Rentas.

xls

Rentas
Los ejemplos se comentan con INSERTAR COMENTARIOS
Para que pueda ver los comentarios haga:
Herramientas, Opciones, Pestaa Ver, y en Comentarios marque Indicador y comentario

Buscar Objetivo permite calcular variables de frmulas.

Est en el men Herramientas.
Donde pone 'Definir la celda:' se pone la celda donde est la frmula
Donde pone 'con el valor': se pone a mano (sin vincular) el valor objetivo,
esto es, el valor que alcanzar la frmula.
Donde pone 'para cambiar la celda': se pone la celda donde est la
variable que queremos despejar. Esta celda contiene la variable que
debe intervenir en la frmula y que deseamos despejar.

Solver es un complemento de Excel que se utiliza para optimizar,

aunque nosotros lo utilizaremos para despejar variables al igual que lo
hace Buscar Objetivo, pero Solver tiene mayor precisin.
Solver esta en el men Herramientas. Si no lo encuentra debe hacer
lo siguiente: Herramientas, Complementos, Solver.
En la celda Objetivo se indica la celda que contiene la frmula.
Nosotros no usaremos Mximo, ni Mnimo. Usaremos 'Valores de:', y
escribiremos el valor que deba llegar a alcanzar la celda objetivo.
Donde pone 'Cambiando las celdas', debemos indicar la celda que
contiene la variable que interviene en le frmula y que deseamos
depejar.

Rentas

Ejemplo 1

Valor Actual

Calcular el valor actual de una renta de 30 aos y trmino constante de 1.000 que se abona al final de cada mes, siendo el tan
valoracin del 5% efectivo anual.

aos
30
meses
360
Trmino
1,000.00
Renta pospagable
Tanto inters
5% efectivo anual
Tanto inters
0.40741% efectivo mensual
Mes

Trmino
0
1
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1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

Valor Descontado
995.9424074
991.9012788
987.8765474
983.8681468
979.8760106
975.9000729
971.940268
967.9965303
964.0687947
960.1569962
956.2610703
952.3809524
948.5165784
944.6678845
940.8348071
937.0172827
933.2152482
929.4286409
925.6573981
921.9014574
918.1607569
914.4352345
910.7248288
907.0294785
903.3491223
899.6836996
896.0331496
892.3974121
888.7764269
885.1701342
881.5784744
878.001388
874.438816
870.8906995
867.3569798
863.8375985

Mtodo 1
Mtodo 2
Mtodo 3

Valor Actual
188,659.60
188,659.60
188,659.60

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1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

860.3324974
856.8416186
853.3649044
849.9022972
846.4537399
843.0191754
839.598547
836.1917981
832.7988724
829.4197138
826.0542665
822.7024748
819.3642833
816.0396368
812.7284804
809.4307592
806.1464189
802.8754052
799.6176638
796.3731411
793.1417833
789.923537
786.7183491
783.5261665
780.3469365
777.1806065
774.0271241
770.8864374
767.7584942
764.643243
761.5406322
758.4506105
755.3731269
752.3081305
749.2555705
746.2153966
743.1875585
740.1720062
737.1686897
734.1775594
731.1985659
728.23166
725.2767926
722.3339148
719.402978
716.4839338
713.5767338
710.6813301
707.7976748
704.9257201
702.0654187
699.2167232
696.3795866
693.5539619
690.7398025
687.9370617

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1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

685.1456934
682.3656512
679.5968894
676.839362
674.0930236
671.3578287
668.6337321
665.9206888
663.2186539
660.5275828
657.8474309
655.178154
652.519708
649.8720488
647.2351327
644.6089162
641.9933558
639.3884083
636.7940306
634.2101798
631.6368133
629.0738884
626.5213628
623.9791943
621.4473409
618.9257607
616.4144121
613.9132535
611.4222436
608.9413412
606.4705053
604.0096951
601.5588698
599.1179889
596.6870122
594.2658993
591.8546104
589.4531055
587.0613449
584.6792891
582.3068987
579.9441345
577.5909575
575.2473286
572.9132093
570.5885609
568.2733449
565.9675232
563.6710575
561.38391
559.1060427
556.8374182
554.5779988
552.3277472
550.0866261
547.8545987

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1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

545.6316279
543.417677
541.2127094
539.0166887
536.8295786
534.6513428
532.4819455
530.3213506
528.1695226
526.0264259
523.8920249
521.7662845
519.6491694
517.5406448
515.4406757
513.3492274
511.2662653
509.1917551
507.1256624
505.067953
503.018593
500.9775484
498.9447856
496.9202709
494.9039709
492.8958522
490.8958816
488.9040261
486.9202527
484.9445286
482.9768213
481.0170981
479.0653266
477.1214747
475.1855101
473.2574009
471.3371151
469.4246211
467.5198872
465.622882
463.733574
461.851932
459.977925
458.111522
456.252692
454.4014045
452.5576287
450.7213342
448.8924906
447.0710677
445.2570355
443.4503638
441.6510228
439.8589829
438.0742143
436.2966876

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1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

434.5263734
432.7632424
431.0072654
429.2584135
427.5166577
425.7819693
424.0543195
422.3336798
420.6200218
418.913317
417.2135375
415.5206549
413.8346413
412.1554689
410.4831099
408.8175367
407.1587216
405.5066374
403.8612566
402.2225522
400.5904969
398.9650639
397.3462261
395.733957
394.1282298
392.529018
390.9362952
389.3500349
387.7702111
386.1967975
384.6297682
383.0690973
381.514759
379.9667275
378.4249773
376.8894829
375.3602189
373.83716
372.3202811
370.8095571
369.3049629
367.8064738
366.314065
364.8277117
363.3473895
361.8730738
360.4047403
358.9423646
357.4859227
356.0353905
354.5907439
353.1519591
351.7190123
350.2918798
348.8705381
347.4549636

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1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

346.0451328
344.6410227
343.2426098
341.8498711
340.4627836
339.0813243
337.7054704
336.3351992
334.9704879
333.6113141
332.2576553
330.9094891
329.5667932
328.2295454
326.8977236
325.5713058
324.2502701
322.9345945
321.6242575
320.3192373
319.0195123
317.7250611
316.4358622
315.1518944
313.8731364
312.599567
311.3311653
310.0679103
308.809781
307.5567567
306.3088167
305.0659403
303.828107
302.5952963
301.3674878
300.1446613
298.9267965
297.7138734
296.5058717
295.3027717
294.1045533
292.9111969
291.7226825
290.5389907
289.3601019
288.1859964
287.0166551
285.8520584
284.6921872
283.5370223
282.3865445
281.240735
280.0995746
278.9630446
277.8311262
276.7038007

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1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

275.5810494
274.4628538
273.3491953
272.2400556
271.1354164
270.0352593
268.9395662
267.848319
266.7614996
265.6790901
264.6010726
263.5274292
262.4581423
261.3931941
260.3325669
259.2762434
258.2242061
257.1764374
256.1329202
255.0936371
254.0585711
253.0277049
252.0010215
250.978504
249.9601355
248.9458991
247.935778
246.9297557
245.9278153
244.9299404
243.9361145
242.9463211
241.9605439
240.9787666
240.0009729
239.0271467
238.0572719
237.0913325
236.1293124
235.1711959
234.2169669
233.2666099
232.320109
231.3774487

000 que se abona al final de cada mes, siendo el tanto de

Rentas

Ejemplo 2

Valor Final

Calcular el valor final de una renta de cuanta constante 1.000 al inicio de cada mes durante 5 aos, valorada al 6% efecti
aos y al 5% efectivo anual los restantes.
Trmino
1000
Renta mensual prepagable
Duracin
5
Meses
60
Primer tipo
6%
Mensual 1
0.4868%
Segundo tipo
5%
Mensual 2
0.4074%
Primer tramo
2
Segundo tramo
3

Ao

Mes
0
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
2
2
3
3
3
3

aos
meses
efectivo anual
efectivo mensual
efectivo anual
efectivo mensual
aos
aos

Tipo mensual
0
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

0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4868%
0.4074%
0.4074%
0.4074%
0.4074%

Mtodo 1
Mtodo 2
Mtodo 3

Factor
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0049
1.0041
1.0041
1.0041
1.0041

Trmino
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

Valor Final
68,385.17
68,385.17
68,385.17

Valor Capitalizado
1,000.00
2,004.87
3,014.63
4,029.30
5,048.91
6,073.49
7,103.05
8,137.63
9,177.24
10,221.91
11,271.66
12,326.53
13,386.53
14,451.69
15,522.03
16,597.59
17,678.38
18,764.43
19,855.76
20,952.41
22,054.40
23,161.75
24,274.49
25,392.65
26,516.25
27,624.28
28,736.82
29,853.90
30,975.53

3
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5
5
5
5
5
5
5

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33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%
0.4074%

1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041
1.0041

1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

32,101.73
33,232.51
34,367.91
35,507.93
36,652.59
37,801.92
38,955.93
40,114.64
41,278.07
42,446.24
43,619.17
44,796.88
45,979.39
47,166.72
48,358.88
49,555.90
50,757.80
51,964.59
53,176.30
54,392.95
55,614.55
56,841.13
58,072.71
59,309.31
60,550.94
61,797.63
63,049.40
64,306.27
65,568.26
66,835.40
68,107.69
68,385.17

aos, valorada al 6% efectivo anual los dos primeros

VF
1300.70745
1294.40686
1288.13679
1281.89709
1275.68762
1269.50822
1263.35876
1257.23908
1251.14905
1245.08852
1239.05735
1233.05539
1227.0825
1221.13855
1215.22339
1209.33688
1203.47888
1197.64926
1191.84788
1186.07461
1180.32929
1174.61181
1168.92202
1163.2598
1157.625
1152.92783
1148.24972
1143.59059
1138.95036

1134.32897
1129.72632
1125.14235
1120.57698
1116.03014
1111.50174
1106.99172
1102.5
1098.0265
1093.57116
1089.13389
1084.71463
1080.3133
1075.92983
1071.56415
1067.21617
1062.88585
1058.57309
1054.27783
1050
1045.73953
1041.49634
1037.27037
1033.06155
1028.86981
1024.69508
1020.53728
1016.39636
1012.27223
1008.16485
1004.07412

Rentas

Ejemplo 3

Tasa de descuento
De una renta a dos aos se sabe que su valor final es un 21% mayor que su valor actual. Calcular i.
Duracin
Diferencia

2 aos
21%

Por cada Euro de VA el VF es 1,21

Como Cn=Co(1+i)n
1,21=1(1+i)2
i

10.00%

l. Calcular i.

Rentas

Ejemplo 4

Tanto de valoracin

Calcular el tanto de valoracin efectivo anual (i) contante que se aplica al clculo del valor actual de una renta de 10 trmino
mensuales prepagables de cuanta constante 500 y valor actual 4.900 .
i?
Duracin
10 meses
Renta prepagable mensual
Cuanta
500.00
VA
4,900.00

Mtodo 1. Buscar Objetivo

Valor Actual

4,900.00

Mtodo 1
Mtodo 2
Mtodo 3

Tanto Efectivo
Mensual
0.4518%
0.4518%
0.4518%

El Mtodo 1 calcula el i12 con Buscar Objetivo.

El Mtodo 2 calcula el i12 con Solver.
El Mtodo 3 calcula el i12 con la funcin TASA.

Mtodo 2. Solver
Valor Actual
4,900.00

Mes
0
1
2
3
4
5
6
7
8
9
10

Trmino
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00
500.00

valor actual de una renta de 10 trminos

Tanto Efectivo
Anual
5.56%
5.56%
5.56%

Rentas

Ejemplo 5

Nmero de trimestres

Calcular el nmero de trimestres (n) necesarios para constituir un capital de 14.617,79 mediante la entrega de 1.000 al f
cada trimestre, si se capitaliza al 12% nominal anual. Si n resultase fraccionario se tomar la parte entera, y se hace una ap
adicional de X en ese mismo instante. Calcular X.

Incgnita
Otra incgnita
Montante
Trmino
j4
i4

n?
X?
14,617.79
1,000.00
12%

Trimestre

Trmino

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14

trimestres
euros

n
X

12
425.76

trimestrales
nominal anual

3% efectivo trimestral

1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00

Montante
1,000.00
2,030.00
3,090.90
4,183.63
5,309.14
6,468.41
7,662.46
8,892.34
10,159.11
11,463.88
12,807.80
14,192.03
15,617.79 Con 12 trimestres no se llega al montante y con 13 nos pasamos.
17,086.32

ante la entrega de 1.000 al final de

arte entera, y se hace una aportacin

on 13 nos pasamos.

Rentas

Ejemplo 6

Valor Final de una renta prepagable

Calcular el valor final de una renta de termino mensual prepagable constante durante los doce meses de cada ao, pero que
experimenta un incremento acumulado del 10% cada ao. La duracin de la renta es de 25 aos y el tanto de valoracin es del
6% nominal anual. El primer trmino mensual es de 100 .
Aos
Meses
Tipo nominal
Tipo mensual
Tipo anual
1 Cuanta
Incremento anual

Ao

25
300
6%
0.5%
6.16778%
100.00
10%

Mes
0
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3

0
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

Valor Final
206,061.17
206,061.17
206,061.17
206,061.17

Mtodo 1
Mtodo 2
Mtodo 3
Mtodo 4

Trmino
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
110.00
110.00
110.00
110.00
110.00
110.00
110.00
110.00
110.00
110.00
110.00
110.00
121.00
121.00
121.00
121.00
121.00
121.00
121.00
121.00
121.00
121.00
121.00

VF
446.50
444.28
442.07
439.87
437.68
435.50
433.33
431.18
429.03
426.90
424.77
422.66
462.61
460.31
458.02
455.74
453.48
451.22
448.97
446.74
444.52
442.31
440.11
437.92
479.31
476.93
474.55
472.19
469.84
467.51
465.18
462.87
460.56
458.27
455.99

Ao

Anualidad
0
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

1,239.72
1,363.70
1,500.07
1,650.07
1,815.08
1,996.59
2,196.25
2,415.87
2,657.46
2,923.20
3,215.52
3,537.08
3,890.79
4,279.86
4,707.85
5,178.63
5,696.50
6,266.15
6,892.76
7,582.04
8,340.24
9,174.27
10,091.69
11,100.86
12,210.95

3
3
4
4
4
4
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
6
6
6
6
7
7
7
7
7
7
7
7
7
7
7
7
8
8
8
8
8
8

35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90

121.00
133.10
133.10
133.10
133.10
133.10
133.10
133.10
133.10
133.10
133.10
133.10
133.10
146.41
146.41
146.41
146.41
146.41
146.41
146.41
146.41
146.41
146.41
146.41
146.41
161.05
161.05
161.05
161.05
161.05
161.05
161.05
161.05
161.05
161.05
161.05
161.05
177.16
177.16
177.16
177.16
177.16
177.16
177.16
177.16
177.16
177.16
177.16
177.16
194.87
194.87
194.87
194.87
194.87
194.87
194.87

453.72
496.61
494.14
491.68
489.24
486.80
484.38
481.97
479.57
477.19
474.81
472.45
470.10
514.54
511.98
509.43
506.90
504.38
501.87
499.37
496.88
494.41
491.95
489.51
487.07
533.11
530.46
527.82
525.19
522.58
519.98
517.39
514.82
512.26
509.71
507.17
504.65
552.35
549.61
546.87
544.15
541.44
538.75
536.07
533.40
530.75
528.11
525.48
522.87
572.29
569.45
566.61
563.79
560.99
558.20
555.42

8
8
8
8
8
8
9
9
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
10
10
10
10
10
10
10
11
11
11
11
11
11
11
11
11
11
11
11
12
12
12
12
12
12
12
12
12
12
12
12
13
13

91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146

194.87
194.87
194.87
194.87
194.87
214.36
214.36
214.36
214.36
214.36
214.36
214.36
214.36
214.36
214.36
214.36
214.36
235.79
235.79
235.79
235.79
235.79
235.79
235.79
235.79
235.79
235.79
235.79
235.79
259.37
259.37
259.37
259.37
259.37
259.37
259.37
259.37
259.37
259.37
259.37
259.37
285.31
285.31
285.31
285.31
285.31
285.31
285.31
285.31
285.31
285.31
285.31
285.31
313.84
313.84
313.84

552.66
549.91
547.17
544.45
541.74
592.95
590.00
587.06
584.14
581.24
578.35
575.47
572.61
569.76
566.92
564.10
561.30
614.35
611.30
608.26
605.23
602.22
599.22
596.24
593.27
590.32
587.39
584.46
581.56
636.53
633.36
630.21
627.08
623.96
620.85
617.76
614.69
611.63
608.59
605.56
602.55
659.50
656.22
652.96
649.71
646.48
643.26
640.06
636.88
633.71
630.56
627.42
624.30
683.31
679.91
676.53

13
13
13
13
13
13
13
13
13
13
14
14
14
14
14
14
14
14
14
14
14
14
15
15
15
15
15
15
15
15
15
15
15
15
16
16
16
16
16
16
16
16
16
16
16
16
17
17
17
17
17
17
17
17
17
17

147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202

313.84
313.84
313.84
313.84
313.84
313.84
313.84
313.84
313.84
345.23
345.23
345.23
345.23
345.23
345.23
345.23
345.23
345.23
345.23
345.23
345.23
379.75
379.75
379.75
379.75
379.75
379.75
379.75
379.75
379.75
379.75
379.75
379.75
417.72
417.72
417.72
417.72
417.72
417.72
417.72
417.72
417.72
417.72
417.72
417.72
459.50
459.50
459.50
459.50
459.50
459.50
459.50
459.50
459.50
459.50
459.50

673.16
669.81
666.48
663.16
659.87
656.58
653.32
650.07
646.83
707.97
704.45
700.95
697.46
693.99
690.54
687.10
683.68
680.28
676.90
673.53
670.18
733.53
729.88
726.25
722.64
719.04
715.46
711.90
708.36
704.84
701.33
697.84
694.37
760.01
756.23
752.46
748.72
745.00
741.29
737.60
733.93
730.28
726.65
723.03
719.43
787.44
783.52
779.62
775.75
771.89
768.05
764.23
760.42
756.64
752.88
749.13

17
17
18
18
18
18
18
18
18
18
18
18
18
18
19
19
19
19
19
19
19
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
20
20
21
21
21
21
21
21
21
21
21
21
21
21
22
22
22
22
22
22

203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258

459.50
505.45
505.45
505.45
505.45
505.45
505.45
505.45
505.45
505.45
505.45
505.45
505.45
555.99
555.99
555.99
555.99
555.99
555.99
555.99
555.99
555.99
555.99
555.99
555.99
611.59
611.59
611.59
611.59
611.59
611.59
611.59
611.59
611.59
611.59
611.59
611.59
672.75
672.75
672.75
672.75
672.75
672.75
672.75
672.75
672.75
672.75
672.75
672.75
740.02
740.02
740.02
740.02
740.02
740.02
740.02

745.40
815.86
811.80
807.77
803.75
799.75
795.77
791.81
787.87
783.95
780.05
776.17
772.31
845.31
841.11
836.92
832.76
828.62
824.49
820.39
816.31
812.25
808.21
804.19
800.19
875.83
871.47
867.13
862.82
858.53
854.25
850.00
845.78
841.57
837.38
833.21
829.07
907.44
902.92
898.43
893.96
889.51
885.09
880.69
876.30
871.94
867.61
863.29
859.00
940.19
935.52
930.86
926.23
921.62
917.04
912.48

22
22
22
22
22
22
23
23
23
23
23
23
23
23
23
23
23
23
24
24
24
24
24
24
24
24
24
24
24
24
25
25
25
25
25
25
25
25
25
25
25
25

259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300

740.02
740.02
740.02
740.02
740.02
814.03
814.03
814.03
814.03
814.03
814.03
814.03
814.03
814.03
814.03
814.03
814.03
895.43
895.43
895.43
895.43
895.43
895.43
895.43
895.43
895.43
895.43
895.43
895.43
984.97
984.97
984.97
984.97
984.97
984.97
984.97
984.97
984.97
984.97
984.97
984.97

907.94
903.42
898.92
894.45
890.00
974.13
969.28
964.46
959.66
954.89
950.14
945.41
940.71
936.03
931.37
926.74
922.13
1,009.29
1,004.27
999.28
994.30
989.36
984.43
979.54
974.66
969.81
964.99
960.19
955.41
1,045.72
1,040.52
1,035.34
1,030.19
1,025.07
1,019.97
1,014.89
1,009.85
1,004.82
999.82
994.85
989.90

durante los doce meses de cada ao, pero que

nta es de 25 aos y el tanto de valoracin es del

Valor Final
5213.75718
5401.9523
5596.94049
5798.96695
6008.28573
6225.16005
6449.86264
6682.67607
6923.8931
7173.81707
7432.76226
7701.05431
7979.03059
8267.04067
8565.44673
8874.62401
9194.96132
9526.86148
9870.74187
10227.0349
10596.1887
10978.6674
11374.952
11785.5408
12210.9502

Rentas

Ejemplo 7

Evolucin del Valor Actual y Final

Realizar un grfico en el que se muestre cmo disminuye el valor actual de una renta y aumenta el valor final a medida que
aumenta el tipo de inters aplicado.
Aos

Flujo Caja
0
1
2
3
4
5
6
7
8
9
10

100
100
100
100
100
100
100
100
100
100

Tipo
0%
0.50%
1%
1.50%
2%
2.50%
3%
3.50%
4%
4.50%
5%
5.50%
6%
6.50%
7%
7.50%
8%
8.50%
9%
9.50%
10%
10.50%
11%
11.50%
12%
12.50%
13%
13.50%
14%
14.50%
15%
15.50%
16%
16.50%
17%
17.50%
18%
18.50%
19%
19.50%
20%

VA
1,000.00
973.04
947.13
922.22
898.26
875.21
853.02
831.66
811.09
791.27
772.17
753.76
736.01
718.88
702.36
686.41
671.01
656.13
641.77
627.88
614.46
601.48
588.92
576.78
565.02
553.64
542.62
531.95
521.61
511.59
501.88
492.46
483.32
474.46
465.86
457.51
449.41
441.54
433.89
426.47
419.25

VF
1,000.00
1,022.80
1,046.22
1,070.27
1,094.97
1,120.34
1,146.39
1,173.14
1,200.61
1,228.82
1,257.79
1,287.54
1,318.08
1,349.44
1,381.64
1,414.71
1,448.66
1,483.51
1,519.29
1,556.03
1,593.74
1,632.46
1,672.20
1,713.00
1,754.87
1,797.86
1,841.97
1,887.26
1,933.73
1,981.42
2,030.37
2,080.60
2,132.15
2,185.04
2,239.31
2,295.00
2,352.13
2,410.75
2,470.89
2,532.58
2,595.87

3,000.00
2,500.00
2,000.00

1,500.00
1,000.00
500.00
0.00
0%

una renta y aumenta el valor final a medida que

VA

VF

0%

5%

10%

15%

20%

Rentas

Ejemplo 8

geometrica.xls

Valoracin de una Renta Variable Fraccionada

Calcular el valor actual de una renta variable fraccionada. Trminos mensuales con incrementos anuales del 3%
anual acumulado. El prmer trmino mensual es de 100 , y el tanto de valoracin del 6% efectivo anual.
Tipo inters
Tipo mensual
Tipo mensual
1er Trmino
Razn

6% efectivo anual
0.49% mensual efectivo
#NAME? mensual efectivo
100
1.03
Valor
Anualizado

Ao
Ao

Mes
0
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
3
3
4

Trmino
0
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
37

100
100
100
100
100
100
100
100
100
100
100
100
103
103
103
103
103
103
103
103
103
103
103
103
106.09
106.09
106.09
106.09
106.09
106.09
106.09
106.09
106.09
106.09
106.09
106.09
109.2727

VA
99.5156028
99.0335519
98.5538362
98.0764441
97.6013645
97.1285862
96.6580981
96.1898889
95.7239478
95.2602636
94.7988255
94.3396226
96.6991234
96.2307156
95.7645767
95.3006957
94.8390618
94.379664
93.9224915
93.4675336
93.0147794
92.5642184
92.1158399
91.6696333
93.9623558
93.5072048
93.0542584
92.6035062
92.1549374
91.7085414
91.2643078
90.822226
90.3822857
89.9444764
89.5087878
89.0752097
91.3030438

0
1
2
3
4
5
6
7
8
9
10

1,232.65
1,269.63
1,307.72
1,346.95
1,387.36
1,428.98
1,471.85
1,516.01
1,561.49
1,608.33

4
4
4
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
6
6
6
6
7
7
7
7
7
7
7
7
7
7
7
7
8
8
8
8
8
8
8
8

38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92

109.2727
109.2727
109.2727
109.2727
109.2727
109.2727
109.2727
109.2727
109.2727
109.2727
109.2727
112.550881
112.550881
112.550881
112.550881
112.550881
112.550881
112.550881
112.550881
112.550881
112.550881
112.550881
112.550881
115.9274074
115.9274074
115.9274074
115.9274074
115.9274074
115.9274074
115.9274074
115.9274074
115.9274074
115.9274074
115.9274074
115.9274074
119.4052297
119.4052297
119.4052297
119.4052297
119.4052297
119.4052297
119.4052297
119.4052297
119.4052297
119.4052297
119.4052297
119.4052297
122.9873865
122.9873865
122.9873865
122.9873865
122.9873865
122.9873865
122.9873865
122.9873865

90.8607744
90.4206474
89.9826522
89.5467788
89.1130167
88.6813557
88.2517856
87.8242964
87.398878
86.9755202
86.5542132
88.7189954
88.2892431
87.8615724
87.4359734
87.012436
86.5909502
86.171506
85.7540936
85.3387031
84.9253248
84.5139489
84.1045657
86.2080805
85.7904909
85.3749242
84.9613704
84.5498199
84.1402629
83.7326898
83.327091
82.9234568
82.5217779
82.1220447
81.7242478
83.7682291
83.3624582
82.9586527
82.5568033
82.1569004
81.7589347
81.3628967
80.9687771
80.5765665
80.1862559
79.7978359
79.4112974
81.3974302
81.0031433
80.6107663
80.22029
79.8317051
79.4450026
79.0601732
78.6772079

8
8
8
8
9
9
9
9
9
9
9
9
9
9
9
9
10
10
10
10
10
10
10
10
10
10
10
10

93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

122.9873865
122.9873865
122.9873865
122.9873865
126.6770081
126.6770081
126.6770081
126.6770081
126.6770081
126.6770081
126.6770081
126.6770081
126.6770081
126.6770081
126.6770081
126.6770081
130.4773184
130.4773184
130.4773184
130.4773184
130.4773184
130.4773184
130.4773184
130.4773184
130.4773184
130.4773184
130.4773184
130.4773184

78.2960977
77.9168336
77.5394066
77.1638078
79.0937293
78.7106015
78.3293295
77.9499044
77.5723173
77.1965591
76.8226211
76.4504945
76.0801704
75.7116402
75.3448951
74.9799265
76.8552276
76.482943
76.1124617
75.7437751
75.3768743
75.0117508
74.648396
74.2868012
73.926958
73.5688579
73.2124924
72.8578531

con incrementos anuales del 3%

n del 6% efectivo anual.

Mtodo 1
Mtodo 2
Mtodo 3

Valor Actual de
la Renta
10,254.20
10,254.20
10,254.20

Rentas

Ejemplo 9

Valoracin de una Renta a inters variable anual y trminos mensua

Calcular el valor actual y final de una renta de trminos mensuales que vencen a final de mes segn la tabla
siguiente y que se valora a un tipo efectivo anual variable a lo largo de los aos 1995 a 2004.
Ao
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

Ene
###
###
###
###
###
###
###
###
###
###

Feb
###
###
###
###
###
###
###
###
###
###

Mar
###
###
###
###
###
###
###
###
###
###

Abr
###
###
###
###
###
###
###
###
###
###

May
###
###
###
###
###
###
###
###
###
###

Jun
###
###
###
###
###
###
###
###
###
###

Jul
###
###
###
###
###
###
###
###
###
###

Ago
###
###
###
###
###
###
###
###
###
###

Sep
###
###
###
###
###
###
###
###
###
###

Oct
###
###
###
###
###
###
###
###
###
###

Nov
###
###
###
###
###
###
###
###
###
###

Dic Interes anual

###
7.0%
###
6.0%
###
5.0%
###
4.0%
###
3.0%
###
2.0%
###
2.1%
###
2.2%
###
2.3%
###
2.4%

Solucin

Ao
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004

10

11

12

Ene
###
###
###
###
###
###
###
###
###
###

Feb
###
###
###
###
###
###
###
###
###
###

Mar
###
###
###
###
###
###
###
###
###
###

Abr
###
###
###
###
###
###
###
###
###
###

May
###
###
###
###
###
###
###
###
###
###

Jun
###
###
###
###
###
###
###
###
###
###

Jul
###
###
###
###
###
###
###
###
###
###

Ago
###
###
###
###
###
###
###
###
###
###

Sep
###
###
###
###
###
###
###
###
###
###

Oct
###
###
###
###
###
###
###
###
###
###

Nov
###
###
###
###
###
###
###
###
###
###

Dic
###
###
###
###
###
###
###
###
###
###

Total Ao
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

Interes anual
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
2.1%
2.2%
2.3%
2.4%

Valor de la Renta al inicio de 1995

Valor de la Renta a final de 2004

Mtodo 1
#NAME?
#NAME?

Mtodo 2
#NAME?
#NAME?

Comprobacin

#NAME?

Ao
1995
1995
1995
1995
1995
1995
1995
1995
1995
1995

Mes
0
1
2
3
4
5
6
7
8
9
10

1995
1995
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1998
1998
1998
1998
1998
1998
1998
1998
1998
1998
1998
1998
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
1999
2000
2000
2000
2000
2000
2000

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
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66

2000
2000
2000
2000
2000
2000
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2001
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2003
2004
2004
2004
2004
2004
2004
2004
2004
2004
2004
2004
2004

67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

e anual y trminos mensuales

a final de mes segn la tabla

s 1995 a 2004.

Factor
Tasa mensual
1.07
#NAME?
1.06
#NAME?
1.05
#NAME?
1.04
#NAME?
1.03
#NAME?
1.02
#NAME?
1.021
#NAME?
1.022
#NAME?
1.023
#NAME?
1.024
#NAME?

Valor Actual
Inicio ao
en t=0
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

Val. Cap.
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

V.A
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

FC

i12

Fac

Val. Actual

Val. Final

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

Mtodo 3
#NAME?
#NAME?

Mes
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct

VF
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic
Ene
Feb
Mar
Abr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dic

#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
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