fc0 sc0 lsb"><span class="fc0 sc0">\u21b3</span></div><div class="t m41b xf9 h420 y42c ff8 fs41e fc0 sc0 ls2ed"><span class="fc0 sc0">ro</span></div><div class="t m41c x44 h421 y42d ff8 fs41f fc0 sc0 lsb"><span class="fc0 sc0">,</span></div><div class="t m41d x9a h422 y42e ff8 fs420 fc0 sc0 lsb"><span class="fc0 sc0">1</span></div><div class="t m41e x62 h423 y42f ff8 fs421 fc0 sc0 lsb"><span class="fc0 sc0">:</span></div><div class="t m41f xfa h424 y430 ff195 fs422 fc0 sc0 ls2ee ws1aa"><span class="fc0 sc0">ta</span><span class="fc0 sc0">sa</span></div><div class="t m420 x6 h425 y431 ff8 fs423 fc0 sc0 ls2ef ws1ab"><span class="fc0 sc0">entr</span><span class="fc0 sc0">e</span></div><div class="t m421 x38 h426 y432 ff8 fs424 fc0 sc0 ls2f0"><span class="fc0 sc0">el</span></div><div class="t m422 x58 h427 y433 ff8 fs425 fc0 sc0 ls2f1 ws1ac"><span class="fc0 sc0">perio</span><span class="fc0 sc0">do</span></div><div class="t m423 x77 h428 y434 ff196 fs426 fc0 sc0 ls2f2 ws1ad"><span class="fc0 sc0">04</span><span class="fc0 sc0">1</span></div><div class="t m424 xd3 h429 y435 ff8 fs427 fc0 sc0 ls2f3"><span class="fc0 sc0">TI</span></div><div class="t m425 x8e h42a y436 ff8 fs428 fc0 sc0 lsb"><span class="fc0 sc0">:</span></div><div class="t m426 x8f h42b y437 ff8 fs429 fc0 sc0 ls2f4 ws1ae"><span class="fc0 sc0">ta</span><span class="fc0 sc0">sa</span></div><div class="t m427 x6 h42c y438 ff197 fs42a fc0 sc0 ls2f5 ws1af"><span class="fc0 sc0">pr</span><span class="fc0 sc0">o</span><span class="fc0 sc0">m</span><span class="fc0 sc0">edio</span></div><div class="t m428 xc3 h42d y439 ff8 fs42b fc0 sc0 ls2f6"><span class="fc0 sc0">del</span></div><div class="t m429 xab h42e y43a ff8 fs42c fc0 sc0 ls2d9 ws1b0"><span class="fc0 sc0">añ</span><span class="fc0 sc0">o</span></div><div class="t m42a x26 h42f y43b ff8 fs42d fc0 sc0 lsb"><span class="fc0 sc0">1</span></div><div class="t m42b xe7 h430 y43c ff8 fs42e fc0 sc0 lsb"><span class="fc0 sc0">y</span></div><div class="t m42c x7a h431 y43d ff8 fs42f fc0 sc0 lsb"><span class="fc0 sc0">2</span></div><div class="t m42d xfb h432 y43e ff8 fs430 fc0 sc0 ls2f7"><span class="fc0 sc0">Cómo</span></div><div class="t m42e x61 h433 y43f ff8 fs431 fc0 sc0 ls2f8"><span class="fc0 sc0">se</span></div><div class="t m42f x50 h434 y440 ff8 fs432 fc0 sc0 ls2f9 ws1b1"><span class="fc0 sc0">calcu</span><span class="fc0 sc0">lan</span></div><div class="t m430 xfc h435 y441 ff198 fs433 fc0 sc0 ls2fa ws1b2"><span class="fc0 sc0">(1</span><span class="fc0 sc0">)</span></div><div class="t m431 x11 h436 y442 ff199 fs434 fc0 sc0 lsb"><span class="fc0 sc0">(</span></div><div class="t m432 x3a h437 y443 ff8 fs435 fc0 sc0 ls2fb"><span class="fc0 sc0">Lt</span></div><div class="t m433 x12 h438 y444 ff8 fs436 fc0 sc0 ls2fc"><span class="fc0 sc0">ro</span></div><div class="t m434 x36 h439 y445 ff8 fs437 fc0 sc0 lsb"><span class="fc0 sc0">,</span></div><div class="t m435 x2c h43a y446 ff19a fs438 fc0 sc0 ls2fd"><span class="fc0 sc0">1)</span></div><div class="t m436 x46 h43b y447 ff8 fs439 fc0 sc0 lsb"><span class="fc0 sc0">\u2022</span></div><div class="t m437 xe2 h43c y448 ff19b fs43a fc0 sc0 lsb"><span class="fc0 sc0">(</span></div><div class="t m438 xc h43d y449 ff8 fs43b fc0 sc0 lsb"><span class="fc0 sc0">1</span></div><div class="t m439 xba h43e y44a ff8 fs43c fc0 sc0 lsb"><span class="fc0 sc0">+</span></div><div class="t m43a x31 h43f y44b ff8 fs43d fc0 sc0 ls2fe"><span class="fc0 sc0">rn</span></div><div class="t m43b x2e h440 y44c ff8 fs43e fc0 sc0 lsb"><span class="fc0 sc0">,</span></div><div class="t m43c x38 h441 y44d ff19c fs43f fc0 sc0 ls2ff"><span class="fc0 sc0">2)</span></div><div class="t m43d x58 h442 y44e ff8 fs440 fc0 sc0 lsb"><span class="fc0 sc0">=</span></div><div class="t m43e xec h443 y44f ff8 fs441 fc0 sc0 lsb"><span class="fc0 sc0">(</span></div><div class="t m43f x85 h444 y450 ff8 fs442 fc0 sc0 lsb"><span class="fc0 sc0">1</span></div><div class="t m440 xab h445 y451 ff8 fs443 fc0 sc0 lsb"><span class="fc0 sc0">+</span></div><div class="t m441 x7 h446 y452 ff8 fs444 fc0 sc0 lsb"><span class="fc0 sc0">r</span></div><div class="t m442 x77 h447 y453 ff8 fs445 fc0 sc0 ls300"><span class="fc0 sc0">E)</span></div><div class="t m443 x75 h448 y454 ff8 fs446 fc0 sc0 lsb"><span class="fc0 sc0">2</span></div><div class="t m444 xfc h449 y455 ff8 fs447 fc0 sc0 ls301"><span class="fc0 sc0">12</span></div><div class="t m445 xe5 h44a y456 ff8 fs448 fc0 sc0 lsb"><span class="fc0 sc0">)</span></div><div class="t m446 x11 h44b y457 ff8 fs449 fc0 sc0 lsb"><span class="fc0 sc0">(</span></div><div class="t m447 xd3 h44c y458 ff8 fs44a fc0 sc0 lsb"><span class="fc0 sc0">1</span></div><div class="t m448 x61 h44d y459 ff8 fs44b fc0 sc0 ls302 ws1b3"><span class="fc0 sc0">tr</span><span class="fc0 sc0">o</span></div><div class="t m449 xe3 h44e y45a ff8 fs44c fc0 sc0 lsb"><span class="fc0 sc0">,</span></div><div class="t m44a x36 h44f y45b ff19d fs44d fc0 sc0 ls303"><span class="fc0 sc0">1)</span></div><div class="t m44b xf5 h450 y45c ff8 fs44e fc0 sc0 lsb"><span class="fc0 sc0">.</span></div><div class="t m44c x3 h451 y45d ff8 fs44f fc0 sc0 ls304"><span class="fc0 sc0">11</span></div><div class="t m44d x6e h452 y45e ff8 fs450 fc0 sc0 ls2da ws1b4"><span class="fc0 sc0">tr</span><span class="fc0 sc0">n</span></div><div class="t m44e x49 h453 y45f ff8 fs451 fc0 sc0 lsb"><span class="fc0 sc0">,</span></div><div class="t m44f x4b h454 y460 ff19e fs452 fc0 sc0 ls305"><span class="fc0 sc0">2)</span></div><div class="t m450 x84 h455 y461 ff8 fs453 fc0 sc0 lsb"><span class="fc0 sc0">.</span></div><div class="t m451 xb4 h456 y462 ff8 fs454 fc0 sc0 ls306"><span class="fc0 sc0">11</span></div><div class="t m452 x25 h457 y463 ff8 fs455 fc0 sc0 ls307"><span class="fc0 sc0">trz</span></div><div class="t m453 x4c h458 y464 ff8 fs456 fc0 sc0 lsb"><span class="fc0 sc0">,</span></div><div class="t m454 x59 h459 y465 ff8 fs457 fc0 sc0 ls308"><span class="fc0 sc0">3)</span></div><div class="t m455 xac h45a y466 ff8 fs458 fc0 sc0 lsb"><span class="fc0 sc0">=</span></div><div class="t m456 x82 h45b y467 ff8 fs459 fc0 sc0 lsb"><span class="fc0 sc0">(</span></div><div class="t m457 x7e h45c y468 ff8 fs45a fc0 sc0 lsb"><span class="fc0 sc0">1</span></div><div class="t m458 x83 h45d y469 ff8 fs45b fc0 sc0 ls309"><span class="fc0 sc0">tr</span></div><div class="t m459 x16 h45e y46a ff8 fs45c fc0 sc0 ls30a"><span class="fc0 sc0">5)</span></div><div class="t m45a x42 h45f y46b ff8 fs45d fc0 sc0 lsb"><span class="fc0 sc0">3</span></div><div class="t m45b x10 h460 y46c ff19f fs45e fc0 sc0 ls30b ws1b5"><span class="fc0 sc0">Pa</span><span class="blank"> </span><span class="fc0 sc0">r</span><span class="blank"> </span><span class="fc0 sc0">a</span></div><div class="t m45c x56 h461 y46d ff1a0 fs45f fc0 sc0 ls30c ws1b6"><span class="fc0 sc0">cal</span><span class="fc0 sc0">cu</span><span class="fc0 sc0">l</span><span class="fc0 sc0">ar</span></div><div class="t m45d xc h462 y46e ff1a1 fs460 fc0 sc0 ls30d"><span class="fc0 sc0">el</span></div><div class="t m45e x7d h463 y46f ff1a2 fs461 fc0 sc0 ls30e ws1b7"><span class="fc0 sc0">VP</span><span class="fc0 sc0">N</span></div><div class="t m45f xb4 h464 y470 ff8 fs462 fc0 sc0 ls30f"><span class="fc0 sc0">de</span></div><div class="t m460 xbd h465 y471 ff8 fs463 fc0 sc0 ls310"><span class="fc0 sc0">un</span></div><div class="t m461 x73 h466 y472 ff1a3 fs464 fc0 sc0 ls311 ws1b8"><span class="fc0 sc0">pr</span><span class="fc0 sc0">o</span><span class="blank _0"></span><span class="fc0 sc0">y</span><span class="fc0 sc0">e</span><span class="fc0 sc0">c</span><span class="fc0 sc0">t</span><span class="fc0 sc0">o</span></div><div class="t m462 x7a h467 y473 ff8 fs465 fc0 sc0 lsb"><span class="fc0 sc0">,</span></div><div class="t m463 xe4 h468 y474 ff8 fs466 fc0 sc0 ls312"><span class="fc0 sc0">en</span></div><div class="t m464 x6c h469 y475 ff1a4 fs467 fc0 sc0 ls313"><span class="fc0 sc0">el</span></div><div class="t m465 x65 h46a y476 ff8 fs468 fc0 sc0 ls314 ws1b9"><span class="fc0 sc0">deno</span><span class="fc0 sc0">mina</span><span class="fc0 sc0">do</span><span class="fc0 sc0">r</span></div><div class="t m466 xbf h46b y477 ff8 fs469 fc0 sc0 ls315"><span class="fc0 sc0">va</span></div><div class="t m467 xf8 h46c y478 ff1a5 fs46a fc0 sc0 ls316"><span class="fc0 sc0">la</span></div><div class="t m468 xd3 h46d y479 ff1a6 fs46b fc0 sc0 ls317 ws1ba"><span class="fc0 sc0">ta</span><span class="fc0 sc0">sa</span></div><div class="t m469 xfa h46e y47a ff1a7 fs46c fc0 sc0 ls318 ws1bb"><span class="fc0 sc0">pr</span><span class="fc0 sc0">o</span><span class="fc0 sc0">m</span><span class="fc0 sc0">edi</span><span class="fc0 sc0">o</span></div><div class="t m46a xa8 h46f y47b ff1a8 fs46d fc0 sc0 ls319 ws1bc"><span class="fc0 sc0">VP</span><span class="fc0 sc0">N</span></div><div class="t m46b xb2 h470 y47c ff8 fs46e fc0 sc0 lsb"><span class="fc0 sc0">=</span></div><div class="t m46c x62 h471 y47d ff1a9 fs46f fc0 sc0 ls31a"><span class="fc0 sc0">lo</span></div><div class="t m46d xa9 h472 y47e ff8 fs470 fc0 sc0 lsb"><span class="fc0 sc0">+</span></div><div class="t m46e x98 h473 y47f ff1aa fs471 fc0 sc0 ls31b"><span class="fc0 sc0">C-</span></div><div class="t m46f x7d h474 y480 ff8 fs472 fc0 sc0 lsb"><span class="fc0 sc0">+</span></div><div class="t m470 x68 h475 y481 ff1ab fs473 fc0 sc0 ls31c"><span class="fc0 sc0">C-</span></div><div class="t m471 x37 h476 y482 ff1ac fs474 fc0 sc0 ls31d"><span class="fc0 sc0">lltrj</span></div><div class="t m472 x2d h477 y483 ff1ad fs475 fc0 sc0 lsb"><span class="fc0 sc0">)</span></div><div class="t m473 x4b h478 y484 ff8 fs476 fc0 sc0 lsb"><span class="fc0 sc0">(</span></div><div class="t m474 x3f h479 y485 ff1ae fs477 fc0 sc0 ls31e ws1bd"><span class="fc0 sc0">ftp</span><span class="fc0 sc0">.jjz</span></div><div class="t m475 xde h47a y486 ff8 fs478 fc0 sc0 lsb"><span class="fc0 sc0">+</span></div><div class="t m476 xe9 h47b y487 ff8 fs479 fc0 sc0 lsb"><span class="fc0 sc0">-</span></div><div class="t m477 x2f h47c y488 ff8 fs47a fc0 sc0 lsb"><span class="fc0 sc0">-</span></div><div class="t m478 x4f h47d y489 ff8 fs47b fc0 sc0 lsb"><span class="fc0 sc0">-</span></div><div class="t m479 x7 h47e y48a ff8 fs47c fc0 sc0 lsb"><span class="fc0 sc0">-</span></div><div class="t m47a x79 h47f y48b ff8 fs47d fc0 sc0 lsb"><span class="fc0 sc0">+</span></div><div class="t m47b x74 h480 y48c ff1af fs47e fc0 sc0 ls31f ws1be"><span class="fc0 sc0">Cn</span><span class="fc0 sc0">h</span></div><div class="t m47c x26 h481 y48d ff8 fs47f fc0 sc0 ls320"><span class="fc0 sc0">rrñ</span></div><div class="t m47d x70 h482 y48e ff8 fs480 fc0 sc0 lsb"><span class="fc0 sc0">)</span></div><div class="t m47e x83 h483 y48f ff8 fs481 fc0 sc0 lsb"><span class="fc0 sc0">"</span></div></div><div class="pi" data-data="{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}"></div></div>
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