Deduccin de frmula:

C= Costo de la inversin
Z=Pago (o beneficio de la inversin)
= Depreciacin
i= inters
2

VPN =C+

( 1 ) (1 )2
( 1 )n1
Z
VPN =C+
1+
+
++
( 1+ i )
(1+i ) ( 1+ i )2
( 1+i )n1

VPN =C+

Z
[1+ x + x 2 ++ x n1 ]
( 1+ i )

Reduciendo la sumatoria:
2

P=1+ x + x + + x

n1

x ( P )=x + x 2 + x 3 + x n1 + x n

Px ( P )=1x n
P (1x )=1x n
(1x n)
P=
(1x )
VPN =C+

n 1

Z (1 ) Z ( 1 ) Z ( 1 )
Z ( 1 )
Z
+
+
+
+ +
2
3
4
( 1+ i ) ( 1+i )
( 1+i )
( 1+ i )
( 1+i )n

Z
[P]
( 1+ i )

Forma vista en clase:

]
Donde X=

( 1 )
( 1+i )

Z (1x )
VPN =C+
( 1+ i ) (1x)

[ ]

1
1+i
Z
VPN =C+
( 1+ i )
1
1
1+ i

( )
( )

A perpetuidad , lim

C +

Z
( 1+ i )

1 n
=0 , por tanto:
1+i

( )

1
1
1
1+i

( )

C +

Forma alterna:
VPN =C+

(Frmula
general)

Z (1x )
( 1+ i ) (1x)

Donde:

1
( 1x ) = 1
1+ i

( )

i+
1+ i

[ ]

1
1
1+i
Z
VPN =C+
( 1+ i )
i+
1+i

( )

[ ]

Z 1+i
Z
VPN
=C+
=
i
+
(1+i )
( i+ )

(Frmula a
perpetuidad)

VPN =C+

[ ( ) ][ ]

Z
1
1
( 1+ i )
1+i

1+ i
i +

VPN =C+

A perpetuidad , lim

1 n
=0 , entonces:
1+i

( )

[ ( )]

Z
1
1
( i+ )
1+i

VPN =C+

(Frmula
general)

Z
Z
[ 10VPN
] ==C+
( i+ )
( i+ )

(Frmula a
perpetuidad)