Modelo De Proyecciones Financieras En Excel 1v172t
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PROGRAMA INTERACTIVO PROYECCIONES FINANCIER
Instituto tecnologico Superior de Comalc
L.A. OTHONIEL LOPEZ ABA
CARRERA: ING. GESTION EMPRESA
Pasa a Instrucciones
GRAMA INTERACTIVO CCIONES FINANCIERAS
cnologico Superior de Comalcalco
THONIEL LOPEZ ABAN ING. GESTION EMPRESARIAL
1 Utiliza esta herramienta para elaborar Proyecciones Financieras. 2 Antes de comenzar, es importante que tengas información relevante a la mano, tal como la información de mercado, capacidad instalada, precios, competidores, etc. 3 El orden de las hojas es indispensable, no debes de saltarte incisos, hojas, etc. Cada parte lleva un número, de tal forma que empieza en el número 1 y continua la numeració 4 Sólo debes rellenar la información de las celdas blancas , las celdas azules se llenan autom 5 Para algunos casos, este formato puede no ser el mejor, por lo que te pedimos que en caso de ser así, te pongas en o con ADNA en www.uas.mx/adna.htm Las hojas a continuación no están protegidas, por lo que puedes modificarlas. 6 Solicitamos comentarios y sugerencias. Comienza en la hoja de "Ingresos"
a la mano, tal como
hojas, etc. 1 y continua la numeración. das azules se llenan automático e pedimos que /adna.htm
De acuerdo a tus datos, tus ventas mensuales para los tres primeros años serían:
$6,000,000.00 $5,000,000.00 $4,000,000.00 $3,000,000.00 $2,000,000.00 $1,000,000.00 $1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
1 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Sueldos y Salarios: Selecciona puesto:
Sueldo Mensual Nominal
Número de puestos
Sueldo Anual
Comisión Mensual Nominal por Sueldo base + puesto (% comisiones de ventas)
Total Nómina
GERENTE GENERAL
1
$
17,000.00
$
204,000.00
$
204,000.00
0.00%
$
17,000.00
SUBGERENCIAS
5
$
11,000.00
$
132,000.00
$
660,000.00
0.00%
$
11,000.00
AUXILIARES
6
$
8,000.00
$
96,000.00
$
576,000.00
0.00%
$
8,000.00
AUXILIARES
0
$
-
$
-
$
-
0.00%
$
-
AUXILIARES
0
$
-
$
-
$
-
0.00%
$
-
AUXILIARES
0
$
-
$
-
$
-
0.00%
$
-
SUBGERENTE DE FINANZAS
0
$
-
$
-
$
-
0.00%
$
-
Servicio a proveedores
0
$
-
$
-
$
-
0.00%
$
-
Servicio a clientes
0
$
-
$
-
$
-
0.00%
$
-
Mercadotécnia y relaciones publicas
0
$
-
$
-
$
-
0.00%
$
-
Total Mensual Gastos fijos corporativa. Renta (m²) Luz Agua Comunicaciones Seguros y fianzas Seguridad Papelería y gastos de oficina Otros
$ $ $ $ $ $
-
$ $
-
SubTotal gastos fijos
$
-
Gastos variables de producción para el primer mes: Costos Unitarios Costo del Producto 1
$
28.00
Inventario requerido para el segundo mes, % de ventas estimadas Total Gastos Variables
5%
$
588,000.00
Gastos de instalación oficinas corporativas:
¿Necesitas hacer más gastos de instalación? OPCIONAL Mes 2
Primer mes: Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Computadoras y maquinas Otros Total gastos de instalación
Mes 4
Mes 3
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$
-
$
-
$
-
$
-
$ $
5,000
$ $
5,000
$ $
5,000
$
5,000
$
5,000
$
5,000
$
5,000
$
5,000
Si tus ingresos son por comisión, puedes saltarte esta hoja y pasar a Financiamiento.
Cuentas por Cobrar: Determina tus ventas a crédito: Del total de tus ventas, ¿qué porcentaje se vende a crédito? Con estos datos, tus ventas a contado son:
0% 100%
Determina el plazo promedio de cobro:
Del total de tus ventas a crédito, ¿a qué plazo estas vendiendo?
5 días
Se asume constante para todos los periodos, productos, servicios y puntos de venta.
Inventarios: Determina el monto de inventarios requeridos para cada periodo: Tu inventario para el siguiente periodo es del 5.0% de las ventas. Viene de la hoja de "Gastos" Se asume constante para todos los meses, para todos los prductos, para todos los servicios
Cuentas por Pagar: Determina tus compras a crédito: Del total de tus compras, ¿qué porcentaje se compra a crédito? Con estos datos, tus compras a contado son:
0% 100%
Determina el plazo promedio de pago:
Del total de tus compras a crédito, ¿a qué plazo estas pagando? Se asume constante para todos los periodos.
5 días
Esta hoja describe tus fuentes de financiamiento: De acuerdo a tus datos, para el primer mes: Tu empresa:
NO REQUIERE
financiamiento.
El monto de la inversión inicial es:
$0
Asume un 10% adicional.
No hagas caso del resto de esta hoja. Puedes pasar a la hoja de Proyecciones Financieras. No aplica No aplica No aplica
No aplica Inversión que se debe conseguir: No aplica No aplica No aplica No aplica
$0 $0 $0 $0 $0 TOTAL:
$0
n 10% adicional.
Mes 1
Mes 2
Mes 3
Mes 4
Mes 5
Mes 6
Mes 7
Mes 8
LA SULTANA DEL NORTE S.A. Estado de Resultados: Ingresos: Nacional: Ingresos por productos Total Ingresos
$2,424,000 $2,424,000
$2,460,481 $2,460,481
$2,497,511 $2,497,511
$2,535,099 $2,535,099
$2,573,252 $2,573,252
$2,611,980 $2,611,980
$2,651,290 $2,651,290
$2,691,192 $2,691,192
$0 $120,000 $588,000 $0 $708,000
$0 $120,000 $599,819 $0 $719,819
$0 $120,000 $605,817 $0 $725,817
$0 $120,000 $611,875 $0 $731,875
$0 $120,000 $617,994 $0 $737,994
$0 $120,000 $624,174 $0 $744,174
$0 $120,000 $630,416 $0 $750,416
$0 $120,000 $636,720 $0 $756,720
Ebitda
$1,716,000
$1,740,662
$1,771,694
$1,803,224
$1,835,258
$1,867,806
$1,900,874
$1,934,472
Depreciación y Amortización Utilidad (perdida) de Operación Gastos financieros corto plazo Gastos financieros largo plazo Utilidad antes de impuestos ISR (35%) PTU (10%) Utilidad (pérdida neta) Margen de utilidades netas:
$42 $1,716,042 $0 $0 $1,716,042 $600,615 $171,604 $943,823 38.94%
$83 $1,740,746 $0 $0 $1,740,746 $609,261 $174,075 $957,410 38.91%
$125 $1,771,819 $0 $0 $1,771,819 $620,137 $177,182 $974,501 39.02%
$167 $167 $167 $167 $167 $1,803,390 $1,835,425 $1,867,972 $1,901,041 $1,934,639 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,803,390 $1,835,425 $1,867,972 $1,901,041 $1,934,639 $631,187 $642,399 $653,790 $665,364 $677,124 $180,339 $183,542 $186,797 $190,104 $193,464 $991,865 $1,009,484 $1,027,385 $1,045,573 $1,064,051 39.13% 39.23% 39.33% 39.44% 39.54%
$815,841 $0 $123,024 $938,865
$1,766,482 $0 $124,876 $1,891,358
$2,734,229 $0 $126,755 $2,860,984
$3,719,353 $0 $128,663 $3,848,015
$4,727,067 $0 $130,599 $4,857,666
$5,752,653 $0 $132,564 $5,885,217
$6,796,397 $0 $134,560 $6,930,956
$7,858,590 $0 $136,585 $7,995,174
$0
$0
$0
$0
$0
$0
$0
$0
Egresos: Gastos fijos Sueldos y salarios Gastos Variables Otros (Gtos de Venta, etc.) Total costos
LA SULTANA DEL NORTE S.A. Balance General Activo circulante Caja y bancos Clientes Inventarios. Total activo circulante Activo Fijo Terreno
Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Computadoras y maquinas Otros Depreciación acumulada: Total activo fijo
$0 $0 $0 $0 $0 $4,958 -$42 $4,958
$0 $0 $0 $0 $0 $9,875 -$125 $9,875
$0 $0 $0 $0 $0 $14,750 -$250 $14,750
$0 $0 $0 $0 $0 $19,583 -$417 $19,583
$0 $0 $0 $0 $0 $19,417 -$583 $19,417
$0 $0 $0 $0 $0 $19,250 -$750 $19,250
$0 $0 $0 $0 $0 $19,083 -$917 $19,083
$0 $0 $0 $0 $0 $18,917 -$1,083 $18,917
$943,823
$1,901,233
$2,875,734
$3,867,599
$4,877,082
$5,904,467
$6,950,040
$8,014,091
Pasivo Circulante Proveedores Créditos bancarios Total pasivo circulante
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
Pasivo largo plazo
$0
$0
$0
$0
$0
$0
$0
$0
Pasivo total
$0
$0
$0
$0
$0
$0
$0
$0
Capital Contable Capital social Resultados de ejercicios anteriores Resultado del ejercicio Total Capital Contable
$0 $0 $943,823 $943,823
$0 $943,823 $957,410 $1,901,233
$0 $1,901,233 $974,501 $2,875,734
$0 $2,875,734 $991,865 $3,867,599
$0 $3,867,599 $1,009,484 $4,877,082
$0 $4,877,082 $1,027,385 $5,904,467
$0 $5,904,467 $1,045,573 $6,950,040
$0 $6,950,040 $1,064,051 $8,014,091
Pasivo + Capital
$943,823
$1,901,233
$2,875,734
$3,867,599
$4,877,082
$5,904,467
$6,950,040
$8,014,091
$943,823 -$42 $943,865
$957,410 -$83 $957,493
$974,501 -$125 $974,626
$991,865 -$167 $992,031
$1,009,484 -$167 $1,009,650
$1,027,385 -$167 $1,027,552
$1,045,573 -$167 $1,045,739
$1,064,051 -$167 $1,064,218
$0 -$123,024 -$123,024
$0 -$1,852 -$1,852
$0 -$1,879 -$1,879
$0 -$1,908 -$1,908
$0 -$1,936 -$1,936
$0 -$1,966 -$1,966
$0 -$1,995 -$1,995
$0 -$2,025 -$2,025
$0
$0
$0
$0
$0
$0
$0
$0
Activo total
LA SULTANA DEL NORTE S.A. Flujo de Efectivo Utilidad neta + depreciación y amortización Generación bruta de efectivo Usos Operativos Financiamiento a cuentas por cobrar Financiamiento a inventarios Total usos operativos Fuentes Operativas Financiamiento (amort.) proveedores
Total fuentes operativas Generación Neta Operativa Fuentes de Instituciones de Crédito Financ. (amort.) créditos bancarios corto pl Financ. (amort.) créditos bancarios largo pl Financiamiento neto con costo Usos no operativos Venta (inversión) en activos fijos Venta (inversión) en activos diferidos Pago de dividendos Total de usos no operativos Fuentes no operativas Aportaciones (retiros) de capital Total fuentes no operativas Generación de flujo no operativa Generación Neta de Flujo de Efectivo Caja inicial Caja final
$0
$0
$0
$0
$0
$0
$0
$0
$820,841
$955,642
$972,746
$990,124
$1,007,714
$1,025,586
$1,043,744
$1,062,193
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
-$5,000 $0 $0 -$5,000
-$5,000 $0 $0 -$5,000
-$5,000 $0 $0 -$5,000
-$5,000 $0 $0 -$5,000
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
-$5,000 $815,841
-$5,000 $950,642
-$5,000 $967,746
-$5,000 $0 $0 $0 $0 $985,124 $1,007,714 $1,025,586 $1,043,744 $1,062,193
$0 $815,841
$815,841 $1,766,482
$1,766,482 $2,734,229
$2,734,229 $3,719,353
$3,719,353 $4,727,067
$4,727,067 $5,752,653
$5,752,653 $6,796,397
$6,796,397 $7,858,590
48887.39% 256.83% 29.21%
24916.27% 129.42% 29.26%
16932.28% 86.85% 29.06%
12945.19% 65.55% 28.87%
13252.80% 52.76% 28.68%
13568.73% 44.24% 28.49%
13893.22% 38.15% 28.30%
14226.57% 33.58% 28.12%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
70.79% 38.94%
70.74% 38.91%
70.94% 39.02%
71.13% 39.13%
71.32% 39.23%
71.51% 39.33%
71.70% 39.44%
71.88% 39.54%
Razones Financieras Actividad Ventas netas a activos fijos Ventas netas a capital contable Gastos a ventas netas Apalancamiento Pasivo total a capital contable Productividad Utilidad de operación a ventas netas Utilidad neta a ventas netas
Integración de activos fijos
1. Valor de activos fijos Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Computadoras y maquinas Otros Propiedades, planta y equipo
$0 $0 $0 $0 $0 $0 $4,958 $4,958
$0 $0 $0 $0 $0 $0 $9,875 $9,875
$0 $0 $0 $0 $0 $0 $14,750 $14,750
$0 $0 $0 $0 $0 $0 $19,583 $19,583
$0 $0 $0 $0 $0 $0 $19,417 $19,417
$0 $0 $0 $0 $0 $0 $19,250 $19,250
$0 $0 $0 $0 $0 $0 $19,083 $19,083
$0 $0 $0 $0 $0 $0 $18,917 $18,917
2. Inversión ($) en activos fijos Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Maquinaria Otros Inversión total
$0 $0 $0 $0 $0 $0 $5,000 $5,000
$0 $0 $0 $0 $0 $0 $5,000 $5,000
$0 $0 $0 $0 $0 $0 $5,000 $5,000
$0 $0 $0 $0 $0 $0 $5,000 $5,000
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$42 -$42 -$42
$0 $0 $0 $0 $0 $0 -$83 -$125.00 -$83
$0 $0 $0 $0 $0 $0 -$125.00 -$250.00 -$125
$0 $0 $0 $0 $0 $0 -$166.67 -$416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$750.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$1,083.33 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Depreciación activos fijos ($) Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Maquinaria Otros Depreciación acumulada Depreciación Mensual Depreciación (%) Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Maquinaria Otros
Inflación México mensual
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
Mes 9
AÑO 1 Acumulado
Mes 10
Mes 11
Mes 12
Mes 13
Mes 14
Mes 15
Mes 16
Mes 17
Mes 18
Mes 19
$2,731,694 $2,731,694
$2,772,806 $2,772,806
$2,814,537 $2,814,537
$2,856,896 $2,856,896
$31,620,739 $31,620,739
$2,928,604 $2,928,604
$3,002,112 $3,002,112
$3,077,465 $3,077,465
$3,154,709 $3,154,709
$3,233,892 $3,233,892
$3,315,063 $3,315,063
$3,398,271 $3,398,271
$0 $120,000 $643,087 $0 $763,087
$0 $120,000 $649,518 $0 $769,518
$0 $120,000 $656,013 $0 $776,013
$0 $120,000 $662,573 $0 $782,573
$0 $1,440,000 $7,526,005 $0 $8,966,005
$0 $127,401 $675,825 $0 $803,226
$0 $127,401 $689,341 $0 $816,742
$0 $127,401 $703,128 $0 $830,529
$0 $127,401 $717,190 $0 $844,592
$0 $127,401 $731,534 $0 $858,936
$0 $127,401 $746,165 $0 $873,566
$0 $127,401 $761,088 $0 $888,490
$1,968,607
$2,003,289
$2,038,524
$2,074,323
$22,654,734
$2,125,378
$2,185,369
$2,246,936
$2,310,117
$2,374,957
$2,441,497
$2,509,782
$167 $167 $167 $167 $1,750 $167 $167 $167 $167 $167 $167 $167 $1,968,774 $2,003,455 $2,038,691 $2,074,489 $22,656,484 $2,125,545 $2,185,536 $2,247,102 $2,310,284 $2,375,124 $2,441,664 $2,509,948 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,968,774 $2,003,455 $2,038,691 $2,074,489 $22,656,484 $2,125,545 $2,185,536 $2,247,102 $2,310,284 $2,375,124 $2,441,664 $2,509,948 $689,071 $701,209 $713,542 $726,071 $7,929,769 $743,941 $764,938 $786,486 $808,599 $831,293 $854,582 $878,482 $196,877 $200,346 $203,869 $207,449 $2,265,648 $212,554 $218,554 $224,710 $231,028 $237,512 $244,166 $250,995 $1,082,826 $1,101,900 $1,121,280 $1,140,969 $12,461,066 $1,169,050 $1,202,045 $1,235,906 $1,270,656 $1,306,318 $1,342,915 $1,380,472 39.64% 39.74% 39.84% 39.94% 39.41% 39.92% 40.04% 40.16% 40.28% 40.39% 40.51% 40.62%
$8,939,526 $0 $138,640 $9,078,167
$10,039,507 $0 $140,727 $10,180,234
$11,158,836 $0 $142,845 $11,301,680
$12,296,386 $0 $146,430 $12,442,816
$12,296,386 $0 $146,430 $12,442,816
$13,461,927 $0 $150,106 $13,612,032
$14,660,371 $0 $153,873 $14,814,244
$15,892,581 $0 $157,735 $16,050,317
$17,159,445 $0 $161,695 $17,321,140
$18,461,871 $0 $165,753 $18,627,624
$19,800,793 $0 $169,914 $19,970,706
$21,177,166 $0 $174,178 $21,351,344
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $18,750 -$1,250 $18,750
$0 $0 $0 $0 $0 $18,583 -$1,417 $18,583
$0 $0 $0 $0 $0 $18,417 -$1,583 $18,417
$0 $0 $0 $0 $0 $18,250 -$1,750 $18,250
$0 $0 $0 $0 $0 $18,250 -$1,750 $18,250
$0 $0 $0 $0 $0 $18,083 -$1,917 $18,083
$0 $0 $0 $0 $0 $17,917 -$2,083 $17,917
$0 $0 $0 $0 $0 $17,750 -$2,250 $17,750
$0 $0 $0 $0 $0 $17,583 -$2,417 $17,583
$0 $0 $0 $0 $0 $17,417 -$2,583 $17,417
$0 $0 $0 $0 $0 $17,250 -$2,750 $17,250
$0 $0 $0 $0 $0 $17,083 -$2,917 $17,083
$9,096,917
$10,198,817
$11,320,097
$12,461,066
$12,461,066
$13,630,116
$14,832,161
$16,068,067
$17,338,723
$18,645,041
$19,987,956
$21,368,428
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $8,014,091 $1,082,826 $9,096,917
$0 $9,096,917 $1,101,900 $10,198,817
$0 $10,198,817 $1,121,280 $11,320,097
$0 $11,320,097 $1,140,969 $12,461,066
$0 $11,320,097 $1,140,969 $12,461,066
$0 $12,461,066 $1,169,050 $13,630,116
$0 $13,630,116 $1,202,045 $14,832,161
$0 $14,832,161 $1,235,906 $16,068,067
$0 $16,068,067 $1,270,656 $17,338,723
$0 $17,338,723 $1,306,318 $18,645,041
$0 $18,645,041 $1,342,915 $19,987,956
$0 $19,987,956 $1,380,472 $21,368,428
$9,096,917
$10,198,817
$11,320,097
$12,461,066
$12,461,066
$13,630,116
$14,832,161
$16,068,067
$17,338,723
$18,645,041
$19,987,956
$21,368,428
$1,082,826 -$167 $1,082,992
$1,101,900 -$167 $1,102,067
$1,121,280 -$167 $1,121,447
$1,140,969 -$167 $1,141,136
$12,461,066 -$146 $12,461,212
$1,169,050 -$167 $1,169,216
$1,202,045 -$167 $1,202,212
$1,235,906 -$167 $1,236,073
$1,270,656 -$167 $1,270,823
$1,306,318 -$167 $1,306,485
$1,342,915 -$167 $1,343,082
$1,380,472 -$167 $1,380,638
$0 -$2,056 -$2,056
$0 -$2,087 -$2,087
$0 -$2,118 -$2,118
$0 -$3,585 -$3,585
$0 $0 $0
$0 -$3,675 -$3,675
$0 -$3,768 -$3,768
$0 -$3,862 -$3,862
$0 -$3,959 -$3,959
$0 -$4,059 -$4,059
$0 -$4,160 -$4,160
$0 -$4,265 -$4,265
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,080,937
$1,099,980
$1,119,329
$1,137,550
$12,461,212
$1,165,541
$1,198,444
$1,232,211
$1,266,864
$1,302,426
$1,338,921
$1,376,373
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$20,000 $0 $0 -$20,000
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0 $0 $0 -$20,000 $0 $0 $0 $0 $0 $0 $0 $1,080,937 $1,099,980 $1,119,329 $1,137,550 $12,441,212 $1,165,541 $1,198,444 $1,232,211 $1,266,864 $1,302,426 $1,338,921 $1,376,373 $7,858,590 $8,939,526
$8,939,526 $10,039,507
$10,039,507 $11,158,836
$11,158,836 $12,296,386
$12,296,386 $24,737,598
$12,296,386 $13,461,927
$13,461,927 $14,660,371
$14,660,371 $15,892,581
$15,892,581 $17,159,445
$17,159,445 $18,461,871
$18,461,871 $19,800,793
$19,800,793 $21,177,166
14569.04% 30.03% 27.93%
14920.93% 27.19% 27.75%
15282.55% 24.86% 27.57%
15654.22% 22.93% 27.39%
173264.32% 253.76% 28.35%
16195.04% 21.49% 27.43%
16755.97% 20.24% 27.21%
17337.83% 19.15% 26.99%
17941.47% 18.19% 26.77%
18567.80% 17.34% 26.56%
19217.76% 16.59% 26.35%
19892.32% 15.90% 26.15%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
72.07% 39.64%
72.25% 39.74%
72.43% 39.84%
72.61% 39.94%
71.65% 39.41%
72.57% 39.92%
72.79% 40.04%
73.01% 40.16%
73.23% 40.28%
73.44% 40.39%
73.65% 40.51%
73.85% 40.62%
$0 $0 $0 $0 $0 $0 $18,750 $18,750
$0 $0 $0 $0 $0 $0 $18,583 $18,583
$0 $0 $0 $0 $0 $0 $18,417 $18,417
$0 $0 $0 $0 $0 $0 $18,250 $18,250
$0 $0 $0 $0 $0 $0 $18,250 $18,250
$0 $0 $0 $0 $0 $0 $18,083 $18,083
$0 $0 $0 $0 $0 $0 $17,917 $17,917
$0 $0 $0 $0 $0 $0 $17,750 $17,750
$0 $0 $0 $0 $0 $0 $17,583 $17,583
$0 $0 $0 $0 $0 $0 $17,417 $17,417
$0 $0 $0 $0 $0 $0 $17,250 $17,250
$0 $0 $0 $0 $0 $0 $17,083 $17,083
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $20,000 $20,000
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$1,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$1,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$1,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$1,750.00 -$167
$0 $0 $0 $0 $0 $0 -$1,750 -$1,750.00 -$146
$0 $0 $0 $0 $0 $0 -$166.67 -$1,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,750.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,916.67 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
AÑO 2 Acumulado
Mes 20
Mes 21
Mes 22
Mes 23
Mes 24
Mes 25
Mes 26
Mes 27
Mes 28
Mes 29
Mes 30
$3,483,568 $3,483,568
$3,571,005 $3,571,005
$3,660,638 $3,660,638
$3,752,520 $3,752,520
$3,846,708 $3,846,708
$40,424,555 $40,424,555
$3,981,920 $3,981,920
$4,121,884 $4,121,884
$4,266,768 $4,266,768
$4,416,745 $4,416,745
$4,571,994 $4,571,994
$4,732,699 $4,732,699
$0 $127,401 $776,310 $0 $903,711
$0 $127,401 $791,836 $0 $919,238
$0 $127,401 $807,673 $0 $935,074
$0 $127,401 $823,826 $0 $951,228
$0 $127,401 $840,303 $0 $967,704
$0 $1,528,816 $9,064,220 $0 $10,593,036
$0 $127,401 $865,512 $0 $992,913
$0 $127,401 $891,477 $0 $1,018,879
$0 $127,401 $918,222 $0 $1,045,623
$0 $127,401 $945,768 $0 $1,073,170
$0 $127,401 $974,141 $0 $1,101,543
$0 $127,401 $1,003,366 $0 $1,130,767
$2,579,857
$2,651,768
$2,725,563
$2,801,292
$2,879,004
$29,831,519
$2,989,006
$3,103,005
$3,221,145
$3,343,576
$3,470,451
$3,601,933
$167 $167 $167 $167 $167 $2,000 $167 $167 $167 $167 $167 $167 $2,580,023 $2,651,935 $2,725,730 $2,801,459 $2,879,170 $29,833,519 $2,989,173 $3,103,172 $3,221,312 $3,343,742 $3,470,618 $3,602,099 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,580,023 $2,651,935 $2,725,730 $2,801,459 $2,879,170 $29,833,519 $2,989,173 $3,103,172 $3,221,312 $3,343,742 $3,470,618 $3,602,099 $903,008 $928,177 $954,006 $980,511 $1,007,710 $10,441,732 $1,046,211 $1,086,110 $1,127,459 $1,170,310 $1,214,716 $1,260,735 $258,002 $265,193 $272,573 $280,146 $287,917 $2,983,352 $298,917 $310,317 $322,131 $334,374 $347,062 $360,210 $1,419,013 $1,458,564 $1,499,152 $1,540,802 $1,583,544 $16,408,436 $1,644,045 $1,706,745 $1,771,722 $1,839,058 $1,908,840 $1,981,155 40.73% 40.84% 40.95% 41.06% 41.17% 40.59% 41.29% 41.41% 41.52% 41.64% 41.75% 41.86%
$22,591,974 $0 $178,550 $22,770,524
$24,046,223 $0 $183,032 $24,229,254
$25,540,947 $0 $187,626 $25,728,573
$27,077,206 $0 $192,335 $27,269,542
$28,654,156 $0 $199,096 $28,853,252
$28,654,156 $0 $199,096 $28,853,252
$30,291,369 $0 $206,094 $30,497,464
$31,991,037 $0 $213,338 $32,204,375
$33,755,426 $0 $220,837 $33,976,263
$35,586,888 $0 $228,600 $35,815,488
$37,487,860 $0 $236,635 $37,724,495
$39,460,863 $0 $244,953 $39,705,816
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $16,917 -$3,083 $16,917
$0 $0 $0 $0 $0 $16,750 -$3,250 $16,750
$0 $0 $0 $0 $0 $16,583 -$3,417 $16,583
$0 $0 $0 $0 $0 $16,417 -$3,583 $16,417
$0 $0 $0 $0 $0 $16,250 -$3,750 $16,250
$0 $0 $0 $0 $0 $16,250 -$3,750 $16,250
$0 $0 $0 $0 $0 $16,083 -$3,917 $16,083
$0 $0 $0 $0 $0 $15,917 -$4,083 $15,917
$0 $0 $0 $0 $0 $15,750 -$4,250 $15,750
$0 $0 $0 $0 $0 $15,583 -$4,417 $15,583
$0 $0 $0 $0 $0 $15,417 -$4,583 $15,417
$0 $0 $0 $0 $0 $15,250 -$4,750 $15,250
$22,787,440
$24,246,004
$25,745,156
$27,285,958
$28,869,502
$28,869,502
$30,513,547
$32,220,292
$33,992,013
$35,831,072
$37,739,911
$39,721,066
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $21,368,428 $1,419,013 $22,787,440
$0 $22,787,440 $1,458,564 $24,246,004
$0 $24,246,004 $1,499,152 $25,745,156
$0 $25,745,156 $1,540,802 $27,285,958
$0 $27,285,958 $1,583,544 $28,869,502
$0 $27,285,958 $1,583,544 $28,869,502
$0 $28,869,502 $1,644,045 $30,513,547
$0 $30,513,547 $1,706,745 $32,220,292
$0 $32,220,292 $1,771,722 $33,992,013
$0 $33,992,013 $1,839,058 $35,831,072
$0 $35,831,072 $1,908,840 $37,739,911
$0 $37,739,911 $1,981,155 $39,721,066
$22,787,440
$24,246,004
$25,745,156
$27,285,958
$28,869,502
$28,869,502
$30,513,547
$32,220,292
$33,992,013
$35,831,072
$37,739,911
$39,721,066
$1,419,013 -$167 $1,419,179
$1,458,564 -$167 $1,458,731
$1,499,152 -$167 $1,499,318
$1,540,802 -$167 $1,540,969
$1,583,544 -$167 $1,583,710
$16,408,436 -$313 $16,408,748
$1,644,045 -$167 $1,644,212
$1,706,745 -$167 $1,706,911
$1,771,722 -$167 $1,771,888
$1,839,058 -$167 $1,839,225
$1,908,840 -$167 $1,909,006
$1,981,155 -$167 $1,981,321
$0 -$4,372 -$4,372
$0 -$4,482 -$4,482
$0 -$4,594 -$4,594
$0 -$4,709 -$4,709
$0 -$6,761 -$6,761
$0 $0 $0
$0 -$6,998 -$6,998
$0 -$7,244 -$7,244
$0 -$7,499 -$7,499
$0 -$7,762 -$7,762
$0 -$8,035 -$8,035
$0 -$8,318 -$8,318
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,414,808
$1,454,249
$1,494,724
$1,536,259
$1,576,950
$16,408,748
$1,637,214
$1,699,667
$1,764,389
$1,831,462
$1,900,971
$1,973,003
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,414,808 $1,454,249 $1,494,724 $1,536,259 $1,576,950 $16,408,748 $1,637,214 $1,699,667 $1,764,389 $1,831,462 $1,900,971 $1,973,003 $21,177,166 $22,591,974
$22,591,974 $24,046,223
$24,046,223 $25,540,947
$25,540,947 $27,077,206
$27,077,206 $28,654,156
$28,654,156 $45,062,904
$28,654,156 $30,291,369
$30,291,369 $31,991,037
$31,991,037 $33,755,426
$33,755,426 $35,586,888
$35,586,888 $37,487,860
$37,487,860 $39,460,863
20592.52% 15.29% 25.94%
21319.44% 14.73% 25.74%
22074.20% 14.22% 25.54%
22857.99% 13.75% 25.35%
23672.05% 13.32% 25.16%
248766.49% 140.03% 26.20%
24758.05% 13.05% 24.94%
25896.65% 12.79% 24.72%
27090.59% 12.55% 24.51%
28342.75% 12.33% 24.30%
29656.18% 12.11% 24.09%
31034.09% 11.91% 23.89%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
74.06% 40.73%
74.26% 40.84%
74.46% 40.95%
74.65% 41.06%
74.84% 41.17%
73.80% 40.59%
75.06% 41.29%
75.28% 41.41%
75.49% 41.52%
75.70% 41.64%
75.91% 41.75%
76.11% 41.86%
$0 $0 $0 $0 $0 $0 $16,917 $16,917
$0 $0 $0 $0 $0 $0 $16,750 $16,750
$0 $0 $0 $0 $0 $0 $16,583 $16,583
$0 $0 $0 $0 $0 $0 $16,417 $16,417
$0 $0 $0 $0 $0 $0 $16,250 $16,250
$0 $0 $0 $0 $0 $0 $16,250 $16,250
$0 $0 $0 $0 $0 $0 $16,083 $16,083
$0 $0 $0 $0 $0 $0 $15,917 $15,917
$0 $0 $0 $0 $0 $0 $15,750 $15,750
$0 $0 $0 $0 $0 $0 $15,583 $15,583
$0 $0 $0 $0 $0 $0 $15,417 $15,417
$0 $0 $0 $0 $0 $0 $15,250 $15,250
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$3,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$3,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$3,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$3,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$3,750.00 -$167
$0 $0 $0 $0 $0 $0 -$2,000 -$3,750.00 -$313
$0 $0 $0 $0 $0 $0 -$166.67 -$3,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,750.00 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
AÑO 3 Acumulado
Mes 31
Mes 32
Mes 33
Mes 34
Mes 35
Mes 36
Mes 37
Mes 38
Mes 39
Mes 40
Mes 41
$4,899,054 $4,899,054
$5,071,256 $5,071,256
$5,249,510 $5,249,510
$5,434,031 $5,434,031
$5,625,037 $5,625,037
$5,822,757 $5,822,757
$58,193,654 $58,193,654
$5,837,314 $5,837,314
$5,851,907 $5,851,907
$5,866,537 $5,866,537
$5,881,203 $5,881,203
$5,895,906 $5,895,906
$0 $127,401 $1,033,467 $0 $1,160,868
$0 $127,401 $1,064,471 $0 $1,191,872
$0 $127,401 $1,096,405 $0 $1,223,806
$0 $127,401 $1,129,297 $0 $1,256,698
$0 $127,401 $1,163,176 $0 $1,290,577
$0 $127,401 $1,198,071 $0 $1,325,472
$0 $1,528,816 $12,283,372 $0 $13,812,188
$0 $127,401 $1,201,066 $0 $1,328,468
$0 $127,401 $1,204,069 $0 $1,331,470
$0 $127,401 $1,207,079 $0 $1,334,480
$0 $127,401 $1,210,097 $0 $1,337,498
$0 $127,401 $1,213,122 $0 $1,340,523
$3,738,186
$3,879,384
$4,025,704
$4,177,332
$4,334,460
$4,497,284
$44,381,466
$4,508,846
$4,520,437
$4,532,056
$4,543,705
$4,555,383
$167 $167 $167 $167 $167 $167 $2,000 $167 $167 $167 $167 $167 $3,738,353 $3,879,550 $4,025,871 $4,177,499 $4,334,626 $4,497,451 $44,383,466 $4,509,013 $4,520,603 $4,532,223 $4,543,872 $4,555,549 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,738,353 $3,879,550 $4,025,871 $4,177,499 $4,334,626 $4,497,451 $44,383,466 $4,509,013 $4,520,603 $4,532,223 $4,543,872 $4,555,549 $1,308,423 $1,357,843 $1,409,055 $1,462,125 $1,517,119 $1,574,108 $15,534,213 $1,578,154 $1,582,211 $1,586,278 $1,590,355 $1,594,442 $373,835 $387,955 $402,587 $417,750 $433,463 $449,745 $4,438,347 $450,901 $452,060 $453,222 $454,387 $455,555 $2,056,094 $2,133,753 $2,214,229 $2,297,624 $2,384,044 $2,473,598 $24,410,907 $2,479,957 $2,486,332 $2,492,723 $2,499,129 $2,505,552 41.97% 42.08% 42.18% 42.28% 42.38% 42.48% 41.95% 42.48% 42.49% 42.49% 42.49% 42.50%
$41,508,514 $0 $253,563 $41,762,076
$43,633,520 $0 $262,476 $43,895,996
$45,838,690 $0 $271,702 $46,110,391
$48,126,931 $0 $281,252 $48,408,183
$50,501,256 $0 $291,138 $50,792,394
$52,974,293 $0 $291,866 $53,266,158
$52,974,293 $0 $291,866 $53,266,158
$55,453,687 $0 $292,595 $55,746,282
$57,939,454 $0 $293,327 $58,232,781
$60,431,610 $0 $294,060 $60,725,670
$62,930,171 $0 $294,795 $63,224,966
$65,435,152 $0 $295,532 $65,730,685
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $15,083 -$4,917 $15,083
$0 $0 $0 $0 $0 $14,917 -$5,083 $14,917
$0 $0 $0 $0 $0 $14,750 -$5,250 $14,750
$0 $0 $0 $0 $0 $14,583 -$5,417 $14,583
$0 $0 $0 $0 $0 $14,417 -$5,583 $14,417
$0 $0 $0 $0 $0 $14,250 -$5,750 $14,250
$0 $0 $0 $0 $0 $14,250 -$5,750 $14,250
$0 $0 $0 $0 $0 $14,083 -$5,917 $14,083
$0 $0 $0 $0 $0 $13,917 -$6,083 $13,917
$0 $0 $0 $0 $0 $13,750 -$6,250 $13,750
$0 $0 $0 $0 $0 $13,583 -$6,417 $13,583
$0 $0 $0 $0 $0 $13,417 -$6,583 $13,417
$41,777,160
$43,910,912
$46,125,141
$48,422,766
$50,806,810
$53,280,408
$53,280,408
$55,760,365
$58,246,697
$60,739,420
$63,238,549
$65,744,101
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $39,721,066 $2,056,094 $41,777,160
$0 $41,777,160 $2,133,753 $43,910,912
$0 $43,910,912 $2,214,229 $46,125,141
$0 $46,125,141 $2,297,624 $48,422,766
$0 $48,422,766 $2,384,044 $50,806,810
$0 $50,806,810 $2,473,598 $53,280,408
$0 $50,806,810 $2,473,598 $53,280,408
$0 $53,280,408 $2,479,957 $55,760,365
$0 $55,760,365 $2,486,332 $58,246,697
$0 $58,246,697 $2,492,723 $60,739,420
$0 $60,739,420 $2,499,129 $63,238,549
$0 $63,238,549 $2,505,552 $65,744,101
$41,777,160
$43,910,912
$46,125,141
$48,422,766
$50,806,810
$53,280,408
$53,280,408
$55,760,365
$58,246,697
$60,739,420
$63,238,549
$65,744,101
$2,056,094 -$167 $2,056,261
$2,133,753 -$167 $2,133,919
$2,214,229 -$167 $2,214,396
$2,297,624 -$167 $2,297,791
$2,384,044 -$167 $2,384,211
$2,473,598 -$167 $2,473,765
$24,410,907 -$479 $24,411,386
$2,479,957 -$167 $2,480,124
$2,486,332 -$167 $2,486,499
$2,492,723 -$167 $2,492,889
$2,499,129 -$167 $2,499,296
$2,505,552 -$167 $2,505,719
$0 -$8,610 -$8,610
$0 -$8,913 -$8,913
$0 -$9,226 -$9,226
$0 -$9,550 -$9,550
$0 -$9,886 -$9,886
$0 -$728 -$728
$0 $0 $0
$0 -$730 -$730
$0 -$731 -$731
$0 -$733 -$733
$0 -$735 -$735
$0 -$737 -$737
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,047,651
$2,125,007
$2,205,170
$2,288,241
$2,374,325
$2,473,037
$24,411,386
$2,479,394
$2,485,767
$2,492,156
$2,498,561
$2,504,982
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,047,651 $2,125,007 $2,205,170 $2,288,241 $2,374,325 $2,473,037 $24,411,386 $2,479,394 $2,485,767 $2,492,156 $2,498,561 $2,504,982 $39,460,863 $41,508,514
$41,508,514 $43,633,520
$43,633,520 $45,838,690
$45,838,690 $48,126,931
$48,126,931 $50,501,256
$50,501,256 $52,974,293
$52,974,293 $77,385,678
$52,974,293 $55,453,687
$55,453,687 $57,939,454
$57,939,454 $60,431,610
$60,431,610 $62,930,171
$62,930,171 $65,435,152
32479.92% 11.73% 23.70%
33997.24% 11.55% 23.50%
35589.90% 11.38% 23.31%
37261.92% 11.22% 23.13%
39017.60% 11.07% 22.94%
40861.45% 10.93% 22.76%
408376.52% 109.22% 23.73%
41448.38% 10.47% 22.76%
42049.63% 10.05% 22.75%
42665.72% 9.66% 22.75%
43297.20% 9.30% 22.74%
43944.64% 8.97% 22.74%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
76.30% 41.97%
76.50% 42.08%
76.69% 42.18%
76.87% 42.28%
77.06% 42.38%
77.24% 42.48%
76.27% 41.95%
77.24% 42.48%
77.25% 42.49%
77.25% 42.49%
77.26% 42.49%
77.26% 42.50%
$0 $0 $0 $0 $0 $0 $15,083 $15,083
$0 $0 $0 $0 $0 $0 $14,917 $14,917
$0 $0 $0 $0 $0 $0 $14,750 $14,750
$0 $0 $0 $0 $0 $0 $14,583 $14,583
$0 $0 $0 $0 $0 $0 $14,417 $14,417
$0 $0 $0 $0 $0 $0 $14,250 $14,250
$0 $0 $0 $0 $0 $0 $14,250 $14,250
$0 $0 $0 $0 $0 $0 $14,083 $14,083
$0 $0 $0 $0 $0 $0 $13,917 $13,917
$0 $0 $0 $0 $0 $0 $13,750 $13,750
$0 $0 $0 $0 $0 $0 $13,583 $13,583
$0 $0 $0 $0 $0 $0 $13,417 $13,417
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$4,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,750.00 -$167
$0 $0 $0 $0 $0 $0 -$2,000 -$5,750.00 -$479
$0 $0 $0 $0 $0 $0 -$166.67 -$5,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,583.33 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
AÑO 4 Acumulado
Mes 42
Mes 43
Mes 44
Mes 45
Mes 46
Mes 47
Mes 48
Mes 49
Mes 50
Mes 51
Mes 52
$5,910,646 $5,910,646
$5,925,422 $5,925,422
$5,940,236 $5,940,236
$5,955,087 $5,955,087
$5,969,974 $5,969,974
$5,984,899 $5,984,899
$5,999,861 $5,999,861
$71,018,992 $71,018,992
$6,007,361 $6,007,361
$6,014,870 $6,014,870
$6,022,389 $6,022,389
$6,029,917 $6,029,917
$0 $127,401 $1,216,155 $0 $1,343,556
$0 $127,401 $1,219,195 $0 $1,346,597
$0 $127,401 $1,222,243 $0 $1,349,645
$0 $127,401 $1,225,299 $0 $1,352,700
$0 $127,401 $1,228,362 $0 $1,355,763
$0 $127,401 $1,231,433 $0 $1,358,834
$0 $127,401 $1,234,512 $0 $1,361,913
$0 $1,528,816 $14,612,631 $0 $16,141,447
$0 $127,401 $1,236,055 $0 $1,363,456
$0 $127,401 $1,237,600 $0 $1,365,001
$0 $127,401 $1,239,147 $0 $1,366,548
$0 $127,401 $1,240,696 $0 $1,368,097
$4,567,090
$4,578,826
$4,590,591
$4,602,386
$4,614,211
$4,626,065
$4,637,949
$54,877,545
$4,643,905
$4,649,869
$4,655,841
$4,661,820
$167 $167 $167 $167 $167 $167 $167 $2,000 $167 $167 $167 $167 $4,567,256 $4,578,993 $4,590,758 $4,602,553 $4,614,378 $4,626,232 $4,638,115 $54,879,545 $4,644,072 $4,650,036 $4,656,008 $4,661,987 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,567,256 $4,578,993 $4,590,758 $4,602,553 $4,614,378 $4,626,232 $4,638,115 $54,879,545 $4,644,072 $4,650,036 $4,656,008 $4,661,987 $1,598,540 $1,602,647 $1,606,765 $1,610,894 $1,615,032 $1,619,181 $1,623,340 $19,207,841 $1,625,425 $1,627,513 $1,629,603 $1,631,695 $456,726 $457,899 $459,076 $460,255 $461,438 $462,623 $463,812 $5,487,954 $464,407 $465,004 $465,601 $466,199 $2,511,991 $2,518,446 $2,524,917 $2,531,404 $2,537,908 $2,544,427 $2,550,963 $30,183,749 $2,554,240 $2,557,520 $2,560,804 $2,564,093 42.50% 42.50% 42.51% 42.51% 42.51% 42.51% 42.52% 42.50% 42.52% 42.52% 42.52% 42.52%
$67,946,571 $0 $296,271 $68,242,842
$70,464,443 $0 $297,012 $70,761,455
$72,988,784 $0 $297,754 $73,286,539
$75,519,611 $0 $298,499 $75,818,109
$78,056,939 $0 $299,245 $78,356,184
$80,600,785 $0 $299,993 $80,900,778
$83,151,540 $0 $300,368 $83,451,908
$83,151,540 $0 $300,368 $83,451,908
$85,705,571 $0 $300,744 $86,006,314
$88,262,881 $0 $301,119 $88,564,001
$90,823,476 $0 $301,496 $91,124,972
$93,387,358 $0 $301,873 $93,689,231
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $13,250 -$6,750 $13,250
$0 $0 $0 $0 $0 $13,083 -$6,917 $13,083
$0 $0 $0 $0 $0 $12,917 -$7,083 $12,917
$0 $0 $0 $0 $0 $12,750 -$7,250 $12,750
$0 $0 $0 $0 $0 $12,583 -$7,417 $12,583
$0 $0 $0 $0 $0 $12,417 -$7,583 $12,417
$0 $0 $0 $0 $0 $12,250 -$7,750 $12,250
$0 $0 $0 $0 $0 $12,250 -$7,750 $12,250
$0 $0 $0 $0 $0 $12,083 -$7,917 $12,083
$0 $0 $0 $0 $0 $11,917 -$8,083 $11,917
$0 $0 $0 $0 $0 $11,750 -$8,250 $11,750
$0 $0 $0 $0 $0 $11,583 -$8,417 $11,583
$68,256,092
$70,774,538
$73,299,455
$75,830,859
$78,368,767
$80,913,194
$83,464,158
$83,464,158
$86,018,397
$88,575,917
$91,136,722
$93,700,814
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $65,744,101 $2,511,991 $68,256,092
$0 $68,256,092 $2,518,446 $70,774,538
$0 $70,774,538 $2,524,917 $73,299,455
$0 $73,299,455 $2,531,404 $75,830,859
$0 $75,830,859 $2,537,908 $78,368,767
$0 $78,368,767 $2,544,427 $80,913,194
$0 $80,913,194 $2,550,963 $83,464,158
$0 $80,913,194 $2,550,963 $83,464,158
$0 $83,464,158 $2,554,240 $86,018,397
$0 $86,018,397 $2,557,520 $88,575,917
$0 $88,575,917 $2,560,804 $91,136,722
$0 $91,136,722 $2,564,093 $93,700,814
$68,256,092
$70,774,538
$73,299,455
$75,830,859
$78,368,767
$80,913,194
$83,464,158
$83,464,158
$86,018,397
$88,575,917
$91,136,722
$93,700,814
$2,511,991 -$167 $2,512,158
$2,518,446 -$167 $2,518,613
$2,524,917 -$167 $2,525,084
$2,531,404 -$167 $2,531,571
$2,537,908 -$167 $2,538,074
$2,544,427 -$167 $2,544,594
$2,550,963 -$167 $2,551,130
$30,183,749 -$646 $30,184,395
$2,554,240 -$167 $2,554,406
$2,557,520 -$167 $2,557,687
$2,560,804 -$167 $2,560,971
$2,564,093 -$167 $2,564,259
$0 -$739 -$739
$0 -$741 -$741
$0 -$743 -$743
$0 -$744 -$744
$0 -$746 -$746
$0 -$748 -$748
$0 -$375 -$375
$0 $0 $0
$0 -$375 -$375
$0 -$376 -$376
$0 -$376 -$376
$0 -$377 -$377
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,511,419
$2,517,872
$2,524,341
$2,530,826
$2,537,328
$2,543,846
$2,550,755
$30,184,395
$2,554,031
$2,557,311
$2,560,594
$2,563,882
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,511,419 $2,517,872 $2,524,341 $2,530,826 $2,537,328 $2,543,846 $2,550,755 $30,184,395 $2,554,031 $2,557,311 $2,560,594 $2,563,882 $65,435,152 $67,946,571
$67,946,571 $70,464,443
$70,464,443 $72,988,784
$72,988,784 $75,519,611
$75,519,611 $78,056,939
$78,056,939 $80,600,785
$80,600,785 $83,151,540
$83,151,540 $113,335,935
$83,151,540 $85,705,571
$85,705,571 $88,262,881
$88,262,881 $90,823,476
$90,823,476 $93,387,358
44608.65% 8.66% 22.73%
45289.85% 8.37% 22.73%
45988.92% 8.10% 22.72%
46706.56% 7.85% 22.72%
47443.50% 7.62% 22.71%
48200.53% 7.40% 22.70%
48978.46% 7.19% 22.70%
579746.87% 85.09% 22.73%
49716.09% 6.98% 22.70%
50474.44% 6.79% 22.69%
51254.38% 6.61% 22.69%
52056.84% 6.44% 22.69%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
77.27% 42.50%
77.27% 42.50%
77.28% 42.51%
77.28% 42.51%
77.29% 42.51%
77.30% 42.51%
77.30% 42.52%
77.27% 42.50%
77.30% 42.52%
77.31% 42.52%
77.31% 42.52%
77.31% 42.52%
$0 $0 $0 $0 $0 $0 $13,250 $13,250
$0 $0 $0 $0 $0 $0 $13,083 $13,083
$0 $0 $0 $0 $0 $0 $12,917 $12,917
$0 $0 $0 $0 $0 $0 $12,750 $12,750
$0 $0 $0 $0 $0 $0 $12,583 $12,583
$0 $0 $0 $0 $0 $0 $12,417 $12,417
$0 $0 $0 $0 $0 $0 $12,250 $12,250
$0 $0 $0 $0 $0 $0 $12,250 $12,250
$0 $0 $0 $0 $0 $0 $12,083 $12,083
$0 $0 $0 $0 $0 $0 $11,917 $11,917
$0 $0 $0 $0 $0 $0 $11,750 $11,750
$0 $0 $0 $0 $0 $0 $11,583 $11,583
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$6,750.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,750.00 -$167
$0 $0 $0 $0 $0 $0 -$2,000 -$7,750.00 -$646
$0 $0 $0 $0 $0 $0 -$166.67 -$7,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,416.67 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
Mes 53
Mes 54
Mes 55
Mes 56
Mes 57
Mes 58
Mes 59
AÑO 5 Acumulado
Mes 60
$6,037,454 $6,037,454
$6,045,001 $6,045,001
$6,052,558 $6,052,558
$6,060,123 $6,060,123
$6,067,698 $6,067,698
$6,075,283 $6,075,283
$6,082,877 $6,082,877
$6,090,481 $6,090,481
$72,586,013 $72,586,013
$0 $127,401 $1,242,247 $0 $1,369,648
$0 $127,401 $1,243,799 $0 $1,371,201
$0 $127,401 $1,245,354 $0 $1,372,755
$0 $127,401 $1,246,911 $0 $1,374,312
$0 $127,401 $1,248,469 $0 $1,375,871
$0 $127,401 $1,250,030 $0 $1,377,431
$0 $127,401 $1,251,593 $0 $1,378,994
$0 $127,401 $1,253,157 $0 $1,380,558
$0 $1,528,816 $14,935,056 $0 $16,463,872
$4,667,807
$4,673,801
$4,679,802
$4,685,811
$4,691,828
$4,697,852
$4,703,883
$4,709,922
$56,122,141
$167 $4,667,973 $0 $0 $4,667,973 $1,633,791 $466,797 $2,567,385 42.52%
$167 $4,673,967 $0 $0 $4,673,967 $1,635,889 $467,397 $2,570,682 42.53%
$167 $4,679,969 $0 $0 $4,679,969 $1,637,989 $467,997 $2,573,983 42.53%
$167 $4,685,978 $0 $0 $4,685,978 $1,640,092 $468,598 $2,577,288 42.53%
$167 $4,691,994 $0 $0 $4,691,994 $1,642,198 $469,199 $2,580,597 42.53%
$167 $4,698,018 $0 $0 $4,698,018 $1,644,306 $469,802 $2,583,910 42.53%
$167 $4,704,050 $0 $0 $4,704,050 $1,646,417 $470,405 $2,587,227 42.53%
$167 $2,000 $4,710,089 $56,124,141 $0 $0 $0 $0 $4,710,089 $56,124,141 $1,648,531 $19,643,449 $471,009 $5,612,414 $2,590,549 $30,868,278 42.53% 42.53%
$95,954,533 $0 $302,250 $96,256,783
$98,525,004 $0 $302,628 $98,827,632
$101,098,775 $0 $303,006 $101,401,781
$103,675,851 $0 $303,385 $103,979,235
$106,256,235 $0 $303,764 $106,559,999
$108,839,932 $0 $304,144 $109,144,076
$111,426,946 $0 $304,524 $111,731,470
$114,322,185 $0 $0 $114,322,185
$114,322,185 $0 $0 $114,322,185
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $11,417 -$8,583 $11,417
$0 $0 $0 $0 $0 $11,250 -$8,750 $11,250
$0 $0 $0 $0 $0 $11,083 -$8,917 $11,083
$0 $0 $0 $0 $0 $10,917 -$9,083 $10,917
$0 $0 $0 $0 $0 $10,750 -$9,250 $10,750
$0 $0 $0 $0 $0 $10,583 -$9,417 $10,583
$0 $0 $0 $0 $0 $10,417 -$9,583 $10,417
$0 $0 $0 $0 $0 $10,250 -$9,750 $10,250
$0 $0 $0 $0 $0 $10,250 -$9,750 $10,250
$96,268,200
$98,838,882
$101,412,864
$103,990,152
$106,570,749
$109,154,659
$111,741,886
$114,332,435
$114,332,435
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $93,700,814 $2,567,385 $96,268,200
$0 $96,268,200 $2,570,682 $98,838,882
$0 $98,838,882 $2,573,983 $101,412,864
$0 $101,412,864 $2,577,288 $103,990,152
$0 $103,990,152 $2,580,597 $106,570,749
$0 $106,570,749 $2,583,910 $109,154,659
$0 $109,154,659 $2,587,227 $111,741,886
$0 $111,741,886 $2,590,549 $114,332,435
$0 $111,741,886 $2,590,549 $114,332,435
$96,268,200
$98,838,882
$101,412,864
$103,990,152
$106,570,749
$109,154,659
$111,741,886
$114,332,435
$114,332,435
$2,567,385 -$167 $2,567,552
$2,570,682 -$167 $2,570,849
$2,573,983 -$167 $2,574,149
$2,577,288 -$167 $2,577,454
$2,580,597 -$167 $2,580,764
$2,583,910 -$167 $2,584,077
$2,587,227 -$167 $2,587,394
$2,590,549 -$167 $2,590,716
$30,868,278 -$813 $30,869,090
$0 -$377 -$377
$0 -$378 -$378
$0 -$378 -$378
$0 -$379 -$379
$0 -$379 -$379
$0 -$380 -$380
$0 -$380 -$380
$0 $304,524 $304,524
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,567,175
$2,570,471
$2,573,771
$2,577,076
$2,580,384
$2,583,697
$2,587,014
$2,895,240
$30,869,090
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $2,567,175
$0 $2,570,471
$0 $2,573,771
$0 $2,577,076
$0 $2,580,384
$0 $2,583,697
$0 $2,587,014
$0 $0 $2,895,240 $30,869,090
$93,387,358 $95,954,533
$95,954,533 $98,525,004
$98,525,004 $101,098,775
$101,098,775 $103,675,851
$103,675,851 $106,256,235
$106,256,235 $108,839,932
$108,839,932 $111,426,946
$111,426,946 $114,322,185
$114,322,185 $145,191,275
52882.81% 6.27% 22.69%
53733.34% 6.12% 22.68%
54609.54% 5.97% 22.68%
55512.58% 5.83% 22.68%
56443.71% 5.69% 22.68%
57404.25% 5.57% 22.67%
58395.62% 5.44% 22.67%
59419.32% 5.33% 22.67%
708156.23% 63.49% 22.68%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
77.31% 42.52%
77.32% 42.53%
77.32% 42.53%
77.32% 42.53%
77.32% 42.53%
77.33% 42.53%
77.33% 42.53%
77.33% 42.53%
77.32% 42.53%
$0 $0 $0 $0 $0 $0 $11,417 $11,417
$0 $0 $0 $0 $0 $0 $11,250 $11,250
$0 $0 $0 $0 $0 $0 $11,083 $11,083
$0 $0 $0 $0 $0 $0 $10,917 $10,917
$0 $0 $0 $0 $0 $0 $10,750 $10,750
$0 $0 $0 $0 $0 $0 $10,583 $10,583
$0 $0 $0 $0 $0 $0 $10,417 $10,417
$0 $0 $0 $0 $0 $0 $10,250 $10,250
$0 $0 $0 $0 $0 $0 $10,250 $10,250
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$8,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,750.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,750.00 -$167
$0 $0 $0 $0 $0 $0 -$2,000 -$9,750.00 -$813
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
VALUACIÓN DE LA EMPRESA
LA SULTANA DEL NORTE S.A. Inv Inicial
Año 1
Flujos reales: 80 Flujos reales con probabilidad de éxito del:
VPN 20
80%
$0
Año 2
Año 3
Año 4
Año 5
### $16,357,770
###
###
###
### $13,086,216
###
###
###
$75,262,013 Tasa
20%
TIR
Err:523
Instituto tecnologico Superior de Comalc
L.A. OTHONIEL LOPEZ ABA
CARRERA: ING. GESTION EMPRESA
Pasa a Instrucciones
GRAMA INTERACTIVO CCIONES FINANCIERAS
cnologico Superior de Comalcalco
THONIEL LOPEZ ABAN ING. GESTION EMPRESARIAL
1 Utiliza esta herramienta para elaborar Proyecciones Financieras. 2 Antes de comenzar, es importante que tengas información relevante a la mano, tal como la información de mercado, capacidad instalada, precios, competidores, etc. 3 El orden de las hojas es indispensable, no debes de saltarte incisos, hojas, etc. Cada parte lleva un número, de tal forma que empieza en el número 1 y continua la numeració 4 Sólo debes rellenar la información de las celdas blancas , las celdas azules se llenan autom 5 Para algunos casos, este formato puede no ser el mejor, por lo que te pedimos que en caso de ser así, te pongas en o con ADNA en www.uas.mx/adna.htm Las hojas a continuación no están protegidas, por lo que puedes modificarlas. 6 Solicitamos comentarios y sugerencias. Comienza en la hoja de "Ingresos"
a la mano, tal como
hojas, etc. 1 y continua la numeración. das azules se llenan automático e pedimos que /adna.htm
De acuerdo a tus datos, tus ventas mensuales para los tres primeros años serían:
$6,000,000.00 $5,000,000.00 $4,000,000.00 $3,000,000.00 $2,000,000.00 $1,000,000.00 $1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
1 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Sueldos y Salarios: Selecciona puesto:
Sueldo Mensual Nominal
Número de puestos
Sueldo Anual
Comisión Mensual Nominal por Sueldo base + puesto (% comisiones de ventas)
Total Nómina
GERENTE GENERAL
1
$
17,000.00
$
204,000.00
$
204,000.00
0.00%
$
17,000.00
SUBGERENCIAS
5
$
11,000.00
$
132,000.00
$
660,000.00
0.00%
$
11,000.00
AUXILIARES
6
$
8,000.00
$
96,000.00
$
576,000.00
0.00%
$
8,000.00
AUXILIARES
0
$
-
$
-
$
-
0.00%
$
-
AUXILIARES
0
$
-
$
-
$
-
0.00%
$
-
AUXILIARES
0
$
-
$
-
$
-
0.00%
$
-
SUBGERENTE DE FINANZAS
0
$
-
$
-
$
-
0.00%
$
-
Servicio a proveedores
0
$
-
$
-
$
-
0.00%
$
-
Servicio a clientes
0
$
-
$
-
$
-
0.00%
$
-
Mercadotécnia y relaciones publicas
0
$
-
$
-
$
-
0.00%
$
-
Total Mensual Gastos fijos corporativa. Renta (m²) Luz Agua Comunicaciones Seguros y fianzas Seguridad Papelería y gastos de oficina Otros
$ $ $ $ $ $
-
$ $
-
SubTotal gastos fijos
$
-
Gastos variables de producción para el primer mes: Costos Unitarios Costo del Producto 1
$
28.00
Inventario requerido para el segundo mes, % de ventas estimadas Total Gastos Variables
5%
$
588,000.00
Gastos de instalación oficinas corporativas:
¿Necesitas hacer más gastos de instalación? OPCIONAL Mes 2
Primer mes: Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Computadoras y maquinas Otros Total gastos de instalación
Mes 4
Mes 3
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$ $ $ $
-
$
-
$
-
$
-
$
-
$ $
5,000
$ $
5,000
$ $
5,000
$
5,000
$
5,000
$
5,000
$
5,000
$
5,000
Si tus ingresos son por comisión, puedes saltarte esta hoja y pasar a Financiamiento.
Cuentas por Cobrar: Determina tus ventas a crédito: Del total de tus ventas, ¿qué porcentaje se vende a crédito? Con estos datos, tus ventas a contado son:
0% 100%
Determina el plazo promedio de cobro:
Del total de tus ventas a crédito, ¿a qué plazo estas vendiendo?
5 días
Se asume constante para todos los periodos, productos, servicios y puntos de venta.
Inventarios: Determina el monto de inventarios requeridos para cada periodo: Tu inventario para el siguiente periodo es del 5.0% de las ventas. Viene de la hoja de "Gastos" Se asume constante para todos los meses, para todos los prductos, para todos los servicios
Cuentas por Pagar: Determina tus compras a crédito: Del total de tus compras, ¿qué porcentaje se compra a crédito? Con estos datos, tus compras a contado son:
0% 100%
Determina el plazo promedio de pago:
Del total de tus compras a crédito, ¿a qué plazo estas pagando? Se asume constante para todos los periodos.
5 días
Esta hoja describe tus fuentes de financiamiento: De acuerdo a tus datos, para el primer mes: Tu empresa:
NO REQUIERE
financiamiento.
El monto de la inversión inicial es:
$0
Asume un 10% adicional.
No hagas caso del resto de esta hoja. Puedes pasar a la hoja de Proyecciones Financieras. No aplica No aplica No aplica
No aplica Inversión que se debe conseguir: No aplica No aplica No aplica No aplica
$0 $0 $0 $0 $0 TOTAL:
$0
n 10% adicional.
Mes 1
Mes 2
Mes 3
Mes 4
Mes 5
Mes 6
Mes 7
Mes 8
LA SULTANA DEL NORTE S.A. Estado de Resultados: Ingresos: Nacional: Ingresos por productos Total Ingresos
$2,424,000 $2,424,000
$2,460,481 $2,460,481
$2,497,511 $2,497,511
$2,535,099 $2,535,099
$2,573,252 $2,573,252
$2,611,980 $2,611,980
$2,651,290 $2,651,290
$2,691,192 $2,691,192
$0 $120,000 $588,000 $0 $708,000
$0 $120,000 $599,819 $0 $719,819
$0 $120,000 $605,817 $0 $725,817
$0 $120,000 $611,875 $0 $731,875
$0 $120,000 $617,994 $0 $737,994
$0 $120,000 $624,174 $0 $744,174
$0 $120,000 $630,416 $0 $750,416
$0 $120,000 $636,720 $0 $756,720
Ebitda
$1,716,000
$1,740,662
$1,771,694
$1,803,224
$1,835,258
$1,867,806
$1,900,874
$1,934,472
Depreciación y Amortización Utilidad (perdida) de Operación Gastos financieros corto plazo Gastos financieros largo plazo Utilidad antes de impuestos ISR (35%) PTU (10%) Utilidad (pérdida neta) Margen de utilidades netas:
$42 $1,716,042 $0 $0 $1,716,042 $600,615 $171,604 $943,823 38.94%
$83 $1,740,746 $0 $0 $1,740,746 $609,261 $174,075 $957,410 38.91%
$125 $1,771,819 $0 $0 $1,771,819 $620,137 $177,182 $974,501 39.02%
$167 $167 $167 $167 $167 $1,803,390 $1,835,425 $1,867,972 $1,901,041 $1,934,639 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,803,390 $1,835,425 $1,867,972 $1,901,041 $1,934,639 $631,187 $642,399 $653,790 $665,364 $677,124 $180,339 $183,542 $186,797 $190,104 $193,464 $991,865 $1,009,484 $1,027,385 $1,045,573 $1,064,051 39.13% 39.23% 39.33% 39.44% 39.54%
$815,841 $0 $123,024 $938,865
$1,766,482 $0 $124,876 $1,891,358
$2,734,229 $0 $126,755 $2,860,984
$3,719,353 $0 $128,663 $3,848,015
$4,727,067 $0 $130,599 $4,857,666
$5,752,653 $0 $132,564 $5,885,217
$6,796,397 $0 $134,560 $6,930,956
$7,858,590 $0 $136,585 $7,995,174
$0
$0
$0
$0
$0
$0
$0
$0
Egresos: Gastos fijos Sueldos y salarios Gastos Variables Otros (Gtos de Venta, etc.) Total costos
LA SULTANA DEL NORTE S.A. Balance General Activo circulante Caja y bancos Clientes Inventarios. Total activo circulante Activo Fijo Terreno
Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Computadoras y maquinas Otros Depreciación acumulada: Total activo fijo
$0 $0 $0 $0 $0 $4,958 -$42 $4,958
$0 $0 $0 $0 $0 $9,875 -$125 $9,875
$0 $0 $0 $0 $0 $14,750 -$250 $14,750
$0 $0 $0 $0 $0 $19,583 -$417 $19,583
$0 $0 $0 $0 $0 $19,417 -$583 $19,417
$0 $0 $0 $0 $0 $19,250 -$750 $19,250
$0 $0 $0 $0 $0 $19,083 -$917 $19,083
$0 $0 $0 $0 $0 $18,917 -$1,083 $18,917
$943,823
$1,901,233
$2,875,734
$3,867,599
$4,877,082
$5,904,467
$6,950,040
$8,014,091
Pasivo Circulante Proveedores Créditos bancarios Total pasivo circulante
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
Pasivo largo plazo
$0
$0
$0
$0
$0
$0
$0
$0
Pasivo total
$0
$0
$0
$0
$0
$0
$0
$0
Capital Contable Capital social Resultados de ejercicios anteriores Resultado del ejercicio Total Capital Contable
$0 $0 $943,823 $943,823
$0 $943,823 $957,410 $1,901,233
$0 $1,901,233 $974,501 $2,875,734
$0 $2,875,734 $991,865 $3,867,599
$0 $3,867,599 $1,009,484 $4,877,082
$0 $4,877,082 $1,027,385 $5,904,467
$0 $5,904,467 $1,045,573 $6,950,040
$0 $6,950,040 $1,064,051 $8,014,091
Pasivo + Capital
$943,823
$1,901,233
$2,875,734
$3,867,599
$4,877,082
$5,904,467
$6,950,040
$8,014,091
$943,823 -$42 $943,865
$957,410 -$83 $957,493
$974,501 -$125 $974,626
$991,865 -$167 $992,031
$1,009,484 -$167 $1,009,650
$1,027,385 -$167 $1,027,552
$1,045,573 -$167 $1,045,739
$1,064,051 -$167 $1,064,218
$0 -$123,024 -$123,024
$0 -$1,852 -$1,852
$0 -$1,879 -$1,879
$0 -$1,908 -$1,908
$0 -$1,936 -$1,936
$0 -$1,966 -$1,966
$0 -$1,995 -$1,995
$0 -$2,025 -$2,025
$0
$0
$0
$0
$0
$0
$0
$0
Activo total
LA SULTANA DEL NORTE S.A. Flujo de Efectivo Utilidad neta + depreciación y amortización Generación bruta de efectivo Usos Operativos Financiamiento a cuentas por cobrar Financiamiento a inventarios Total usos operativos Fuentes Operativas Financiamiento (amort.) proveedores
Total fuentes operativas Generación Neta Operativa Fuentes de Instituciones de Crédito Financ. (amort.) créditos bancarios corto pl Financ. (amort.) créditos bancarios largo pl Financiamiento neto con costo Usos no operativos Venta (inversión) en activos fijos Venta (inversión) en activos diferidos Pago de dividendos Total de usos no operativos Fuentes no operativas Aportaciones (retiros) de capital Total fuentes no operativas Generación de flujo no operativa Generación Neta de Flujo de Efectivo Caja inicial Caja final
$0
$0
$0
$0
$0
$0
$0
$0
$820,841
$955,642
$972,746
$990,124
$1,007,714
$1,025,586
$1,043,744
$1,062,193
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
-$5,000 $0 $0 -$5,000
-$5,000 $0 $0 -$5,000
-$5,000 $0 $0 -$5,000
-$5,000 $0 $0 -$5,000
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
-$5,000 $815,841
-$5,000 $950,642
-$5,000 $967,746
-$5,000 $0 $0 $0 $0 $985,124 $1,007,714 $1,025,586 $1,043,744 $1,062,193
$0 $815,841
$815,841 $1,766,482
$1,766,482 $2,734,229
$2,734,229 $3,719,353
$3,719,353 $4,727,067
$4,727,067 $5,752,653
$5,752,653 $6,796,397
$6,796,397 $7,858,590
48887.39% 256.83% 29.21%
24916.27% 129.42% 29.26%
16932.28% 86.85% 29.06%
12945.19% 65.55% 28.87%
13252.80% 52.76% 28.68%
13568.73% 44.24% 28.49%
13893.22% 38.15% 28.30%
14226.57% 33.58% 28.12%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
70.79% 38.94%
70.74% 38.91%
70.94% 39.02%
71.13% 39.13%
71.32% 39.23%
71.51% 39.33%
71.70% 39.44%
71.88% 39.54%
Razones Financieras Actividad Ventas netas a activos fijos Ventas netas a capital contable Gastos a ventas netas Apalancamiento Pasivo total a capital contable Productividad Utilidad de operación a ventas netas Utilidad neta a ventas netas
Integración de activos fijos
1. Valor de activos fijos Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Computadoras y maquinas Otros Propiedades, planta y equipo
$0 $0 $0 $0 $0 $0 $4,958 $4,958
$0 $0 $0 $0 $0 $0 $9,875 $9,875
$0 $0 $0 $0 $0 $0 $14,750 $14,750
$0 $0 $0 $0 $0 $0 $19,583 $19,583
$0 $0 $0 $0 $0 $0 $19,417 $19,417
$0 $0 $0 $0 $0 $0 $19,250 $19,250
$0 $0 $0 $0 $0 $0 $19,083 $19,083
$0 $0 $0 $0 $0 $0 $18,917 $18,917
2. Inversión ($) en activos fijos Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Maquinaria Otros Inversión total
$0 $0 $0 $0 $0 $0 $5,000 $5,000
$0 $0 $0 $0 $0 $0 $5,000 $5,000
$0 $0 $0 $0 $0 $0 $5,000 $5,000
$0 $0 $0 $0 $0 $0 $5,000 $5,000
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$42 -$42 -$42
$0 $0 $0 $0 $0 $0 -$83 -$125.00 -$83
$0 $0 $0 $0 $0 $0 -$125.00 -$250.00 -$125
$0 $0 $0 $0 $0 $0 -$166.67 -$416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$750.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$1,083.33 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
Depreciación activos fijos ($) Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Maquinaria Otros Depreciación acumulada Depreciación Mensual Depreciación (%) Terreno Edificio Comunicaciones Mobiliario y equipo Acondicionamiento (m²) Maquinaria Otros
Inflación México mensual
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
Mes 9
AÑO 1 Acumulado
Mes 10
Mes 11
Mes 12
Mes 13
Mes 14
Mes 15
Mes 16
Mes 17
Mes 18
Mes 19
$2,731,694 $2,731,694
$2,772,806 $2,772,806
$2,814,537 $2,814,537
$2,856,896 $2,856,896
$31,620,739 $31,620,739
$2,928,604 $2,928,604
$3,002,112 $3,002,112
$3,077,465 $3,077,465
$3,154,709 $3,154,709
$3,233,892 $3,233,892
$3,315,063 $3,315,063
$3,398,271 $3,398,271
$0 $120,000 $643,087 $0 $763,087
$0 $120,000 $649,518 $0 $769,518
$0 $120,000 $656,013 $0 $776,013
$0 $120,000 $662,573 $0 $782,573
$0 $1,440,000 $7,526,005 $0 $8,966,005
$0 $127,401 $675,825 $0 $803,226
$0 $127,401 $689,341 $0 $816,742
$0 $127,401 $703,128 $0 $830,529
$0 $127,401 $717,190 $0 $844,592
$0 $127,401 $731,534 $0 $858,936
$0 $127,401 $746,165 $0 $873,566
$0 $127,401 $761,088 $0 $888,490
$1,968,607
$2,003,289
$2,038,524
$2,074,323
$22,654,734
$2,125,378
$2,185,369
$2,246,936
$2,310,117
$2,374,957
$2,441,497
$2,509,782
$167 $167 $167 $167 $1,750 $167 $167 $167 $167 $167 $167 $167 $1,968,774 $2,003,455 $2,038,691 $2,074,489 $22,656,484 $2,125,545 $2,185,536 $2,247,102 $2,310,284 $2,375,124 $2,441,664 $2,509,948 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,968,774 $2,003,455 $2,038,691 $2,074,489 $22,656,484 $2,125,545 $2,185,536 $2,247,102 $2,310,284 $2,375,124 $2,441,664 $2,509,948 $689,071 $701,209 $713,542 $726,071 $7,929,769 $743,941 $764,938 $786,486 $808,599 $831,293 $854,582 $878,482 $196,877 $200,346 $203,869 $207,449 $2,265,648 $212,554 $218,554 $224,710 $231,028 $237,512 $244,166 $250,995 $1,082,826 $1,101,900 $1,121,280 $1,140,969 $12,461,066 $1,169,050 $1,202,045 $1,235,906 $1,270,656 $1,306,318 $1,342,915 $1,380,472 39.64% 39.74% 39.84% 39.94% 39.41% 39.92% 40.04% 40.16% 40.28% 40.39% 40.51% 40.62%
$8,939,526 $0 $138,640 $9,078,167
$10,039,507 $0 $140,727 $10,180,234
$11,158,836 $0 $142,845 $11,301,680
$12,296,386 $0 $146,430 $12,442,816
$12,296,386 $0 $146,430 $12,442,816
$13,461,927 $0 $150,106 $13,612,032
$14,660,371 $0 $153,873 $14,814,244
$15,892,581 $0 $157,735 $16,050,317
$17,159,445 $0 $161,695 $17,321,140
$18,461,871 $0 $165,753 $18,627,624
$19,800,793 $0 $169,914 $19,970,706
$21,177,166 $0 $174,178 $21,351,344
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $18,750 -$1,250 $18,750
$0 $0 $0 $0 $0 $18,583 -$1,417 $18,583
$0 $0 $0 $0 $0 $18,417 -$1,583 $18,417
$0 $0 $0 $0 $0 $18,250 -$1,750 $18,250
$0 $0 $0 $0 $0 $18,250 -$1,750 $18,250
$0 $0 $0 $0 $0 $18,083 -$1,917 $18,083
$0 $0 $0 $0 $0 $17,917 -$2,083 $17,917
$0 $0 $0 $0 $0 $17,750 -$2,250 $17,750
$0 $0 $0 $0 $0 $17,583 -$2,417 $17,583
$0 $0 $0 $0 $0 $17,417 -$2,583 $17,417
$0 $0 $0 $0 $0 $17,250 -$2,750 $17,250
$0 $0 $0 $0 $0 $17,083 -$2,917 $17,083
$9,096,917
$10,198,817
$11,320,097
$12,461,066
$12,461,066
$13,630,116
$14,832,161
$16,068,067
$17,338,723
$18,645,041
$19,987,956
$21,368,428
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $8,014,091 $1,082,826 $9,096,917
$0 $9,096,917 $1,101,900 $10,198,817
$0 $10,198,817 $1,121,280 $11,320,097
$0 $11,320,097 $1,140,969 $12,461,066
$0 $11,320,097 $1,140,969 $12,461,066
$0 $12,461,066 $1,169,050 $13,630,116
$0 $13,630,116 $1,202,045 $14,832,161
$0 $14,832,161 $1,235,906 $16,068,067
$0 $16,068,067 $1,270,656 $17,338,723
$0 $17,338,723 $1,306,318 $18,645,041
$0 $18,645,041 $1,342,915 $19,987,956
$0 $19,987,956 $1,380,472 $21,368,428
$9,096,917
$10,198,817
$11,320,097
$12,461,066
$12,461,066
$13,630,116
$14,832,161
$16,068,067
$17,338,723
$18,645,041
$19,987,956
$21,368,428
$1,082,826 -$167 $1,082,992
$1,101,900 -$167 $1,102,067
$1,121,280 -$167 $1,121,447
$1,140,969 -$167 $1,141,136
$12,461,066 -$146 $12,461,212
$1,169,050 -$167 $1,169,216
$1,202,045 -$167 $1,202,212
$1,235,906 -$167 $1,236,073
$1,270,656 -$167 $1,270,823
$1,306,318 -$167 $1,306,485
$1,342,915 -$167 $1,343,082
$1,380,472 -$167 $1,380,638
$0 -$2,056 -$2,056
$0 -$2,087 -$2,087
$0 -$2,118 -$2,118
$0 -$3,585 -$3,585
$0 $0 $0
$0 -$3,675 -$3,675
$0 -$3,768 -$3,768
$0 -$3,862 -$3,862
$0 -$3,959 -$3,959
$0 -$4,059 -$4,059
$0 -$4,160 -$4,160
$0 -$4,265 -$4,265
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,080,937
$1,099,980
$1,119,329
$1,137,550
$12,461,212
$1,165,541
$1,198,444
$1,232,211
$1,266,864
$1,302,426
$1,338,921
$1,376,373
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
-$20,000 $0 $0 -$20,000
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0 $0 $0 -$20,000 $0 $0 $0 $0 $0 $0 $0 $1,080,937 $1,099,980 $1,119,329 $1,137,550 $12,441,212 $1,165,541 $1,198,444 $1,232,211 $1,266,864 $1,302,426 $1,338,921 $1,376,373 $7,858,590 $8,939,526
$8,939,526 $10,039,507
$10,039,507 $11,158,836
$11,158,836 $12,296,386
$12,296,386 $24,737,598
$12,296,386 $13,461,927
$13,461,927 $14,660,371
$14,660,371 $15,892,581
$15,892,581 $17,159,445
$17,159,445 $18,461,871
$18,461,871 $19,800,793
$19,800,793 $21,177,166
14569.04% 30.03% 27.93%
14920.93% 27.19% 27.75%
15282.55% 24.86% 27.57%
15654.22% 22.93% 27.39%
173264.32% 253.76% 28.35%
16195.04% 21.49% 27.43%
16755.97% 20.24% 27.21%
17337.83% 19.15% 26.99%
17941.47% 18.19% 26.77%
18567.80% 17.34% 26.56%
19217.76% 16.59% 26.35%
19892.32% 15.90% 26.15%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
72.07% 39.64%
72.25% 39.74%
72.43% 39.84%
72.61% 39.94%
71.65% 39.41%
72.57% 39.92%
72.79% 40.04%
73.01% 40.16%
73.23% 40.28%
73.44% 40.39%
73.65% 40.51%
73.85% 40.62%
$0 $0 $0 $0 $0 $0 $18,750 $18,750
$0 $0 $0 $0 $0 $0 $18,583 $18,583
$0 $0 $0 $0 $0 $0 $18,417 $18,417
$0 $0 $0 $0 $0 $0 $18,250 $18,250
$0 $0 $0 $0 $0 $0 $18,250 $18,250
$0 $0 $0 $0 $0 $0 $18,083 $18,083
$0 $0 $0 $0 $0 $0 $17,917 $17,917
$0 $0 $0 $0 $0 $0 $17,750 $17,750
$0 $0 $0 $0 $0 $0 $17,583 $17,583
$0 $0 $0 $0 $0 $0 $17,417 $17,417
$0 $0 $0 $0 $0 $0 $17,250 $17,250
$0 $0 $0 $0 $0 $0 $17,083 $17,083
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $20,000 $20,000
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$1,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$1,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$1,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$1,750.00 -$167
$0 $0 $0 $0 $0 $0 -$1,750 -$1,750.00 -$146
$0 $0 $0 $0 $0 $0 -$166.67 -$1,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,750.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$2,916.67 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
AÑO 2 Acumulado
Mes 20
Mes 21
Mes 22
Mes 23
Mes 24
Mes 25
Mes 26
Mes 27
Mes 28
Mes 29
Mes 30
$3,483,568 $3,483,568
$3,571,005 $3,571,005
$3,660,638 $3,660,638
$3,752,520 $3,752,520
$3,846,708 $3,846,708
$40,424,555 $40,424,555
$3,981,920 $3,981,920
$4,121,884 $4,121,884
$4,266,768 $4,266,768
$4,416,745 $4,416,745
$4,571,994 $4,571,994
$4,732,699 $4,732,699
$0 $127,401 $776,310 $0 $903,711
$0 $127,401 $791,836 $0 $919,238
$0 $127,401 $807,673 $0 $935,074
$0 $127,401 $823,826 $0 $951,228
$0 $127,401 $840,303 $0 $967,704
$0 $1,528,816 $9,064,220 $0 $10,593,036
$0 $127,401 $865,512 $0 $992,913
$0 $127,401 $891,477 $0 $1,018,879
$0 $127,401 $918,222 $0 $1,045,623
$0 $127,401 $945,768 $0 $1,073,170
$0 $127,401 $974,141 $0 $1,101,543
$0 $127,401 $1,003,366 $0 $1,130,767
$2,579,857
$2,651,768
$2,725,563
$2,801,292
$2,879,004
$29,831,519
$2,989,006
$3,103,005
$3,221,145
$3,343,576
$3,470,451
$3,601,933
$167 $167 $167 $167 $167 $2,000 $167 $167 $167 $167 $167 $167 $2,580,023 $2,651,935 $2,725,730 $2,801,459 $2,879,170 $29,833,519 $2,989,173 $3,103,172 $3,221,312 $3,343,742 $3,470,618 $3,602,099 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,580,023 $2,651,935 $2,725,730 $2,801,459 $2,879,170 $29,833,519 $2,989,173 $3,103,172 $3,221,312 $3,343,742 $3,470,618 $3,602,099 $903,008 $928,177 $954,006 $980,511 $1,007,710 $10,441,732 $1,046,211 $1,086,110 $1,127,459 $1,170,310 $1,214,716 $1,260,735 $258,002 $265,193 $272,573 $280,146 $287,917 $2,983,352 $298,917 $310,317 $322,131 $334,374 $347,062 $360,210 $1,419,013 $1,458,564 $1,499,152 $1,540,802 $1,583,544 $16,408,436 $1,644,045 $1,706,745 $1,771,722 $1,839,058 $1,908,840 $1,981,155 40.73% 40.84% 40.95% 41.06% 41.17% 40.59% 41.29% 41.41% 41.52% 41.64% 41.75% 41.86%
$22,591,974 $0 $178,550 $22,770,524
$24,046,223 $0 $183,032 $24,229,254
$25,540,947 $0 $187,626 $25,728,573
$27,077,206 $0 $192,335 $27,269,542
$28,654,156 $0 $199,096 $28,853,252
$28,654,156 $0 $199,096 $28,853,252
$30,291,369 $0 $206,094 $30,497,464
$31,991,037 $0 $213,338 $32,204,375
$33,755,426 $0 $220,837 $33,976,263
$35,586,888 $0 $228,600 $35,815,488
$37,487,860 $0 $236,635 $37,724,495
$39,460,863 $0 $244,953 $39,705,816
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $16,917 -$3,083 $16,917
$0 $0 $0 $0 $0 $16,750 -$3,250 $16,750
$0 $0 $0 $0 $0 $16,583 -$3,417 $16,583
$0 $0 $0 $0 $0 $16,417 -$3,583 $16,417
$0 $0 $0 $0 $0 $16,250 -$3,750 $16,250
$0 $0 $0 $0 $0 $16,250 -$3,750 $16,250
$0 $0 $0 $0 $0 $16,083 -$3,917 $16,083
$0 $0 $0 $0 $0 $15,917 -$4,083 $15,917
$0 $0 $0 $0 $0 $15,750 -$4,250 $15,750
$0 $0 $0 $0 $0 $15,583 -$4,417 $15,583
$0 $0 $0 $0 $0 $15,417 -$4,583 $15,417
$0 $0 $0 $0 $0 $15,250 -$4,750 $15,250
$22,787,440
$24,246,004
$25,745,156
$27,285,958
$28,869,502
$28,869,502
$30,513,547
$32,220,292
$33,992,013
$35,831,072
$37,739,911
$39,721,066
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $21,368,428 $1,419,013 $22,787,440
$0 $22,787,440 $1,458,564 $24,246,004
$0 $24,246,004 $1,499,152 $25,745,156
$0 $25,745,156 $1,540,802 $27,285,958
$0 $27,285,958 $1,583,544 $28,869,502
$0 $27,285,958 $1,583,544 $28,869,502
$0 $28,869,502 $1,644,045 $30,513,547
$0 $30,513,547 $1,706,745 $32,220,292
$0 $32,220,292 $1,771,722 $33,992,013
$0 $33,992,013 $1,839,058 $35,831,072
$0 $35,831,072 $1,908,840 $37,739,911
$0 $37,739,911 $1,981,155 $39,721,066
$22,787,440
$24,246,004
$25,745,156
$27,285,958
$28,869,502
$28,869,502
$30,513,547
$32,220,292
$33,992,013
$35,831,072
$37,739,911
$39,721,066
$1,419,013 -$167 $1,419,179
$1,458,564 -$167 $1,458,731
$1,499,152 -$167 $1,499,318
$1,540,802 -$167 $1,540,969
$1,583,544 -$167 $1,583,710
$16,408,436 -$313 $16,408,748
$1,644,045 -$167 $1,644,212
$1,706,745 -$167 $1,706,911
$1,771,722 -$167 $1,771,888
$1,839,058 -$167 $1,839,225
$1,908,840 -$167 $1,909,006
$1,981,155 -$167 $1,981,321
$0 -$4,372 -$4,372
$0 -$4,482 -$4,482
$0 -$4,594 -$4,594
$0 -$4,709 -$4,709
$0 -$6,761 -$6,761
$0 $0 $0
$0 -$6,998 -$6,998
$0 -$7,244 -$7,244
$0 -$7,499 -$7,499
$0 -$7,762 -$7,762
$0 -$8,035 -$8,035
$0 -$8,318 -$8,318
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,414,808
$1,454,249
$1,494,724
$1,536,259
$1,576,950
$16,408,748
$1,637,214
$1,699,667
$1,764,389
$1,831,462
$1,900,971
$1,973,003
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,414,808 $1,454,249 $1,494,724 $1,536,259 $1,576,950 $16,408,748 $1,637,214 $1,699,667 $1,764,389 $1,831,462 $1,900,971 $1,973,003 $21,177,166 $22,591,974
$22,591,974 $24,046,223
$24,046,223 $25,540,947
$25,540,947 $27,077,206
$27,077,206 $28,654,156
$28,654,156 $45,062,904
$28,654,156 $30,291,369
$30,291,369 $31,991,037
$31,991,037 $33,755,426
$33,755,426 $35,586,888
$35,586,888 $37,487,860
$37,487,860 $39,460,863
20592.52% 15.29% 25.94%
21319.44% 14.73% 25.74%
22074.20% 14.22% 25.54%
22857.99% 13.75% 25.35%
23672.05% 13.32% 25.16%
248766.49% 140.03% 26.20%
24758.05% 13.05% 24.94%
25896.65% 12.79% 24.72%
27090.59% 12.55% 24.51%
28342.75% 12.33% 24.30%
29656.18% 12.11% 24.09%
31034.09% 11.91% 23.89%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
74.06% 40.73%
74.26% 40.84%
74.46% 40.95%
74.65% 41.06%
74.84% 41.17%
73.80% 40.59%
75.06% 41.29%
75.28% 41.41%
75.49% 41.52%
75.70% 41.64%
75.91% 41.75%
76.11% 41.86%
$0 $0 $0 $0 $0 $0 $16,917 $16,917
$0 $0 $0 $0 $0 $0 $16,750 $16,750
$0 $0 $0 $0 $0 $0 $16,583 $16,583
$0 $0 $0 $0 $0 $0 $16,417 $16,417
$0 $0 $0 $0 $0 $0 $16,250 $16,250
$0 $0 $0 $0 $0 $0 $16,250 $16,250
$0 $0 $0 $0 $0 $0 $16,083 $16,083
$0 $0 $0 $0 $0 $0 $15,917 $15,917
$0 $0 $0 $0 $0 $0 $15,750 $15,750
$0 $0 $0 $0 $0 $0 $15,583 $15,583
$0 $0 $0 $0 $0 $0 $15,417 $15,417
$0 $0 $0 $0 $0 $0 $15,250 $15,250
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$3,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$3,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$3,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$3,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$3,750.00 -$167
$0 $0 $0 $0 $0 $0 -$2,000 -$3,750.00 -$313
$0 $0 $0 $0 $0 $0 -$166.67 -$3,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$4,750.00 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
AÑO 3 Acumulado
Mes 31
Mes 32
Mes 33
Mes 34
Mes 35
Mes 36
Mes 37
Mes 38
Mes 39
Mes 40
Mes 41
$4,899,054 $4,899,054
$5,071,256 $5,071,256
$5,249,510 $5,249,510
$5,434,031 $5,434,031
$5,625,037 $5,625,037
$5,822,757 $5,822,757
$58,193,654 $58,193,654
$5,837,314 $5,837,314
$5,851,907 $5,851,907
$5,866,537 $5,866,537
$5,881,203 $5,881,203
$5,895,906 $5,895,906
$0 $127,401 $1,033,467 $0 $1,160,868
$0 $127,401 $1,064,471 $0 $1,191,872
$0 $127,401 $1,096,405 $0 $1,223,806
$0 $127,401 $1,129,297 $0 $1,256,698
$0 $127,401 $1,163,176 $0 $1,290,577
$0 $127,401 $1,198,071 $0 $1,325,472
$0 $1,528,816 $12,283,372 $0 $13,812,188
$0 $127,401 $1,201,066 $0 $1,328,468
$0 $127,401 $1,204,069 $0 $1,331,470
$0 $127,401 $1,207,079 $0 $1,334,480
$0 $127,401 $1,210,097 $0 $1,337,498
$0 $127,401 $1,213,122 $0 $1,340,523
$3,738,186
$3,879,384
$4,025,704
$4,177,332
$4,334,460
$4,497,284
$44,381,466
$4,508,846
$4,520,437
$4,532,056
$4,543,705
$4,555,383
$167 $167 $167 $167 $167 $167 $2,000 $167 $167 $167 $167 $167 $3,738,353 $3,879,550 $4,025,871 $4,177,499 $4,334,626 $4,497,451 $44,383,466 $4,509,013 $4,520,603 $4,532,223 $4,543,872 $4,555,549 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,738,353 $3,879,550 $4,025,871 $4,177,499 $4,334,626 $4,497,451 $44,383,466 $4,509,013 $4,520,603 $4,532,223 $4,543,872 $4,555,549 $1,308,423 $1,357,843 $1,409,055 $1,462,125 $1,517,119 $1,574,108 $15,534,213 $1,578,154 $1,582,211 $1,586,278 $1,590,355 $1,594,442 $373,835 $387,955 $402,587 $417,750 $433,463 $449,745 $4,438,347 $450,901 $452,060 $453,222 $454,387 $455,555 $2,056,094 $2,133,753 $2,214,229 $2,297,624 $2,384,044 $2,473,598 $24,410,907 $2,479,957 $2,486,332 $2,492,723 $2,499,129 $2,505,552 41.97% 42.08% 42.18% 42.28% 42.38% 42.48% 41.95% 42.48% 42.49% 42.49% 42.49% 42.50%
$41,508,514 $0 $253,563 $41,762,076
$43,633,520 $0 $262,476 $43,895,996
$45,838,690 $0 $271,702 $46,110,391
$48,126,931 $0 $281,252 $48,408,183
$50,501,256 $0 $291,138 $50,792,394
$52,974,293 $0 $291,866 $53,266,158
$52,974,293 $0 $291,866 $53,266,158
$55,453,687 $0 $292,595 $55,746,282
$57,939,454 $0 $293,327 $58,232,781
$60,431,610 $0 $294,060 $60,725,670
$62,930,171 $0 $294,795 $63,224,966
$65,435,152 $0 $295,532 $65,730,685
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $15,083 -$4,917 $15,083
$0 $0 $0 $0 $0 $14,917 -$5,083 $14,917
$0 $0 $0 $0 $0 $14,750 -$5,250 $14,750
$0 $0 $0 $0 $0 $14,583 -$5,417 $14,583
$0 $0 $0 $0 $0 $14,417 -$5,583 $14,417
$0 $0 $0 $0 $0 $14,250 -$5,750 $14,250
$0 $0 $0 $0 $0 $14,250 -$5,750 $14,250
$0 $0 $0 $0 $0 $14,083 -$5,917 $14,083
$0 $0 $0 $0 $0 $13,917 -$6,083 $13,917
$0 $0 $0 $0 $0 $13,750 -$6,250 $13,750
$0 $0 $0 $0 $0 $13,583 -$6,417 $13,583
$0 $0 $0 $0 $0 $13,417 -$6,583 $13,417
$41,777,160
$43,910,912
$46,125,141
$48,422,766
$50,806,810
$53,280,408
$53,280,408
$55,760,365
$58,246,697
$60,739,420
$63,238,549
$65,744,101
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $39,721,066 $2,056,094 $41,777,160
$0 $41,777,160 $2,133,753 $43,910,912
$0 $43,910,912 $2,214,229 $46,125,141
$0 $46,125,141 $2,297,624 $48,422,766
$0 $48,422,766 $2,384,044 $50,806,810
$0 $50,806,810 $2,473,598 $53,280,408
$0 $50,806,810 $2,473,598 $53,280,408
$0 $53,280,408 $2,479,957 $55,760,365
$0 $55,760,365 $2,486,332 $58,246,697
$0 $58,246,697 $2,492,723 $60,739,420
$0 $60,739,420 $2,499,129 $63,238,549
$0 $63,238,549 $2,505,552 $65,744,101
$41,777,160
$43,910,912
$46,125,141
$48,422,766
$50,806,810
$53,280,408
$53,280,408
$55,760,365
$58,246,697
$60,739,420
$63,238,549
$65,744,101
$2,056,094 -$167 $2,056,261
$2,133,753 -$167 $2,133,919
$2,214,229 -$167 $2,214,396
$2,297,624 -$167 $2,297,791
$2,384,044 -$167 $2,384,211
$2,473,598 -$167 $2,473,765
$24,410,907 -$479 $24,411,386
$2,479,957 -$167 $2,480,124
$2,486,332 -$167 $2,486,499
$2,492,723 -$167 $2,492,889
$2,499,129 -$167 $2,499,296
$2,505,552 -$167 $2,505,719
$0 -$8,610 -$8,610
$0 -$8,913 -$8,913
$0 -$9,226 -$9,226
$0 -$9,550 -$9,550
$0 -$9,886 -$9,886
$0 -$728 -$728
$0 $0 $0
$0 -$730 -$730
$0 -$731 -$731
$0 -$733 -$733
$0 -$735 -$735
$0 -$737 -$737
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,047,651
$2,125,007
$2,205,170
$2,288,241
$2,374,325
$2,473,037
$24,411,386
$2,479,394
$2,485,767
$2,492,156
$2,498,561
$2,504,982
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,047,651 $2,125,007 $2,205,170 $2,288,241 $2,374,325 $2,473,037 $24,411,386 $2,479,394 $2,485,767 $2,492,156 $2,498,561 $2,504,982 $39,460,863 $41,508,514
$41,508,514 $43,633,520
$43,633,520 $45,838,690
$45,838,690 $48,126,931
$48,126,931 $50,501,256
$50,501,256 $52,974,293
$52,974,293 $77,385,678
$52,974,293 $55,453,687
$55,453,687 $57,939,454
$57,939,454 $60,431,610
$60,431,610 $62,930,171
$62,930,171 $65,435,152
32479.92% 11.73% 23.70%
33997.24% 11.55% 23.50%
35589.90% 11.38% 23.31%
37261.92% 11.22% 23.13%
39017.60% 11.07% 22.94%
40861.45% 10.93% 22.76%
408376.52% 109.22% 23.73%
41448.38% 10.47% 22.76%
42049.63% 10.05% 22.75%
42665.72% 9.66% 22.75%
43297.20% 9.30% 22.74%
43944.64% 8.97% 22.74%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
76.30% 41.97%
76.50% 42.08%
76.69% 42.18%
76.87% 42.28%
77.06% 42.38%
77.24% 42.48%
76.27% 41.95%
77.24% 42.48%
77.25% 42.49%
77.25% 42.49%
77.26% 42.49%
77.26% 42.50%
$0 $0 $0 $0 $0 $0 $15,083 $15,083
$0 $0 $0 $0 $0 $0 $14,917 $14,917
$0 $0 $0 $0 $0 $0 $14,750 $14,750
$0 $0 $0 $0 $0 $0 $14,583 $14,583
$0 $0 $0 $0 $0 $0 $14,417 $14,417
$0 $0 $0 $0 $0 $0 $14,250 $14,250
$0 $0 $0 $0 $0 $0 $14,250 $14,250
$0 $0 $0 $0 $0 $0 $14,083 $14,083
$0 $0 $0 $0 $0 $0 $13,917 $13,917
$0 $0 $0 $0 $0 $0 $13,750 $13,750
$0 $0 $0 $0 $0 $0 $13,583 $13,583
$0 $0 $0 $0 $0 $0 $13,417 $13,417
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$4,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$5,750.00 -$167
$0 $0 $0 $0 $0 $0 -$2,000 -$5,750.00 -$479
$0 $0 $0 $0 $0 $0 -$166.67 -$5,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,583.33 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
AÑO 4 Acumulado
Mes 42
Mes 43
Mes 44
Mes 45
Mes 46
Mes 47
Mes 48
Mes 49
Mes 50
Mes 51
Mes 52
$5,910,646 $5,910,646
$5,925,422 $5,925,422
$5,940,236 $5,940,236
$5,955,087 $5,955,087
$5,969,974 $5,969,974
$5,984,899 $5,984,899
$5,999,861 $5,999,861
$71,018,992 $71,018,992
$6,007,361 $6,007,361
$6,014,870 $6,014,870
$6,022,389 $6,022,389
$6,029,917 $6,029,917
$0 $127,401 $1,216,155 $0 $1,343,556
$0 $127,401 $1,219,195 $0 $1,346,597
$0 $127,401 $1,222,243 $0 $1,349,645
$0 $127,401 $1,225,299 $0 $1,352,700
$0 $127,401 $1,228,362 $0 $1,355,763
$0 $127,401 $1,231,433 $0 $1,358,834
$0 $127,401 $1,234,512 $0 $1,361,913
$0 $1,528,816 $14,612,631 $0 $16,141,447
$0 $127,401 $1,236,055 $0 $1,363,456
$0 $127,401 $1,237,600 $0 $1,365,001
$0 $127,401 $1,239,147 $0 $1,366,548
$0 $127,401 $1,240,696 $0 $1,368,097
$4,567,090
$4,578,826
$4,590,591
$4,602,386
$4,614,211
$4,626,065
$4,637,949
$54,877,545
$4,643,905
$4,649,869
$4,655,841
$4,661,820
$167 $167 $167 $167 $167 $167 $167 $2,000 $167 $167 $167 $167 $4,567,256 $4,578,993 $4,590,758 $4,602,553 $4,614,378 $4,626,232 $4,638,115 $54,879,545 $4,644,072 $4,650,036 $4,656,008 $4,661,987 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,567,256 $4,578,993 $4,590,758 $4,602,553 $4,614,378 $4,626,232 $4,638,115 $54,879,545 $4,644,072 $4,650,036 $4,656,008 $4,661,987 $1,598,540 $1,602,647 $1,606,765 $1,610,894 $1,615,032 $1,619,181 $1,623,340 $19,207,841 $1,625,425 $1,627,513 $1,629,603 $1,631,695 $456,726 $457,899 $459,076 $460,255 $461,438 $462,623 $463,812 $5,487,954 $464,407 $465,004 $465,601 $466,199 $2,511,991 $2,518,446 $2,524,917 $2,531,404 $2,537,908 $2,544,427 $2,550,963 $30,183,749 $2,554,240 $2,557,520 $2,560,804 $2,564,093 42.50% 42.50% 42.51% 42.51% 42.51% 42.51% 42.52% 42.50% 42.52% 42.52% 42.52% 42.52%
$67,946,571 $0 $296,271 $68,242,842
$70,464,443 $0 $297,012 $70,761,455
$72,988,784 $0 $297,754 $73,286,539
$75,519,611 $0 $298,499 $75,818,109
$78,056,939 $0 $299,245 $78,356,184
$80,600,785 $0 $299,993 $80,900,778
$83,151,540 $0 $300,368 $83,451,908
$83,151,540 $0 $300,368 $83,451,908
$85,705,571 $0 $300,744 $86,006,314
$88,262,881 $0 $301,119 $88,564,001
$90,823,476 $0 $301,496 $91,124,972
$93,387,358 $0 $301,873 $93,689,231
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $13,250 -$6,750 $13,250
$0 $0 $0 $0 $0 $13,083 -$6,917 $13,083
$0 $0 $0 $0 $0 $12,917 -$7,083 $12,917
$0 $0 $0 $0 $0 $12,750 -$7,250 $12,750
$0 $0 $0 $0 $0 $12,583 -$7,417 $12,583
$0 $0 $0 $0 $0 $12,417 -$7,583 $12,417
$0 $0 $0 $0 $0 $12,250 -$7,750 $12,250
$0 $0 $0 $0 $0 $12,250 -$7,750 $12,250
$0 $0 $0 $0 $0 $12,083 -$7,917 $12,083
$0 $0 $0 $0 $0 $11,917 -$8,083 $11,917
$0 $0 $0 $0 $0 $11,750 -$8,250 $11,750
$0 $0 $0 $0 $0 $11,583 -$8,417 $11,583
$68,256,092
$70,774,538
$73,299,455
$75,830,859
$78,368,767
$80,913,194
$83,464,158
$83,464,158
$86,018,397
$88,575,917
$91,136,722
$93,700,814
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $65,744,101 $2,511,991 $68,256,092
$0 $68,256,092 $2,518,446 $70,774,538
$0 $70,774,538 $2,524,917 $73,299,455
$0 $73,299,455 $2,531,404 $75,830,859
$0 $75,830,859 $2,537,908 $78,368,767
$0 $78,368,767 $2,544,427 $80,913,194
$0 $80,913,194 $2,550,963 $83,464,158
$0 $80,913,194 $2,550,963 $83,464,158
$0 $83,464,158 $2,554,240 $86,018,397
$0 $86,018,397 $2,557,520 $88,575,917
$0 $88,575,917 $2,560,804 $91,136,722
$0 $91,136,722 $2,564,093 $93,700,814
$68,256,092
$70,774,538
$73,299,455
$75,830,859
$78,368,767
$80,913,194
$83,464,158
$83,464,158
$86,018,397
$88,575,917
$91,136,722
$93,700,814
$2,511,991 -$167 $2,512,158
$2,518,446 -$167 $2,518,613
$2,524,917 -$167 $2,525,084
$2,531,404 -$167 $2,531,571
$2,537,908 -$167 $2,538,074
$2,544,427 -$167 $2,544,594
$2,550,963 -$167 $2,551,130
$30,183,749 -$646 $30,184,395
$2,554,240 -$167 $2,554,406
$2,557,520 -$167 $2,557,687
$2,560,804 -$167 $2,560,971
$2,564,093 -$167 $2,564,259
$0 -$739 -$739
$0 -$741 -$741
$0 -$743 -$743
$0 -$744 -$744
$0 -$746 -$746
$0 -$748 -$748
$0 -$375 -$375
$0 $0 $0
$0 -$375 -$375
$0 -$376 -$376
$0 -$376 -$376
$0 -$377 -$377
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,511,419
$2,517,872
$2,524,341
$2,530,826
$2,537,328
$2,543,846
$2,550,755
$30,184,395
$2,554,031
$2,557,311
$2,560,594
$2,563,882
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,511,419 $2,517,872 $2,524,341 $2,530,826 $2,537,328 $2,543,846 $2,550,755 $30,184,395 $2,554,031 $2,557,311 $2,560,594 $2,563,882 $65,435,152 $67,946,571
$67,946,571 $70,464,443
$70,464,443 $72,988,784
$72,988,784 $75,519,611
$75,519,611 $78,056,939
$78,056,939 $80,600,785
$80,600,785 $83,151,540
$83,151,540 $113,335,935
$83,151,540 $85,705,571
$85,705,571 $88,262,881
$88,262,881 $90,823,476
$90,823,476 $93,387,358
44608.65% 8.66% 22.73%
45289.85% 8.37% 22.73%
45988.92% 8.10% 22.72%
46706.56% 7.85% 22.72%
47443.50% 7.62% 22.71%
48200.53% 7.40% 22.70%
48978.46% 7.19% 22.70%
579746.87% 85.09% 22.73%
49716.09% 6.98% 22.70%
50474.44% 6.79% 22.69%
51254.38% 6.61% 22.69%
52056.84% 6.44% 22.69%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
77.27% 42.50%
77.27% 42.50%
77.28% 42.51%
77.28% 42.51%
77.29% 42.51%
77.30% 42.51%
77.30% 42.52%
77.27% 42.50%
77.30% 42.52%
77.31% 42.52%
77.31% 42.52%
77.31% 42.52%
$0 $0 $0 $0 $0 $0 $13,250 $13,250
$0 $0 $0 $0 $0 $0 $13,083 $13,083
$0 $0 $0 $0 $0 $0 $12,917 $12,917
$0 $0 $0 $0 $0 $0 $12,750 $12,750
$0 $0 $0 $0 $0 $0 $12,583 $12,583
$0 $0 $0 $0 $0 $0 $12,417 $12,417
$0 $0 $0 $0 $0 $0 $12,250 $12,250
$0 $0 $0 $0 $0 $0 $12,250 $12,250
$0 $0 $0 $0 $0 $0 $12,083 $12,083
$0 $0 $0 $0 $0 $0 $11,917 $11,917
$0 $0 $0 $0 $0 $0 $11,750 $11,750
$0 $0 $0 $0 $0 $0 $11,583 $11,583
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$6,750.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$6,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$7,750.00 -$167
$0 $0 $0 $0 $0 $0 -$2,000 -$7,750.00 -$646
$0 $0 $0 $0 $0 $0 -$166.67 -$7,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,416.67 -$167
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
Mes 53
Mes 54
Mes 55
Mes 56
Mes 57
Mes 58
Mes 59
AÑO 5 Acumulado
Mes 60
$6,037,454 $6,037,454
$6,045,001 $6,045,001
$6,052,558 $6,052,558
$6,060,123 $6,060,123
$6,067,698 $6,067,698
$6,075,283 $6,075,283
$6,082,877 $6,082,877
$6,090,481 $6,090,481
$72,586,013 $72,586,013
$0 $127,401 $1,242,247 $0 $1,369,648
$0 $127,401 $1,243,799 $0 $1,371,201
$0 $127,401 $1,245,354 $0 $1,372,755
$0 $127,401 $1,246,911 $0 $1,374,312
$0 $127,401 $1,248,469 $0 $1,375,871
$0 $127,401 $1,250,030 $0 $1,377,431
$0 $127,401 $1,251,593 $0 $1,378,994
$0 $127,401 $1,253,157 $0 $1,380,558
$0 $1,528,816 $14,935,056 $0 $16,463,872
$4,667,807
$4,673,801
$4,679,802
$4,685,811
$4,691,828
$4,697,852
$4,703,883
$4,709,922
$56,122,141
$167 $4,667,973 $0 $0 $4,667,973 $1,633,791 $466,797 $2,567,385 42.52%
$167 $4,673,967 $0 $0 $4,673,967 $1,635,889 $467,397 $2,570,682 42.53%
$167 $4,679,969 $0 $0 $4,679,969 $1,637,989 $467,997 $2,573,983 42.53%
$167 $4,685,978 $0 $0 $4,685,978 $1,640,092 $468,598 $2,577,288 42.53%
$167 $4,691,994 $0 $0 $4,691,994 $1,642,198 $469,199 $2,580,597 42.53%
$167 $4,698,018 $0 $0 $4,698,018 $1,644,306 $469,802 $2,583,910 42.53%
$167 $4,704,050 $0 $0 $4,704,050 $1,646,417 $470,405 $2,587,227 42.53%
$167 $2,000 $4,710,089 $56,124,141 $0 $0 $0 $0 $4,710,089 $56,124,141 $1,648,531 $19,643,449 $471,009 $5,612,414 $2,590,549 $30,868,278 42.53% 42.53%
$95,954,533 $0 $302,250 $96,256,783
$98,525,004 $0 $302,628 $98,827,632
$101,098,775 $0 $303,006 $101,401,781
$103,675,851 $0 $303,385 $103,979,235
$106,256,235 $0 $303,764 $106,559,999
$108,839,932 $0 $304,144 $109,144,076
$111,426,946 $0 $304,524 $111,731,470
$114,322,185 $0 $0 $114,322,185
$114,322,185 $0 $0 $114,322,185
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $0 $0 $0 $0 $11,417 -$8,583 $11,417
$0 $0 $0 $0 $0 $11,250 -$8,750 $11,250
$0 $0 $0 $0 $0 $11,083 -$8,917 $11,083
$0 $0 $0 $0 $0 $10,917 -$9,083 $10,917
$0 $0 $0 $0 $0 $10,750 -$9,250 $10,750
$0 $0 $0 $0 $0 $10,583 -$9,417 $10,583
$0 $0 $0 $0 $0 $10,417 -$9,583 $10,417
$0 $0 $0 $0 $0 $10,250 -$9,750 $10,250
$0 $0 $0 $0 $0 $10,250 -$9,750 $10,250
$96,268,200
$98,838,882
$101,412,864
$103,990,152
$106,570,749
$109,154,659
$111,741,886
$114,332,435
$114,332,435
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 $93,700,814 $2,567,385 $96,268,200
$0 $96,268,200 $2,570,682 $98,838,882
$0 $98,838,882 $2,573,983 $101,412,864
$0 $101,412,864 $2,577,288 $103,990,152
$0 $103,990,152 $2,580,597 $106,570,749
$0 $106,570,749 $2,583,910 $109,154,659
$0 $109,154,659 $2,587,227 $111,741,886
$0 $111,741,886 $2,590,549 $114,332,435
$0 $111,741,886 $2,590,549 $114,332,435
$96,268,200
$98,838,882
$101,412,864
$103,990,152
$106,570,749
$109,154,659
$111,741,886
$114,332,435
$114,332,435
$2,567,385 -$167 $2,567,552
$2,570,682 -$167 $2,570,849
$2,573,983 -$167 $2,574,149
$2,577,288 -$167 $2,577,454
$2,580,597 -$167 $2,580,764
$2,583,910 -$167 $2,584,077
$2,587,227 -$167 $2,587,394
$2,590,549 -$167 $2,590,716
$30,868,278 -$813 $30,869,090
$0 -$377 -$377
$0 -$378 -$378
$0 -$378 -$378
$0 -$379 -$379
$0 -$379 -$379
$0 -$380 -$380
$0 -$380 -$380
$0 $304,524 $304,524
$0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,567,175
$2,570,471
$2,573,771
$2,577,076
$2,580,384
$2,583,697
$2,587,014
$2,895,240
$30,869,090
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $2,567,175
$0 $2,570,471
$0 $2,573,771
$0 $2,577,076
$0 $2,580,384
$0 $2,583,697
$0 $2,587,014
$0 $0 $2,895,240 $30,869,090
$93,387,358 $95,954,533
$95,954,533 $98,525,004
$98,525,004 $101,098,775
$101,098,775 $103,675,851
$103,675,851 $106,256,235
$106,256,235 $108,839,932
$108,839,932 $111,426,946
$111,426,946 $114,322,185
$114,322,185 $145,191,275
52882.81% 6.27% 22.69%
53733.34% 6.12% 22.68%
54609.54% 5.97% 22.68%
55512.58% 5.83% 22.68%
56443.71% 5.69% 22.68%
57404.25% 5.57% 22.67%
58395.62% 5.44% 22.67%
59419.32% 5.33% 22.67%
708156.23% 63.49% 22.68%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
77.31% 42.52%
77.32% 42.53%
77.32% 42.53%
77.32% 42.53%
77.32% 42.53%
77.33% 42.53%
77.33% 42.53%
77.33% 42.53%
77.32% 42.53%
$0 $0 $0 $0 $0 $0 $11,417 $11,417
$0 $0 $0 $0 $0 $0 $11,250 $11,250
$0 $0 $0 $0 $0 $0 $11,083 $11,083
$0 $0 $0 $0 $0 $0 $10,917 $10,917
$0 $0 $0 $0 $0 $0 $10,750 $10,750
$0 $0 $0 $0 $0 $0 $10,583 $10,583
$0 $0 $0 $0 $0 $0 $10,417 $10,417
$0 $0 $0 $0 $0 $0 $10,250 $10,250
$0 $0 $0 $0 $0 $0 $10,250 $10,250
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 -$166.67 -$8,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,750.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$8,916.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,083.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,250.00 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,416.67 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,583.33 -$167
$0 $0 $0 $0 $0 $0 -$166.67 -$9,750.00 -$167
$0 $0 $0 $0 $0 $0 -$2,000 -$9,750.00 -$813
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
0.50%
VALUACIÓN DE LA EMPRESA
LA SULTANA DEL NORTE S.A. Inv Inicial
Año 1
Flujos reales: 80 Flujos reales con probabilidad de éxito del:
VPN 20
80%
$0
Año 2
Año 3
Año 4
Año 5
### $16,357,770
###
###
###
### $13,086,216
###
###
###
$75,262,013 Tasa
20%
TIR
Err:523
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