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 informacin relevante a la mano, tal como
la informacin 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 nmero, de tal forma que empieza en el nmero 1 y continua la numeraci
4 Slo debes rellenar la informacin
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 as, te pongas en contacto con ADNA en www.uas.mx/adna.htm
Las hojas a continuacin no estn 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 numeracin.
das azules se llenan automtico
e pedimos que
/adna.htm

De acuerdo a tus datos, tus ventas mensuales para los tres primeros aos seran:

$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

Nmero de
puestos

Sueldo Anual

Comisin Mensual
Nominal por
Sueldo base +
puesto
(%
comisiones
de ventas)

Total Nmina

GERENTE GENERAL

17,000.00

204,000.00

204,000.00

0.00%

17,000.00

SUBGERENCIAS

11,000.00

132,000.00

660,000.00

0.00%

11,000.00

AUXILIARES

8,000.00

96,000.00

576,000.00

0.00%

8,000.00

AUXILIARES

0.00%

AUXILIARES

0.00%

AUXILIARES

0.00%

SUBGERENTE DE FINANZAS

0.00%

Servicio a proveedores

0.00%

Servicio a clientes

0.00%

Mercadotcnia y relaciones publicas

0.00%

Total Mensual
Gastos fijos
corporativa.
Renta (m)
Luz
Agua
Comunicaciones
Seguros y fianzas
Seguridad
Papelera y gastos de
oficina
Otros

$
$
$
$
$
$

$
$

SubTotal gastos fijos

Gastos variables de produccin 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 instalacin oficinas corporativas:

Necesitas hacer ms gastos de instalacin? OPCIONAL

Mes 2

Primer mes:
Terreno
Edificio
Comunicaciones
Mobiliario y equipo
Acondicionamiento
(m)
Computadoras y
maquinas
Otros
Total gastos de
instalacin

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 comisin, puedes saltarte esta hoja y pasar a Financiamiento.

Cuentas por Cobrar:

Determina tus ventas a crdito:
Del total de tus ventas, qu porcentaje se vende a crdito?
Con estos datos, tus ventas a contado son:

0%
100%

Determina el plazo promedio de cobro:

Del total de tus ventas a crdito, a qu plazo estas vendiendo?

5 das

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 crdito:
Del total de tus compras, qu porcentaje se compra a crdito?
Con estos datos, tus compras a contado son:

0%
100%

Determina el plazo promedio de pago:

Del total de tus compras a crdito, a qu plazo estas pagando?

Se asume constante para todos los periodos.

5 das

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 inversin 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
Inversin 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

Depreciacin y Amortizacin
Utilidad (perdida) de Operacin
Gastos financieros corto plazo
Gastos financieros largo plazo
Utilidad antes de impuestos
ISR (35%)
PTU (10%)
Utilidad (prdida 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 (m)
Computadoras y maquinas
Otros
Depreciacin 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
Crditos 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
+ depreciacin y amortizacin
Generacin bruta de efectivo
Usos Operativos
Financiamiento a cuentas por cobrar
Financiamiento a inventarios
Total usos operativos
Fuentes Operativas
Financiamiento (amort.) proveedores

Total fuentes operativas

Generacin Neta Operativa
Fuentes de Instituciones de Crdito
Financ. (amort.) crditos bancarios corto pl
Financ. (amort.) crditos bancarios largo pl
Financiamiento neto con costo
Usos no operativos
Venta (inversin) en activos fijos
Venta (inversin) en activos diferidos
Pago de dividendos
Total de usos no operativos
Fuentes no operativas
Aportaciones (retiros) de capital
Total fuentes no operativas
Generacin de flujo no operativa
Generacin 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 operacin a ventas netas
Utilidad neta a ventas netas

Integracin de activos fijos

1. Valor de activos fijos

Terreno
Edificio
Comunicaciones
Mobiliario y equipo
Acondicionamiento (m)
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. Inversin ($) en activos fijos

Terreno
Edificio
Comunicaciones
Mobiliario y equipo
Acondicionamiento (m)
Maquinaria
Otros
Inversin 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%

Depreciacin activos fijos ($)

Terreno
Edificio
Comunicaciones
Mobiliario y equipo
Acondicionamiento (m)
Maquinaria
Otros
Depreciacin acumulada
Depreciacin Mensual
Depreciacin (%)
Terreno
Edificio
Comunicaciones
Mobiliario y equipo
Acondicionamiento (m)
Maquinaria
Otros

Inflacin Mxico mensual

0.50%

0.50%

0.50%

0.50%

0.50%

0.50%

0.50%

0.50%

Mes 9

AO 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%

AO 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%

AO 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%

AO 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

AO 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%

VALUACIN DE LA EMPRESA

LA SULTANA DEL NORTE S.A.

Inv Inicial

Ao 1

Flujos reales:
80 Flujos reales con probabilidad de xito del:

VPN
20

80%

$0

Ao 2

Ao 3

Ao 4

Ao 5

### $16,357,770

###

###

###

### $13,086,216

###

###

###

$75,262,013
Tasa

20%

TIR

Err:523