<div id="pf1" class="pf w0 h0" data-page-no="1"><div class="pc pc1 w0 h0"><img class="bi x0 y0 w1 h1" alt="" src="https://files.passeidireto.com/ac28f13d-0f2f-43e1-91e1-227be88b2bc6/bg1.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">1 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x3 h3 y3 ff2 fs1 fc0 sc0 ls4 ws5">Nota<span class="_0 blank"> </span>s de <span class="_1 blank"></span>a<span class="_0 blank"> </span>ul<span class="_1 blank"></span>a <span class="_0 blank"> </span>p<span class="_1 blank"></span>a<span class="_0 blank"> </span>r<span class="_1 blank"></span>a<span class="_0 blank"> </span> o curso de Engenha<span class="_0 blank"> </span>ri<span class="_1 blank"></span>a <span class="_0 blank"> </span>Ec<span class="_1 blank"></span>o<span class="_0 blank"> </span>nômica </div><div class="t m0 x4 h3 y4 ff2 fs1 fc0 sc0 ls4 ws5">Nota 3<span class="_0 blank"> </span>: An<span class="_1 blank"></span>á<span class="_0 blank"> </span>lise de projetos, fluxos d<span class="_0 blank"> </span>e<span class="_1 blank"></span> caixa com séries unif<span class="_0 blank"> </span>o<span class="_0 blank"> </span>r<span class="_1 blank"></span>mes </div><div class="t m0 x5 h4 y5 ff3 fs1 fc0 sc0 ls4 ws5">Thiago <span class="_0 blank"> </span>F<span class="_1 blank"></span>onseca Mo<span class="_0 blank"> </span>rell<span class="_1 blank"></span>o </div><div class="t m0 x0 h4 y6 ff3 fs1 fc1 sc0 ls4 ws0">fonseca.mo rello@ufabc.edu.br<span class="fc0 ws5"> </span></div><div class="t m0 x6 h4 y7 ff3 fs1 fc0 sc0 ls4 ws5">sala 301<span class="_0 blank"> </span>, Bl<span class="_1 blank"></span>o<span class="_0 blank"> </span>co Delta, SBC </div><div class="t m0 x2 h3 y8 ff2 fs1 fc0 sc0 ls4 ws5">1 <span class="_2 blank"> </span>Teoria </div><div class="t m0 x2 h3 y9 ff2 fs1 fc0 sc0 ls4 ws5">1.1 <span class="_3 blank"> </span>Con<span class="_0 blank"> </span>ceit<span class="_1 blank"></span>o<span class="_0 blank"> </span>s básic<span class="_1 blank"></span>o<span class="_0 blank"> </span>s </div><div class="t m0 x2 h3 ya ff2 fs1 fc0 sc0 ls4 ws5">1.1.1 <span class="_4 blank"> </span>Fluxo<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_0 blank"> </span>m<span class="_1 blank"></span>o<span class="_0 blank"> </span>netários<span class="_1 blank"></span> </div><div class="t m0 x2 h4 yb ff3 fs1 fc0 sc0 ls4 ws5">Um<span class="_1 blank"></span> <span class="_5 blank"> </span>pro<span class="_0 blank"> </span>jeto <span class="_6 blank"> </span>d<span class="_0 blank"> </span>e <span class="_6 blank"> </span>inv<span class="_1 blank"></span>estimento <span class="_5 blank"> </span>pod<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_5 blank"> </span>ser <span class="_6 blank"> </span>entendido <span class="_5 blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>mo <span class="_6 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_6 blank"> </span>sequênci<span class="_1 blank"></span>a <span class="_6 blank"> </span>d<span class="_0 blank"> </span>e <span class="_6 blank"> </span>flu<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span>s </div><div class="t m0 x2 h4 yc ff3 fs1 fc0 sc0 ls4 ws5">monetários negativos e p<span class="_0 blank"> </span>o<span class="_0 blank"> </span>si<span class="_1 blank"></span>ti<span class="_0 blank"> </span>v<span class="_1 blank"></span>o<span class="_0 blank"> </span>s, i.e., d<span class="_0 blank"> </span>e receitas e<span class="_0 blank"> </span> despesas. <span class="_0 blank"> </span>O investimento em s<span class="_0 blank"> </span>i é u<span class="_0 blank"> </span>m </div><div class="t m0 x2 h4 yd ff3 fs1 fc0 sc0 ls4 ws5">efluxo <span class="_7 blank"> </span>e <span class="_7 blank"> </span>ele<span class="_1 blank"></span> <span class="_7 blank"> </span>é <span class="_7 blank"> </span>fe<span class="_1 blank"></span>ito <span class="_7 blank"> </span>com <span class="_7 blank"> </span>vi<span class="_1 blank"></span>stas <span class="_7 blank"> </span>à <span class="_7 blank"> </span>g<span class="_1 blank"></span>eração<span class="_0 blank"> </span> <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_8 blank"> </span>lucro <span class="_8 blank"> </span>e, <span class="_8 blank"> </span>p<span class="_0 blank"> </span>ortanto, <span class="_8 blank"> </span>de <span class="_7 blank"> </span>inf<span class="_1 blank"></span>luxos <span class="_7 blank"> </span>mo<span class="_0 blank"> </span>n<span class="_1 blank"></span>etários.<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 ye ff3 fs1 fc0 sc0 ls4 ws5">Este <span class="_8 blank"> </span>tó<span class="_1 blank"></span>p<span class="_0 blank"> </span>ico <span class="_8 blank"> </span>do <span class="_8 blank"> </span>c<span class="_1 blank"></span>ur<span class="_0 blank"> </span>so <span class="_8 blank"> </span>a<span class="_1 blank"></span>p<span class="_0 blank"> </span>resen<span class="_1 blank"></span>ta <span class="_9 blank"> </span>téc<span class="_0 blank"> </span>nicas <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>análise<span class="_0 blank"> </span> <span class="_9 blank"> </span>de <span class="_8 blank"> </span>pro<span class="_0 blank"> </span>j<span class="_1 blank"></span>etos <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>investi<span class="_1 blank"></span>m<span class="_0 blank"> </span>e<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> <span class="_9 blank"> </span>vis<span class="_1 blank"></span>a<span class="_0 blank"> </span>ndo </div><div class="t m0 x2 h4 yf ff3 fs1 fc0 sc0 ls4 ws5">dar <span class="_a blank"> </span>embasamen<span class="_1 blank"></span>to<span class="_0 blank"> </span> objetivo <span class="_a blank"> </span>à to<span class="_0 blank"> </span>mada de d<span class="_0 blank"> </span>eci<span class="_1 blank"></span>sã<span class="_0 blank"> </span>o <span class="_a blank"> </span>acerca de<span class="_0 blank"> </span> (esco<span class="_0 blank"> </span>l<span class="_1 blank"></span>ha entre)<span class="_0 blank"> </span> projeto<span class="_0 blank"> </span>s<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y10 ff3 fs1 fc0 sc0 ls4 ws5">alternativos. <span class="_b blank"> </span>O <span class="_c blank"> </span>p<span class="_0 blank"> </span>ass<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_c blank"> </span>cr<span class="_1 blank"></span>ucia<span class="_0 blank"> </span>l<span class="_1 blank"></span> <span class="_c blank"> </span>qu<span class="_0 blank"> </span>e <span class="_c blank"> </span>as <span class="_c blank"> </span>t<span class="_0 blank"> </span>écn<span class="_1 blank"></span>icas <span class="_c blank"> </span>p<span class="_0 blank"> </span>ermitem <span class="_c blank"> </span>é <span class="_b blank"> </span>redu<span class="_0 blank"> </span>zi<span class="_1 blank"></span>r <span class="_b blank"> </span>a <span class="_c blank"> </span>um<span class="_0 blank"> </span> <span class="_d blank"> </span>d<span class="_0 blank"> </span>en<span class="_1 blank"></span>om<span class="_0 blank"> </span>i<span class="_1 blank"></span>nado<span class="_0 blank"> </span>r </div><div class="t m0 x2 h4 y11 ff3 fs1 fc0 sc0 ls4 ws5">comum<span class="_0 blank"> </span> <span class="_d blank"> </span>o<span class="_0 blank"> </span>s <span class="_d blank"> </span>mú<span class="_0 blank"> </span>lti<span class="_1 blank"></span>p<span class="_0 blank"> </span>l<span class="_1 blank"></span>os <span class="_c blank"> </span>pro<span class="_0 blank"> </span>jetos <span class="_d blank"> </span>qu<span class="_0 blank"> </span>e <span class="_c blank"> </span>comp<span class="_0 blank"> </span>etem<span class="_1 blank"></span> <span class="_c blank"> </span>pelos <span class="_c blank"> </span>fundo<span class="_0 blank"> </span>s <span class="_d blank"> </span>do <span class="_c blank"> </span>inv<span class="_1 blank"></span>e<span class="_0 blank"> </span>stid<span class="_0 blank"> </span>or,<span class="_1 blank"></span> <span class="_c blank"> </span>d<span class="_0 blank"> </span>e <span class="_c blank"> </span>modo <span class="_b blank"> </span>a </div><div class="t m0 x2 h4 y12 ff3 fs1 fc0 sc0 ls4 ws5">torna-los <span class="_9 blank"> </span>co<span class="_0 blank"> </span>mparáveis, <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_9 blank"> </span>não<span class="_0 blank"> </span> <span class="_9 blank"> </span>é <span class="_9 blank"> </span>trivial, <span class="_9 blank"> </span>dad<span class="_0 blank"> </span>o <span class="_9 blank"> </span>q<span class="_0 blank"> </span>ue <span class="_9 blank"> </span>os <span class="_9 blank"> </span>p<span class="_0 blank"> </span>rojeto<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_9 blank"> </span>diferem <span class="_9 blank"> </span>em<span class="_0 blank"> </span> <span class="_9 blank"> </span>função <span class="_8 blank"> </span>do </div><div class="t m0 x2 h4 y13 ff3 fs1 fc0 sc0 ls4 ws5">fluxo de<span class="_0 blank"> </span> cai<span class="_1 blank"></span>xa. Com<span class="_0 blank"> </span>o<span class="_0 blank"> </span> c<span class="_1 blank"></span>ompar<span class="_0 blank"> </span>a<span class="_1 blank"></span>r u<span class="_0 blank"> </span>m p<span class="_1 blank"></span>ro<span class="_0 blank"> </span>j<span class="_1 blank"></span>eto <span class="_a blank"> </span>de investime<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> gera, a p<span class="_0 blank"> </span>artir do </div><div class="t m0 x2 h4 y14 ff3 fs1 fc0 sc0 ls4 ws5">investimento <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>R$<span class="_1 blank"></span>1<span class="_0 blank"> </span>00.0<span class="_1 blank"></span>00<span class="_0 blank"> </span>,00, <span class="_9 blank"> </span>recei<span class="_1 blank"></span>ta <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>R$25.000,00 <span class="_9 blank"> </span>em <span class="_0 blank"> </span>cad<span class="_0 blank"> </span>a <span class="_0 blank"> </span>um <span class="_0 blank"> </span>do<span class="_0 blank"> </span>s <span class="_0 blank"> </span>cinco <span class="_9 blank"> </span>períodos </div><div class="t m0 x2 h4 y15 ff3 fs1 fc0 sc0 ls4 ws5">subsequentes, <span class="_d blank"> </span>com <span class="_d blank"> </span>um <span class="_d blank"> </span>projeto <span class="_7 blank"> </span>d<span class="_0 blank"> </span>e <span class="_d blank"> </span>inv<span class="_1 blank"></span>estimento <span class="_d blank"> </span>q<span class="_0 blank"> </span>ue, <span class="_d blank"> </span>a <span class="_7 blank"> </span>p<span class="_0 blank"> </span>artir <span class="_d blank"> </span>do <span class="_d blank"> </span>mesm<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_d blank"> </span>in<span class="_1 blank"></span>vestimento, </div><div class="t m0 x2 h4 y16 ff3 fs1 fc0 sc0 ls4 ws5">g<span class="_1 blank"></span>era <span class="_d blank"> </span>uma <span class="_7 blank"> </span>r<span class="_0 blank"> </span>ecei<span class="_1 blank"></span>ta <span class="_7 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>R$12<span class="_0 blank"> </span>5.<span class="_1 blank"></span>000<span class="_0 blank"> </span>,00 <span class="_7 blank"> </span>apó<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_d blank"> </span>ci<span class="_1 blank"></span>nco <span class="_d blank"> </span>período<span class="_0 blank"> </span>s<span class="_1 blank"></span>? <span class="_7 blank"> </span>Redu<span class="_0 blank"> </span>z<span class="_1 blank"></span>indo <span class="_7 blank"> </span>o<span class="_0 blank"> </span>s <span class="_8 blank"> </span>d<span class="_0 blank"> </span>ois <span class="_7 blank"> </span>fluxos <span class="_7 blank"> </span>d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y17 ff3 fs1 fc0 sc0 ls4 ws5">caix<span class="_1 blank"></span>a <span class="_8 blank"> </span>a <span class="_8 blank"> </span>indicado<span class="_0 blank"> </span>res <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>p<span class="_0 blank"> </span>e<span class="_1 blank"></span>rform<span class="_0 blank"> </span>an<span class="_1 blank"></span>ce <span class="_9 blank"> </span>fi<span class="_0 blank"> </span>n<span class="_1 blank"></span>a<span class="_0 blank"> </span>n<span class="_1 blank"></span>ce<span class="_0 blank"> </span>ira<span class="_1 blank"></span> <span class="_9 blank"> </span>e<span class="_0 blank"> </span> <span class="_9 blank"> </span>(<span class="_0 blank"> </span>este <span class="_9 blank"> </span>é <span class="_9 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>po<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> <span class="_9 blank"> </span>n<span class="_1 blank"></span>evrálgico) <span class="_8 blank"> </span>u<span class="_0 blank"> </span>tili<span class="_1 blank"></span>zando<span class="_0 blank"> </span>, </div><div class="t m0 x2 h4 y18 ff3 fs1 fc0 sc0 ls4 ws5">para<span class="_0 blank"> </span> <span class="_8 blank"> </span>iss<span class="_1 blank"></span>o<span class="_0 blank"> </span>, <span class="_7 blank"> </span>o <span class="_7 blank"> </span>mesmo <span class="_7 blank"> </span>val<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_8 blank"> </span>p<span class="_0 blank"> </span>ara <span class="_8 blank"> </span>o<span class="_0 blank"> </span> <span class="_7 blank"> </span>custo <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>o<span class="_0 blank"> </span>por<span class="_0 blank"> </span>t<span class="_1 blank"></span>unidad<span class="_0 blank"> </span>e <span class="_9 blank"> </span>d<span class="_0 blank"> </span>o <span class="_7 blank"> </span>d<span class="_0 blank"> </span>in<span class="_1 blank"></span>hei<span class="_1 blank"></span>ro<span class="_0 blank"> </span>. <span class="_7 blank"> </span>Esta <span class="_7 blank"> </span>é <span class="_7 blank"> </span>a<span class="_1 blank"></span> <span class="_7 blank"> </span>resp<span class="_0 blank"> </span>o<span class="_0 blank"> </span>sta<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y19 ff3 fs1 fc0 sc0 ls4 ws5">qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> pod<span class="_0 blank"> </span>erá se<span class="_1 blank"></span>r enco<span class="_0 blank"> </span>n<span class="_1 blank"></span>tr<span class="_0 blank"> </span>a<span class="_1 blank"></span>d<span class="_0 blank"> </span>a neste tópico do cur<span class="_0 blank"> </span>s<span class="_1 blank"></span>o. </div><div class="t m0 x2 h4 y1a ff3 fs1 fc0 sc0 ls4 ws5">Os<span class="_1 blank"></span> <span class="_e blank"> </span>fluxos <span class="_a blank"> </span>d<span class="_0 blank"> </span>e <span class="_a blank"> </span>caix<span class="_1 blank"></span>a <span class="_a blank"> </span>d<span class="_0 blank"> </span>e <span class="_a blank"> </span>projetos <span class="_a blank"> </span>de <span class="_a blank"> </span>investime<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> <span class="_a blank"> </span>pod<span class="_0 blank"> </span>em <span class="_a blank"> </span>ser <span class="_a blank"> </span>clas<span class="_1 blank"></span>si<span class="_0 blank"> </span>fic<span class="_1 blank"></span>ad<span class="_0 blank"> </span>os <span class="_a blank"> </span>em <span class="_a blank"> </span>duas </div><div class="t m0 x2 h4 y1b ff3 fs1 fc0 sc0 ls4 ws5">categori<span class="_1 blank"></span>a<span class="_0 blank"> </span>s, <span class="_0 blank"> </span>fluxos <span class="_9 blank"> </span>em <span class="_0 blank"> </span>sér<span class="_0 blank"> </span>ie<span class="_1 blank"></span>s <span class="_0 blank"> </span>u<span class="_0 blank"> </span>nifor<span class="_0 blank"> </span>mes <span class="_0 blank"> </span>e <span class="_0 blank"> </span>fluxos <span class="_9 blank"> </span>h<span class="_1 blank"></span>e<span class="_0 blank"> </span>terogêneos. <span class="_0 blank"> </span>No<span class="_0 blank"> </span> <span class="_0 blank"> </span>primei<span class="_1 blank"></span>ro<span class="_0 blank"> </span> <span class="_0 blank"> </span>caso,<span class="_0 blank"> </span> <span class="_0 blank"> </span>t<span class="_0 blank"> </span>em-se </div><div class="t m0 x2 h4 y1c ff3 fs1 fc0 sc0 ls4 ws5">uma<span class="_0 blank"> </span> <span class="_d blank"> </span>série <span class="_c blank"> </span>d<span class="_0 blank"> </span>e <span class="_d blank"> </span>desp<span class="_0 blank"> </span>es<span class="_1 blank"></span>as <span class="_c blank"> </span>ou<span class="_0 blank"> </span> <span class="_d blank"> </span>d<span class="_0 blank"> </span>e <span class="_c blank"> </span>recei<span class="_1 blank"></span>tas <span class="_b blank"> </span>com <span class="_c blank"> </span>valor <span class="_b blank"> </span>constan<span class="_1 blank"></span>te <span class="_b blank"> </span>no <span class="_b blank"> </span>tempo <span class="_c blank"> </span>e, <span class="_c blank"> </span>no <span class="_c blank"> </span>segundo, </div><div class="t m0 x2 h4 y1d ff3 fs1 fc0 sc0 ls4 ws5">recei<span class="_1 blank"></span>ta<span class="_0 blank"> </span>s e despesas cu<span class="_0 blank"> </span>j<span class="_1 blank"></span>os valores variam no te<span class="_0 blank"> </span>mpo sem<span class="_1 blank"></span> se<span class="_0 blank"> </span>g<span class="_1 blank"></span>u<span class="_0 blank"> </span>ir u<span class="_0 blank"> </span>m<span class="_1 blank"></span> padrão<span class="_0 blank"> </span> es<span class="_1 blank"></span>p<span class="_0 blank"> </span>e<span class="_1 blank"></span>cífico.<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y1e ff3 fs1 fc0 sc0 ls4 ws5">Um<span class="_1 blank"></span>a <span class="_0 blank"> </span>fór<span class="_0 blank"> </span>m<span class="_1 blank"></span>u<span class="_0 blank"> </span>la matemá<span class="_1 blank"></span>t<span class="_0 blank"> </span>ica bastante u<span class="_0 blank"> </span>tilizada <span class="_0 blank"> </span>n<span class="_1 blank"></span>a a<span class="_0 blank"> </span>nálise de flu<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span>s em sér<span class="_0 blank"> </span>i<span class="_1 blank"></span>e<span class="_0 blank"> </span>s unifor<span class="_0 blank"> </span>mes é a </div><div class="t m0 x2 h4 y1f ff3 fs1 fc0 sc0 ls4 ws5">da <span class="_8 blank"> </span>so<span class="_0 blank"> </span>ma <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>um<span class="_0 blank"> </span>a <span class="_9 blank"> </span>progressão <span class="_7 blank"> </span>geométrica <span class="_9 blank"> </span>(<span class="_0 blank"> </span>PG).<span class="_0 blank"> </span> <span class="_9 blank"> </span>E<span class="_0 blank"> </span>s<span class="_1 blank"></span>ta <span class="_8 blank"> </span>ú<span class="_0 blank"> </span>l<span class="_1 blank"></span>tima <span class="_8 blank"> </span>é <span class="_8 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_8 blank"> </span>série <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>n<span class="_1 blank"></span>ú<span class="_0 blank"> </span>meros <span class="_9 blank"> </span>em<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y20 ff3 fs1 fc0 sc0 ls4 ws5">qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_9 blank"> </span>um <span class="_0 blank"> </span>de<span class="_0 blank"> </span>term<span class="_1 blank"></span>inado <span class="_9 blank"> </span>número<span class="_0 blank"> </span>,<span class="_1 blank"></span> <span class="_9 blank"> </span>a<span class="fs2 v1">i</span></div><div class="t m0 x7 h4 y20 ff3 fs1 fc0 sc0 ls4 ws5">, <span class="_9 blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>rr<span class="_0 blank"> </span>e<span class="_1 blank"></span>sponde <span class="_9 blank"> </span>ao p<span class="_0 blank"> </span>roduto <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>seu <span class="_9 blank"> </span>antecess<span class="_1 blank"></span>or<span class="_0 blank"> </span>, <span class="_0 blank"> </span>a<span class="_0 blank"> </span><span class="fs2 ws1 v1">i-1</span>, <span class="_0 blank"> </span>por <span class="_0 blank"> </span>u<span class="_0 blank"> </span>m </div><div class="t m0 x2 h4 y21 ff3 fs1 fc0 sc0 ls4 ws5">fator <span class="_8 blank"> </span>fixo, <span class="_8 blank"> </span>de<span class="_0 blank"> </span>n<span class="_1 blank"></span>o<span class="_0 blank"> </span>ta<span class="_1 blank"></span>do <span class="_8 blank"> </span>por<span class="_0 blank"> </span> <span class="_9 blank"> </span>q. <span class="_7 blank"> </span>O<span class="_1 blank"></span>u<span class="_0 blank"> </span> <span class="_8 blank"> </span>sej<span class="_1 blank"></span>a, <span class="_8 blank"> </span>{<span class="_0 blank"> </span>a<span class="fs2 ls0 v1">1</span><span class="ws2">,a</span></div><div class="t m0 x8 h5 y22 ff3 fs2 fc0 sc0 ls4">2</div><div class="t m0 x9 h4 y21 ff3 fs1 fc0 sc0 ls4 ws2">, a</div><div class="t m0 xa h6 y22 ff3 fs2 fc0 sc0 ls0">3<span class="fs1 ls4 ws2 v2">,...,a</span><span class="ls4 ws3">N<span class="fs1 ws5 v2">} <span class="_8 blank"> </span>com <span class="_7 blank"> </span>a</span></span></div><div class="t m0 xb h6 y22 ff3 fs2 fc0 sc0 ls1">i<span class="fs1 ls4 v2">/a</span></div><div class="t m0 xc h6 y22 ff3 fs2 fc0 sc0 ls4 ws1">i- 1 <span class="fs1 ws5 v2"> <span class="_9 blank"> </span>=<span class="_0 blank"> </span> <span class="_9 blank"> </span>q<span class="_0 blank"> </span>, <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>alq<span class="_1 blank"></span>u<span class="_0 blank"> </span>er <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_8 blank"> </span>se<span class="_1 blank"></span>ja <span class="_8 blank"> </span>i </span></div><div class="t m0 x2 h4 y23 ff3 fs1 fc0 sc0 ls4 ws5">=2<span class="_0 blank"> </span>,<span class="_1 blank"></span>...<span class="_0 blank"> </span>,N. E, <span class="_0 blank"> </span>portanto, <span class="_0 blank"> </span>a<span class="fs2 v1">i</span></div><div class="t m0 xd h4 y23 ff3 fs1 fc0 sc0 ls4 ws5"> <span class="_0 blank"> </span>= qa<span class="_0 blank"> </span><span class="fs2 ws1 v1">i-1</span>. <span class="_0 blank"> </span>Cons<span class="_1 blank"></span>ide<span class="_0 blank"> </span>ran<span class="_1 blank"></span>do<span class="_0 blank"> </span> <span class="_0 blank"> </span>este fato,<span class="_0 blank"> </span> a<span class="_0 blank"> </span> soma d<span class="_0 blank"> </span>a <span class="_0 blank"> </span>série, S =<span class="_0 blank"> </span> <span class="_0 blank"> </span>a<span class="fs2 ls0 v1">1</span> +<span class="_0 blank"> </span> a<span class="_0 blank"> </span><span class="fs2 v1">2</span></div><div class="t m0 xe h4 y23 ff3 fs1 fc0 sc0 ls4 ws5"> +..<span class="_0 blank"> </span>.+ </div><div class="t m0 x2 h4 y24 ff3 fs1 fc0 sc0 ls4">a</div><div class="t m0 xf h6 y25 ff3 fs2 fc0 sc0 ls4 ws3">N<span class="fs1 ws5 v2"> <span class="_9 blank"> </span>p<span class="_0 blank"> </span>od<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_9 blank"> </span>ser<span class="_0 blank"> </span> <span class="_9 blank"> </span>escri<span class="_1 blank"></span>ta <span class="_9 blank"> </span>co<span class="_0 blank"> </span>mo <span class="_9 blank"> </span>S<span class="_0 blank"> </span> <span class="_0 blank"> </span>= <span class="_8 blank"> </span>a<span class="fs2 ls0 v1">1</span> <span class="_9 blank"> </span>+a<span class="fs2 v1">1</span></span></div><div class="t m0 x10 h4 y24 ff3 fs1 fc0 sc0 ls4 ws5">q <span class="_9 blank"> </span>+<span class="_0 blank"> </span> <span class="_9 blank"> </span>a</div><div class="t m0 x8 h5 y25 ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x9 h7 y24 ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls0 v3">2</span><span class="ls4 ws5">.+ <span class="_9 blank"> </span>a<span class="fs2 v1">1</span></span></div><div class="t m0 x11 h7 y24 ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls0 v3">3</span><span class="ls4 ws5">+...+ <span class="_9 blank"> </span>a<span class="fs2 v1">1</span></span></div><div class="t m0 xb h7 y24 ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 ws1 v3">N-1</span><span class="ls4 ws5">. <span class="_9 blank"> </span>O <span class="_9 blank"> </span>\u201c<span class="_0 blank"> </span>truque\u201d <span class="_0 blank"> </span>p<span class="_0 blank"> </span>ara <span class="_9 blank"> </span>r<span class="_0 blank"> </span>ed<span class="_1 blank"></span>u<span class="_0 blank"> </span>zir<span class="_1 blank"></span> </span></div><div class="t m0 x2 h4 y26 ff3 fs1 fc0 sc0 ls4 ws5">esta últi<span class="_1 blank"></span>ma <span class="_0 blank"> </span>expr<span class="_0 blank"> </span>e<span class="_1 blank"></span>ssão a u<span class="_0 blank"> </span>ma f<span class="_1 blank"></span>o<span class="_0 blank"> </span>rma sin<span class="_1 blank"></span>tética <span class="_0 blank"> </span>e<span class="_1 blank"></span>stá e<span class="_0 blank"> </span>m <span class="_0 blank"> </span>real<span class="_1 blank"></span>izar o<span class="_0 blank"> </span>s passos a seg<span class="_1 blank"></span>u<span class="_0 blank"> </span>i<span class="_1 blank"></span>r.<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y27 ff3 fs1 fc0 sc0 ls4 ws5">(Passo 1<span class="_0 blank"> </span>) M<span class="_1 blank"></span>u<span class="_0 blank"> </span>lti<span class="_1 blank"></span>p<span class="_0 blank"> </span>l<span class="_1 blank"></span>icar S po<span class="_0 blank"> </span>r q: <span class="_1 blank"></span>q<span class="_0 blank"> </span>S = a<span class="fs2 v1">1</span></div><div class="t m0 x12 h4 y27 ff3 fs1 fc0 sc0 ls4 ws5">q +a<span class="fs2 v1">1</span></div><div class="t m0 x13 h7 y27 ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 v3">2</span></div><div class="t m0 x14 h4 y27 ff3 fs1 fc0 sc0 ls4 ws5"> + <span class="_0 blank"> </span>a<span class="fs2 v1">1</span></div><div class="t m0 x15 h7 y27 ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 v3">3</span></div><div class="t m0 x16 h4 y27 ff3 fs1 fc0 sc0 ls4 ws5">.+ <span class="_0 blank"> </span>a<span class="fs2 v1">1</span></div><div class="t m0 x17 h7 y27 ff3 fs1 fc0 sc0 ls4 ws4">q<span class="fs2 ls0 v3">4</span><span class="ws5">+...+ a</span></div><div class="t m0 x18 h5 y28 ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x19 h7 y27 ff3 fs1 fc0 sc0 ls3">q<span class="fs2 ls4 ws3 v3">N</span><span class="ls4 ws5"> <span class="_1 blank"></span> </span></div><div class="t m0 x2 h4 y29 ff3 fs1 fc0 sc0 ls4 ws5">(Passo 2<span class="_0 blank"> </span>) Perce<span class="_1 blank"></span>b<span class="_0 blank"> </span>er que<span class="_1 blank"></span> <span class="_0 blank"> </span>é possív<span class="_1 blank"></span>e<span class="_0 blank"> </span>l eli<span class="_1 blank"></span>m<span class="_0 blank"> </span>in<span class="_1 blank"></span>ar a <span class="_0 blank"> </span>maior pa<span class="_0 blank"> </span>rte<span class="_1 blank"></span> da sér<span class="_0 blank"> </span>i<span class="_1 blank"></span>e subt<span class="_0 blank"> </span>rain<span class="_1 blank"></span>d<span class="_0 blank"> </span>o qS de S: </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf2" class="pf w0 h0" data-page-no="2"><div class="pc pc2 w0 h0"><img class="bi x1a y2a w2 h8" alt="" src="https://files.passeidireto.com/ac28f13d-0f2f-43e1-91e1-227be88b2bc6/bg2.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">2 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">S <span class="_c blank"> </span>\u2013 <span class="_c blank"> </span>qS<span class="_0 blank"> </span> <span class="_c blank"> </span>= <span class="_c blank"> </span>a<span class="fs2 ls0 v1">1</span> <span class="_c blank"> </span>+<span class="_0 blank"> </span>{a</div><div class="t m0 x1b h5 y2b ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x1c h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">q <span class="_b blank"> </span>+ <span class="_c blank"> </span>a</div><div class="t m0 x1d h5 y2b ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x1e h7 y3 ff3 fs1 fc0 sc0 ls3">q<span class="fs2 ls4 v3">2</span></div><div class="t m0 x1f h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">.+ <span class="_c blank"> </span>a<span class="fs2 v1">1</span></div><div class="t m0 x20 h7 y3 ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 v3">3</span></div><div class="t m0 x21 h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">+...+<span class="_0 blank"> </span> <span class="_c blank"> </span>a</div><div class="t m0 x22 h5 y2b ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x23 h7 y3 ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 ws1 v3">N-1</span><span class="ls4 ws5">}\u2013 <span class="_b blank"> </span>(a<span class="fs2 ls0 v1">1</span>q <span class="_c blank"> </span>+a<span class="_0 blank"> </span><span class="fs2 v1">1</span></span></div><div class="t m0 x24 h7 y3 ff3 fs1 fc0 sc0 ls4 ws4">q<span class="fs2 ls0 v3">2</span><span class="ws5"> <span class="_d blank"> </span>+<span class="_0 blank"> </span> <span class="_c blank"> </span>a<span class="fs2 v1">1</span></span></div><div class="t m0 x19 h7 y3 ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 v3">3</span></div><div class="t m0 x25 h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">.+ <span class="_c blank"> </span>a<span class="fs2 v1">1</span></div><div class="t m0 x26 h7 y3 ff3 fs1 fc0 sc0 ls3">q<span class="fs2 ls4 v3">4</span></div><div class="t m0 x27 h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">+...+ <span class="_c blank"> </span>a</div><div class="t m0 x28 h5 y2b ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x29 h7 y3 ff3 fs1 fc0 sc0 ls3">q<span class="fs2 ls4 v3">N</span></div><div class="t m0 x2a h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">) <span class="_b blank"> </span>= </div><div class="t m0 x2 h4 y2c ff3 fs1 fc0 sc0 ls4">a</div><div class="t m0 xf h9 y2d ff3 fs2 fc0 sc0 ls0">1<span class="fs1 ls4 ws5 v2"> <span class="_0 blank"> </span>- a<span class="fs2 v1">1</span></span></div><div class="t m0 x2b h7 y2c ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 ws3 v3">N</span><span class="ls4 ws5">. </span></div><div class="t m0 x2 h4 y2e ff3 fs1 fc0 sc0 ls4 ws5">A expre<span class="_0 blank"> </span>ssão en<span class="_1 blank"></span>t<span class="_0 blank"> </span>re chaves <span class="_0 blank"> </span>é a p<span class="_0 blank"> </span>arte d<span class="_0 blank"> </span>a série elimin<span class="_0 blank"> </span>ada <span class="_0 blank"> </span>pela oper<span class="_0 blank"> </span>ação<span class="_1 blank"></span>. <span class="_0 blank"> </span>Ch<span class="_1 blank"></span>e<span class="_0 blank"> </span>g<span class="_1 blank"></span>a-<span class="_0 blank"> </span>se<span class="_1 blank"></span>,<span class="_0 blank"> </span> po<span class="_0 blank"> </span>is, a S<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y2f ff3 fs1 fc0 sc0 ls4 ws5">\u2013 qS = a<span class="fs2 ls0 v1">1</span> - a<span class="fs2 v1">1</span></div><div class="t m0 x2c ha y2f ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 ws3 v3">N</span><span class="ls4 ws5"> e basta resolver par<span class="_0 blank"> </span>a S: S <span class="_1 blank"></span>=<span class="_0 blank"> </span> (a<span class="fs2 ls0 v1">1</span> - a<span class="fs2 v1">1</span></span></div><div class="t m0 x2d ha y2f ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 ws3 v3">N</span><span class="ls4 ws5">)/(1 \u2013 q) ou S = <span class="_0 blank"> </span>a</span></div><div class="t m0 x2e h5 y30 ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x2f ha y2f ff3 fs1 fc0 sc0 ls4 ws5">(1-<span class="_0 blank"> </span> q<span class="fs2 ws3 v3">N</span>)/(1 <span class="_1 blank"></span>\u2013 <span class="_0 blank"> </span>q).<span class="_1 blank"></span> </div><div class="t m0 x2 h3 y31 ff2 fs1 fc0 sc0 ls4 ws5">1.1.2 <span class="_4 blank"> </span>Con<span class="_0 blank"> </span>v<span class="_1 blank"></span>enção<span class="_0 blank"> </span> de fi<span class="_1 blank"></span>nal <span class="_0 blank"> </span>de período </div><div class="t m0 x2 h4 y32 ff3 fs1 fc0 sc0 ls4 ws5">Será <span class="_9 blank"> </span>consi<span class="_1 blank"></span>d<span class="_0 blank"> </span>e<span class="_1 blank"></span>rad<span class="_0 blank"> </span>o <span class="_9 blank"> </span>no <span class="_0 blank"> </span>curso<span class="_0 blank"> </span>, <span class="_0 blank"> </span>a <span class="_9 blank"> </span>menos q<span class="_0 blank"> </span>ue <span class="_9 blank"> </span>seja<span class="_1 blank"></span> <span class="_0 blank"> </span>d<span class="_0 blank"> </span>ito <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>co<span class="_0 blank"> </span>n<span class="_1 blank"></span>trário<span class="_0 blank"> </span>, <span class="_0 blank"> </span>que <span class="_0 blank"> </span>o<span class="_0 blank"> </span>s <span class="_0 blank"> </span>fl<span class="_1 blank"></span>u<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span>s <span class="_0 blank"> </span>m<span class="_0 blank"> </span>one<span class="_1 blank"></span>tário<span class="_0 blank"> </span>s </div><div class="t m0 x2 h4 y33 ff3 fs1 fc0 sc0 ls4 ws5">ocorrem no <span class="_0 blank"> </span>final do<span class="_0 blank"> </span>s instantes de tem<span class="_0 blank"> </span>po, <span class="_0 blank"> </span>c<span class="_1 blank"></span>onform<span class="_0 blank"> </span>e in<span class="_1 blank"></span>d<span class="_0 blank"> </span>icam as <span class="_0 blank"> </span>setas v<span class="_0 blank"> </span>ermelhas da <span class="_0 blank"> </span>fig<span class="_1 blank"></span>u<span class="_0 blank"> </span>ra </div><div class="t m0 x2 h4 y34 ff3 fs1 fc0 sc0 ls4 ws5">abaix<span class="_1 blank"></span>o<span class="_0 blank"> </span>. Nela, a letra \u201cI\u201d d<span class="_0 blank"> </span>en<span class="_1 blank"></span>o<span class="_0 blank"> </span>ta in<span class="_1 blank"></span>ício<span class="_0 blank"> </span> e \u201cF\u201d fin<span class="_1 blank"></span>al d<span class="_0 blank"> </span>o instante de tempo<span class="_0 blank"> </span>. </div><div class="t m0 x30 h4 y35 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y36 ff3 fs1 fc0 sc0 ls4 ws5">Esta <span class="_7 blank"> </span>decis<span class="_1 blank"></span>ão<span class="_0 blank"> </span> <span class="_8 blank"> </span>é <span class="_7 blank"> </span>d<span class="_0 blank"> </span>enominada <span class="_8 blank"> </span>p<span class="_0 blank"> </span>or <span class="_7 blank"> </span>\u201cco<span class="_0 blank"> </span>n<span class="_1 blank"></span>venção <span class="_7 blank"> </span>de <span class="_7 blank"> </span>final <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_8 blank"> </span>p<span class="_0 blank"> </span>e<span class="_0 blank"> </span>río<span class="_1 blank"></span>do<span class="_0 blank"> </span>\u201d <span class="_8 blank"> </span>e<span class="_0 blank"> </span> <span class="_8 blank"> </span>as <span class="_7 blank"> </span>séri<span class="_0 blank"> </span>es<span class="_1 blank"></span> <span class="_7 blank"> </span>de <span class="_7 blank"> </span>flu<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span>s </div><div class="t m0 x2 h4 y37 ff3 fs1 fc0 sc0 ls4 ws5">monetários <span class="_5 blank"> </span>qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_6 blank"> </span>a<span class="_0 blank"> </span> <span class="_6 blank"> </span>seguem <span class="_5 blank"> </span>são <span class="_5 blank"> </span>referidas <span class="_5 blank"> </span>como <span class="_5 blank"> </span>\u201cséri<span class="_1 blank"></span>e<span class="_0 blank"> </span>s <span class="_6 blank"> </span>d<span class="_0 blank"> </span>e <span class="_5 blank"> </span>fl<span class="_1 blank"></span>u<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_5 blank"> </span>postecipad<span class="_0 blank"> </span>as<span class="_1 blank"></span> <span class="_5 blank"> </span>ou </div><div class="t m0 x2 h4 y38 ff3 fs1 fc0 sc0 ls4 ws5">v<span class="_1 blank"></span>e<span class="_0 blank"> </span>nci<span class="_1 blank"></span>d<span class="_0 blank"> </span>as<span class="_1 blank"></span>\u201d.<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y39 ff3 fs1 fc0 sc0 ls4 ws5">Outra<span class="_0 blank"> </span> <span class="_8 blank"> </span>conv<span class="_1 blank"></span>e<span class="_0 blank"> </span>n<span class="_1 blank"></span>ção <span class="_8 blank"> </span>q<span class="_0 blank"> </span>ue <span class="_8 blank"> </span>será <span class="_8 blank"> </span>ad<span class="_0 blank"> </span>otada <span class="_8 blank"> </span>é <span class="_8 blank"> </span>a <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_8 blank"> </span>consider<span class="_0 blank"> </span>a<span class="_1 blank"></span>r <span class="_8 blank"> </span>o<span class="_0 blank"> </span> <span class="_7 blank"> </span>i<span class="_1 blank"></span>n<span class="_1 blank"></span>í<span class="_0 blank"> </span>ci<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>d<span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>diagra<span class="_1 blank"></span>ma <span class="_7 blank"> </span>de <span class="_7 blank"> </span>fluxo <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y3a ff3 fs1 fc0 sc0 ls4 ws5">caix<span class="_1 blank"></span>a, t <span class="_0 blank"> </span>=<span class="_0 blank"> </span> 0<span class="_1 blank"></span>,<span class="_0 blank"> </span> como re<span class="_1 blank"></span>p<span class="_0 blank"> </span>resen<span class="_1 blank"></span>tando<span class="_0 blank"> </span> o período <span class="_0 blank"> </span>c<span class="_1 blank"></span>orrente, i.e., o presen<span class="_1 blank"></span>te.<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y3b ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h3 y3c ff2 fs1 fc0 sc0 ls4 ws5">1.2 <span class="_3 blank"> </span>Aná<span class="_0 blank"> </span>lise de pr<span class="_1 blank"></span>oj<span class="_0 blank"> </span>etos com f<span class="_0 blank"> </span>l<span class="_1 blank"></span>uxos de ca<span class="_0 blank"> </span>i<span class="_1 blank"></span>xa em série uni<span class="_0 blank"> </span>form<span class="_1 blank"></span>e </div><div class="t m0 x2 h3 y3d ff2 fs1 fc0 sc0 ls4 ws5">1.2.1 <span class="_4 blank"> </span>Valo<span class="_0 blank"> </span>r pres<span class="_1 blank"></span>ente e valo<span class="_0 blank"> </span>r futuro de séries de fl<span class="_0 blank"> </span>u<span class="_1 blank"></span>xo único </div><div class="t m0 x2 h4 y3e ff3 fs1 fc0 sc0 ls4 ws5">Seja co<span class="_0 blank"> </span>nsi<span class="_1 blank"></span>d<span class="_0 blank"> </span>erado<span class="_0 blank"> </span> o<span class="_0 blank"> </span> <span class="_0 blank"> </span>fl<span class="_1 blank"></span>u<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span> de <span class="_0 blank"> </span>caixa ab<span class="_0 blank"> </span>aixo <span class="_0 blank"> </span>em <span class="_0 blank"> </span>qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_0 blank"> </span>o <span class="_0 blank"> </span>inv<span class="_1 blank"></span>e<span class="_0 blank"> </span>sti<span class="_1 blank"></span>me<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> <span class="_0 blank"> </span>de <span class="_0 blank"> </span>R$10.000,00<span class="_0 blank"> </span> re<span class="_0 blank"> </span>n<span class="_1 blank"></span>d<span class="_0 blank"> </span>e, </div><div class="t m0 x2 h4 y3f ff3 fs1 fc0 sc0 ls4 ws5">após dois per<span class="_0 blank"> </span>í<span class="_1 blank"></span>odo<span class="_0 blank"> </span>s mens<span class="_1 blank"></span>ais, <span class="_0 blank"> </span>R$<span class="_1 blank"></span>1<span class="_0 blank"> </span>2.000,00. </div><div class="t m0 x31 h4 y40 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y41 ff3 fs1 fc0 sc0 ls4 ws5">Seja <span class="_7 blank"> </span>a<span class="_0 blank"> </span>ssum<span class="_0 blank"> </span>i<span class="_1 blank"></span>d<span class="_0 blank"> </span>o <span class="_d blank"> </span>que <span class="_c blank"> </span>a <span class="_d blank"> </span>op<span class="_0 blank"> </span>eraçã<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_d blank"> </span>de <span class="_d blank"> </span>inve<span class="_1 blank"></span>stime<span class="_0 blank"> </span>n<span class="_1 blank"></span>t<span class="_0 blank"> </span>o <span class="_c blank"> </span>aci<span class="_1 blank"></span>ma <span class="_d blank"> </span>co<span class="_0 blank"> </span>mpr<span class="_0 blank"> </span>een<span class="_1 blank"></span>de <span class="_c blank"> </span>a <span class="_c blank"> </span>compra <span class="_d blank"> </span>de <span class="_c blank"> </span>uma </div><div class="t m0 x2 h4 y42 ff3 fs1 fc0 sc0 ls4 ws5">máquina <span class="_7 blank"> </span>o<span class="_0 blank"> </span>u <span class="_d blank"> </span>equ<span class="_0 blank"> </span>i<span class="_1 blank"></span>pam<span class="_0 blank"> </span>e<span class="_1 blank"></span>nto<span class="_0 blank"> </span> <span class="_7 blank"> </span>p<span class="_0 blank"> </span>or <span class="_d blank"> </span>R$10.000,00<span class="_0 blank"> </span> <span class="_7 blank"> </span>e <span class="_d blank"> </span>qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_d blank"> </span>o <span class="_c blank"> </span>v<span class="_1 blank"></span>alor <span class="_d blank"> </span>d<span class="_0 blank"> </span>e <span class="_d blank"> </span>R$<span class="_1 blank"></span>12<span class="_0 blank"> </span>.000,00 <span class="_c blank"> </span>é <span class="_7 blank"> </span>a<span class="_0 blank"> </span> <span class="_7 blank"> </span>rec<span class="_0 blank"> </span>e<span class="_1 blank"></span>ita </div><div class="t m1 x32 hb y43 ff1 fs3 fc0 sc0 ls4 ws6">t=0</div><div class="t m1 x32 hc y44 ff1 fs3 fc0 sc0 ls4 ws5">t=1, I<span class="_f blank"> </span><span class="v4">t=1, F</span></div><div class="t m1 x33 hd y44 ff1 fs3 fc0 sc0 ls4 ws5">t= 2,I<span class="_10 blank"> </span><span class="v5">t=2, F</span></div><div class="t m1 x34 he y45 ff1 fs3 fc0 sc0 ls4 ws5">t= 3,I<span class="_11 blank"> </span><span class="v5">t=3, F</span></div><div class="t m1 x35 hb y46 ff1 fs3 fc0 sc0 ls4 ws5">t= 4,I</div><div class="t m1 x36 hb y47 ff1 fs3 fc0 sc0 ls4 ws5">t=4, F</div><div class="t m1 x36 hb y48 ff1 fs3 fc0 sc0 ls4 ws5">t= 5,I</div><div class="t m1 x25 hb y49 ff1 fs3 fc0 sc0 ls4 ws7">Ano</div><div class="t m1 x32 hf y4a ff4 fs3 fc0 sc0 ls4">+</div><div class="t m1 x32 hf y4b ff4 fs3 fc0 sc0 ls4">-</div><div class="t m2 x33 h10 y4c ff3 fs4 fc0 sc0 ls4 ws5">1<span class="_1 blank"></span>2<span class="_1 blank"></span>.0<span class="_1 blank"></span>0<span class="_1 blank"></span>0<span class="_1 blank"></span>,0<span class="_12 blank"></span>0<span class="_13 blank"></span>$<span class="_1 blank"></span> <span class="_12 blank"></span> </div><div class="t m2 x37 h11 y4d ff1 fs5 fc0 sc0 ls5">+<span class="ff5 ls4">\u2191</span></div><div class="t m2 x38 h12 y4e ff1 fs6 fc0 sc0 ls4 ws8">A nos</div><div class="t m2 x37 h11 y4f ff1 fs5 fc0 sc0 ls6">-<span class="ff2 fs7 ls7 ws5 v2">0 <span class="_1 blank"></span> <span class="_12 blank"></span> 1<span class="_14 blank"> </span>2<span class="_15 blank"> </span>3<span class="_15 blank"> </span>4<span class="_16 blank"> </span>5</span></div><div class="t m2 x39 h13 y50 ff5 fs5 fc0 sc0 ls4">\u2193</div><div class="t m2 x3a h10 y51 ff3 fs4 fc0 sc0 ls4 ws5">1<span class="_1 blank"></span>0.<span class="_12 blank"></span>00<span class="_1 blank"></span>0<span class="_12 blank"></span>,00<span class="_17 blank"></span>$<span class="_12 blank"></span> <span class="_12 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf3" class="pf w0 h0" data-page-no="3"><div class="pc pc3 w0 h0"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">3 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">g<span class="_1 blank"></span>erad<span class="_0 blank"> </span>a <span class="_0 blank"> </span>pela m<span class="_0 blank"> </span>á<span class="_1 blank"></span>q<span class="_0 blank"> </span>uina. <span class="_0 blank"> </span>Trata-<span class="_0 blank"> </span>se<span class="_1 blank"></span>,<span class="_0 blank"> </span> <span class="_0 blank"> </span>pois, <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_0 blank"> </span>um<span class="_0 blank"> </span> investimento <span class="_0 blank"> </span>produt<span class="_0 blank"> </span>iv<span class="_12 blank"></span>o<span class="_0 blank"> </span>.<span class="_0 blank"> </span> A <span class="_0 blank"> </span>ú<span class="_0 blank"> </span>n<span class="_1 blank"></span>i<span class="_1 blank"></span>c<span class="_0 blank"> </span>a <span class="_0 blank"> </span>maneira d<span class="_0 blank"> </span>e<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y52 ff3 fs1 fc0 sc0 ls4 ws5">saber se ta<span class="_0 blank"> </span>l<span class="_1 blank"></span> i<span class="_0 blank"> </span>nvestimento vale a<span class="_0 blank"> </span> pena é co<span class="_0 blank"> </span>mparan<span class="_1 blank"></span>d<span class="_0 blank"> </span>o-o<span class="_0 blank"> </span> com <span class="_b blank"> </span>o<span class="_0 blank"> </span>ut<span class="_0 blank"> </span>ra oportunidade d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y53 ff3 fs1 fc0 sc0 ls4 ws5">investimento, <span class="_7 blank"> </span>i.e., <span class="_8 blank"> </span>ou<span class="_0 blank"> </span>tra <span class="_8 blank"> </span>maneira <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>am<span class="_1 blank"></span>p<span class="_0 blank"> </span>li<span class="_1 blank"></span>ar <span class="_7 blank"> </span>o <span class="_7 blank"> </span>cap<span class="_0 blank"> </span>i<span class="_1 blank"></span>tal <span class="_7 blank"> </span>inicial <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>R$<span class="_1 blank"></span>1<span class="_0 blank"> </span>0.000,00.<span class="_0 blank"> </span> <span class="_8 blank"> </span>De <span class="_7 blank"> </span>fato, </div><div class="t m0 x2 h4 y54 ff3 fs1 fc0 sc0 ls4 ws5">deve-se assina<span class="_0 blank"> </span>l<span class="_1 blank"></span>ar <span class="_0 blank"> </span>que um<span class="_0 blank"> </span>a<span class="_1 blank"></span> d<span class="_0 blank"> </span>as principais<span class="_1 blank"></span> <span class="_0 blank"> </span>hipó<span class="_0 blank"> </span>teses<span class="_1 blank"></span> d<span class="_0 blank"> </span>a <span class="_0 blank"> </span>a<span class="_1 blank"></span>nálise de<span class="_0 blank"> </span> inv<span class="_1 blank"></span>est<span class="_0 blank"> </span>i<span class="_1 blank"></span>mento <span class="_0 blank"> </span>é <span class="_0 blank"> </span>a<span class="_1 blank"></span> d<span class="_0 blank"> </span>e qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y55 ff3 fs1 fc0 sc0 ls4 ws5">sempre <span class="_9 blank"> </span>d<span class="_0 blank"> </span>ev<span class="_1 blank"></span>em <span class="_0 blank"> </span>ser <span class="_9 blank"> </span>com<span class="_0 blank"> </span>parados <span class="_0 blank"> </span>no <span class="_8 blank"> </span>míni<span class="_1 blank"></span>mo <span class="_9 blank"> </span>d<span class="_0 blank"> </span>ois <span class="_0 blank"> </span>p<span class="_0 blank"> </span>rojetos <span class="_9 blank"> </span>de <span class="_9 blank"> </span>inv<span class="_12 blank"></span>e<span class="_0 blank"> </span>stimento<span class="_0 blank"> </span>.<span class="_0 blank"> </span> <span class="_0 blank"> </span>I.e., <span class="_0 blank"> </span>semp<span class="_0 blank"> </span>re <span class="_9 blank"> </span>é </div><div class="t m0 x2 h4 y56 ff3 fs1 fc0 sc0 ls4 ws5">prec<span class="_0 blank"> </span>i<span class="_1 blank"></span>so <span class="_d blank"> </span>consi<span class="_1 blank"></span>der<span class="_0 blank"> </span>ar <span class="_7 blank"> </span>u<span class="_0 blank"> </span>m <span class="_7 blank"> </span>\u201cp<span class="_0 blank"> </span>la<span class="_1 blank"></span>no <span class="_d blank"> </span>B\u201d, <span class="_7 blank"> </span>um<span class="_0 blank"> </span>a <span class="_7 blank"> </span>alternat<span class="_0 blank"> </span>iva <span class="_7 blank"> </span>ao <span class="_d blank"> </span>pro<span class="_0 blank"> </span>j<span class="_1 blank"></span>eto<span class="_0 blank"> </span> <span class="_8 blank"> </span>p<span class="_0 blank"> </span>r<span class="_0 blank"> </span>i<span class="_1 blank"></span>n<span class="_1 blank"></span>c<span class="_0 blank"> </span>i<span class="_1 blank"></span>p<span class="_0 blank"> </span>al. <span class="_d blank"> </span>Em <span class="_7 blank"> </span>geral, <span class="_7 blank"> </span>u<span class="_0 blank"> </span>m </div><div class="t m0 x2 h4 y57 ff3 fs1 fc0 sc0 ls4 ws5">investimento <span class="_9 blank"> </span>fina<span class="_0 blank"> </span>nceiro <span class="_9 blank"> </span>a <span class="_8 blank"> </span>ta<span class="_0 blank"> </span>x<span class="_1 blank"></span>a <span class="_9 blank"> </span>de<span class="_0 blank"> </span> <span class="_9 blank"> </span>ju<span class="_0 blank"> </span>ro <span class="_9 blank"> </span>corrente <span class="_9 blank"> </span>é<span class="_0 blank"> </span> <span class="_8 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>\u201cplan<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>B\u201d <span class="_9 blank"> </span>con<span class="_0 blank"> </span>siderado<span class="_0 blank"> </span> <span class="_0 blank"> </span>p<span class="_0 blank"> </span>ela <span class="_0 blank"> </span>aná<span class="_0 blank"> </span>lise </div><div class="t m0 x2 h4 y58 ff3 fs1 fc0 sc0 ls4 ws5">de <span class="_8 blank"> </span>i<span class="_1 blank"></span>nvestimento.<span class="_0 blank"> </span> <span class="_9 blank"> </span>Seja <span class="_9 blank"> </span>as<span class="_1 blank"></span>su<span class="_0 blank"> </span>mi<span class="_1 blank"></span>do<span class="_0 blank"> </span> <span class="_0 blank"> </span>q<span class="_0 blank"> </span>ue <span class="_9 blank"> </span>exis<span class="_12 blank"></span>t<span class="_0 blank"> </span>e <span class="_9 blank"> </span>u<span class="_0 blank"> </span>m <span class="_9 blank"> </span>investim<span class="_1 blank"></span>e<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> <span class="_9 blank"> </span>financeiro<span class="_0 blank"> </span> <span class="_0 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_9 blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>n<span class="_1 blank"></span>siste <span class="_9 blank"> </span>em </div><div class="t m0 x2 h4 y59 ff3 fs1 fc0 sc0 ls4 ws5">apli<span class="_1 blank"></span>car <span class="_0 blank"> </span>a uma<span class="_0 blank"> </span> tax<span class="_1 blank"></span>a d<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_0 blank"> </span>jur<span class="_1 blank"></span>o <span class="_0 blank"> </span>c<span class="_1 blank"></span>ompo<span class="_0 blank"> </span>sta de 10% ao mês o capital inici<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>.<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y5a ff3 fs1 fc0 sc0 ls4 ws5">Há<span class="_1 blank"></span> <span class="_5 blank"> </span>três <span class="_5 blank"> </span>ma<span class="_0 blank"> </span>n<span class="_1 blank"></span>e<span class="_0 blank"> </span>i<span class="_1 blank"></span>ras <span class="_5 blank"> </span>de <span class="_5 blank"> </span>co<span class="_0 blank"> </span>mparar <span class="_5 blank"> </span>a<span class="_1 blank"></span>s <span class="_5 blank"> </span>duas <span class="_5 blank"> </span>mod<span class="_0 blank"> </span>a<span class="_1 blank"></span>lidades <span class="_6 blank"> </span>d<span class="_0 blank"> </span>e <span class="_5 blank"> </span>inves<span class="_1 blank"></span>t<span class="_0 blank"> </span>i<span class="_1 blank"></span>me<span class="_0 blank"> </span>nto, <span class="_5 blank"> </span>todas <span class="_5 blank"> </span>elas </div><div class="t m0 x2 h4 y5b ff3 fs1 fc0 sc0 ls4 ws5">decorr<span class="_0 blank"> </span>en<span class="_1 blank"></span>tes d<span class="_0 blank"> </span>a noçã<span class="_1 blank"></span>o de <span class="_0 blank"> </span>j<span class="_1 blank"></span>u<span class="_0 blank"> </span>ro c<span class="_1 blank"></span>o<span class="_0 blank"> </span>m<span class="_1 blank"></span>po<span class="_0 blank"> </span>sto. </div><div class="t m0 x2 h4 y5c ff3 fs1 fc0 sc0 ls4 ws5">Em <span class="_8 blank"> </span>p<span class="_0 blank"> </span>rimei<span class="_1 blank"></span>ro<span class="_0 blank"> </span> <span class="_8 blank"> </span>lugar, <span class="_8 blank"> </span>pod<span class="_0 blank"> </span>e-se <span class="_8 blank"> </span>calcular <span class="_8 blank"> </span>a <span class="_7 blank"> </span>taxa <span class="_8 blank"> </span>a <span class="_7 blank"> </span>que <span class="_8 blank"> </span>o<span class="_0 blank"> </span> <span class="_7 blank"> </span>ca<span class="_1 blank"></span>pital <span class="_8 blank"> </span>é <span class="_8 blank"> </span>a<span class="_0 blank"> </span>umentado <span class="_7 blank"> </span>em <span class="_7 blank"> </span>cada <span class="_8 blank"> </span>um<span class="_0 blank"> </span>a </div><div class="t m0 x2 h4 y5d ff3 fs1 fc0 sc0 ls4 ws5">das <span class="_d blank"> </span>modali<span class="_1 blank"></span>d<span class="_0 blank"> </span>a<span class="_1 blank"></span>d<span class="_0 blank"> </span>es. <span class="_d blank"> </span>N<span class="_1 blank"></span>a <span class="_d blank"> </span>primei<span class="_1 blank"></span>ra <span class="_d blank"> </span>moda<span class="_0 blank"> </span>l<span class="_1 blank"></span>idad<span class="_0 blank"> </span>e, <span class="_7 blank"> </span>te<span class="_0 blank"> </span>m-s<span class="_1 blank"></span>e <span class="_d blank"> </span>12.000/10.000 <span class="_7 blank"> </span>\u2013<span class="_0 blank"> </span> <span class="_7 blank"> </span>1<span class="_0 blank"> </span> <span class="_7 blank"> </span>= <span class="_7 blank"> </span>20<span class="_0 blank"> </span>%<span class="_1 blank"></span> <span class="_d blank"> </span>em <span class="_7 blank"> </span>do<span class="_0 blank"> </span>is </div><div class="t m0 x2 h7 y47 ff3 fs1 fc0 sc0 ls4 ws5">meses. J<span class="_0 blank"> </span>á, <span class="_0 blank"> </span>n<span class="_1 blank"></span>a <span class="_9 blank"> </span>segunda <span class="_0 blank"> </span>mod<span class="_0 blank"> </span>ali<span class="_12 blank"></span>d<span class="_0 blank"> </span>ad<span class="_0 blank"> </span>e, 10.000<span class="_0 blank"> </span>(1+<span class="_1 blank"></span>0<span class="_0 blank"> </span>,1)<span class="fs2 v3">2</span></div><div class="t m0 x2d h7 y47 ff3 fs1 fc0 sc0 ls4 ws5">/10.000 <span class="_0 blank"> </span>\u2013 1<span class="_0 blank"> </span> <span class="_0 blank"> </span>= <span class="_0 blank"> </span>(1+0,1<span class="_0 blank"> </span>)<span class="fs2 ls0 v3">2</span> \u2013 1<span class="_0 blank"> </span> <span class="_0 blank"> </span>= 2<span class="_0 blank"> </span>1% <span class="_0 blank"> </span>em </div><div class="t m0 x2 h4 y5e ff3 fs1 fc0 sc0 ls4 ws5">do<span class="_0 blank"> </span>i<span class="_1 blank"></span>s meses. E<span class="_0 blank"> </span>ste cr<span class="_0 blank"> </span>i<span class="_1 blank"></span>tério<span class="_0 blank"> </span>, contudo<span class="_0 blank"> </span>, <span class="_0 blank"> </span>n<span class="_1 blank"></span>ão <span class="_0 blank"> </span>pode <span class="_0 blank"> </span>se<span class="_1 blank"></span>r <span class="_0 blank"> </span>aplicado <span class="_0 blank"> </span>tal como<span class="_0 blank"> </span> <span class="_1 blank"></span>d<span class="_0 blank"> </span>escri<span class="_1 blank"></span>to<span class="_0 blank"> </span> p<span class="_0 blank"> </span>ara p<span class="_0 blank"> </span>roj<span class="_1 blank"></span>eto<span class="_0 blank"> </span>s </div><div class="t m0 x2 h4 y5f ff3 fs1 fc0 sc0 ls4 ws5">de <span class="_0 blank"> </span>inv<span class="_1 blank"></span>estimento<span class="_0 blank"> </span>s mais <span class="_0 blank"> </span>com<span class="_0 blank"> </span>plexos d<span class="_0 blank"> </span>o qu<span class="_0 blank"> </span>e o<span class="_0 blank"> </span>s or<span class="_0 blank"> </span>a <span class="_0 blank"> </span>s<span class="_1 blank"></span>ob <span class="_0 blank"> </span>exame, <span class="_0 blank"> </span>e, po<span class="_0 blank"> </span>rta<span class="_0 blank"> </span>n<span class="_1 blank"></span>to, <span class="_0 blank"> </span>será d<span class="_0 blank"> </span>eix<span class="_1 blank"></span>ado<span class="_0 blank"> </span> d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y60 ff3 fs1 fc0 sc0 ls4 ws5">lado<span class="_0 blank"> </span> <span class="_1 blank"></span>por <span class="_0 blank"> </span>ho<span class="_1 blank"></span>ra. </div><div class="t m0 x2 h4 y35 ff3 fs1 fc0 sc0 ls4 ws5">Em <span class="_9 blank"> </span>seg<span class="_1 blank"></span>undo<span class="_0 blank"> </span> <span class="_0 blank"> </span>lugar, <span class="_0 blank"> </span>pod<span class="_0 blank"> </span>e-se <span class="_0 blank"> </span>to<span class="_0 blank"> </span>ma<span class="_1 blank"></span>r <span class="_9 blank"> </span>como b<span class="_0 blank"> </span>ase <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_9 blank"> </span>compar<span class="_0 blank"> </span>a<span class="_1 blank"></span>ção <span class="_0 blank"> </span>o <span class="_9 blank"> </span>monta<span class="_1 blank"></span>nte <span class="_9 blank"> </span>final, <span class="_9 blank"> </span>uma <span class="_9 blank"> </span>v<span class="_1 blank"></span>ez </div><div class="t m0 x2 h4 y61 ff3 fs1 fc0 sc0 ls4 ws5">qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_0 blank"> </span>os <span class="_0 blank"> </span>do<span class="_0 blank"> </span>i<span class="_1 blank"></span>s <span class="_0 blank"> </span>in<span class="_0 blank"> </span>v<span class="_1 blank"></span>estime<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span>s são<span class="_0 blank"> </span> <span class="_0 blank"> </span>equivalentes <span class="_0 blank"> </span>em <span class="_0 blank"> </span>term<span class="_0 blank"> </span>os <span class="_0 blank"> </span>do <span class="_9 blank"> </span>ca<span class="_1 blank"></span>pital <span class="_0 blank"> </span>inicial <span class="_0 blank"> </span>e <span class="_0 blank"> </span>d<span class="_0 blank"> </span>o p<span class="_0 blank"> </span>eríodo<span class="_0 blank"> </span> d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y62 ff3 fs1 fc0 sc0 ls4 ws5">tempo. <span class="_8 blank"> </span>Após <span class="_0 blank"> </span>d<span class="_0 blank"> </span>ois <span class="_0 blank"> </span>p<span class="_0 blank"> </span>erí<span class="_0 blank"> </span>odos, <span class="_9 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>in<span class="_1 blank"></span>ve<span class="_0 blank"> </span>s<span class="_1 blank"></span>timento <span class="_9 blank"> </span>p<span class="_0 blank"> </span>rodutivo <span class="_8 blank"> </span>paga <span class="_9 blank"> </span>R$12<span class="_0 blank"> </span>.000,00, <span class="_8 blank"> </span>en<span class="_1 blank"></span>qu<span class="_0 blank"> </span>anto<span class="_0 blank"> </span> <span class="_0 blank"> </span>qu<span class="_0 blank"> </span>e </div><div class="t m0 x2 h7 y63 ff3 fs1 fc0 sc0 ls4 ws5">o <span class="_18 blank"> </span>in<span class="_1 blank"></span>vestimento<span class="_0 blank"> </span> <span class="_19 blank"> </span>fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>n<span class="_1 blank"></span>ce<span class="_0 blank"> </span>i<span class="_1 blank"></span>ro<span class="_0 blank"> </span> <span class="_19 blank"> </span>p<span class="_0 blank"> </span>aga <span class="_19 blank"> </span>R$10.000<span class="_0 blank"> </span>(1+0,<span class="_1 blank"></span>1<span class="_0 blank"> </span>)<span class="fs2 v3">2</span></div><div class="t m0 x3b h4 y63 ff3 fs1 fc0 sc0 ls4 ws5"> <span class="_18 blank"> </span>= <span class="_19 blank"> </span>R$<span class="_1 blank"></span>12<span class="_0 blank"> </span>.100,<span class="_1 blank"></span>00<span class="_0 blank"> </span>. <span class="_19 blank"> </span>E<span class="_0 blank"> </span>ste <span class="_19 blank"> </span>valor <span class="_18 blank"> </span>é </div><div class="t m0 x2 h4 y64 ff3 fs1 fc0 sc0 ls4 ws5">denom<span class="_0 blank"> </span>i<span class="_1 blank"></span>n<span class="_1 blank"></span>ado<span class="_0 blank"> </span> <span class="_b blank"> </span>valor <span class="_c blank"> </span>fu<span class="_0 blank"> </span>turo <span class="_d blank"> </span>d<span class="_0 blank"> </span>o <span class="_b blank"> </span>inv<span class="_1 blank"></span>est<span class="_0 blank"> </span>i<span class="_1 blank"></span>mento<span class="_0 blank"> </span> <span class="_c blank"> </span>p<span class="_0 blank"> </span>rodutiv<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_c blank"> </span>e <span class="_b blank"> </span>cor<span class="_0 blank"> </span>res<span class="_1 blank"></span>po<span class="_0 blank"> </span>nde <span class="_b blank"> </span>ao <span class="_c blank"> </span>montan<span class="_1 blank"></span>t<span class="_0 blank"> </span>e <span class="_c blank"> </span>q<span class="_0 blank"> </span>u<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y65 ff3 fs1 fc0 sc0 ls4 ws5">seria<span class="_1 blank"></span> <span class="_9 blank"> </span>o<span class="_0 blank"> </span>btido<span class="_0 blank"> </span> <span class="_9 blank"> </span>caso<span class="_1 blank"></span> <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>ca<span class="_1 blank"></span>p<span class="_0 blank"> </span>ital<span class="_1 blank"></span> <span class="_8 blank"> </span>inicial <span class="_9 blank"> </span>fosse<span class="_1 blank"></span> <span class="_9 blank"> </span>r<span class="_0 blank"> </span>ed<span class="_0 blank"> </span>i<span class="_1 blank"></span>recionado<span class="_0 blank"> </span> <span class="_0 blank"> </span>d<span class="_0 blank"> </span>o <span class="_0 blank"> </span>inv<span class="_1 blank"></span>e<span class="_0 blank"> </span>sti<span class="_1 blank"></span>m<span class="_0 blank"> </span>ento<span class="_0 blank"> </span> <span class="_0 blank"> </span>p<span class="_0 blank"> </span>roduti<span class="_1 blank"></span>vo <span class="_9 blank"> </span>p<span class="_0 blank"> </span>ara <span class="_0 blank"> </span>o </div><div class="t m0 x2 h4 y66 ff3 fs1 fc0 sc0 ls4 ws5">investimento fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>nceiro. </div><div class="t m0 x2 h4 y67 ff3 fs1 fc0 sc0 ls4 ws5">Em <span class="_8 blank"> </span>terceiro <span class="_8 blank"> </span>lu<span class="_0 blank"> </span>ga<span class="_1 blank"></span>r, <span class="_8 blank"> </span>p<span class="_0 blank"> </span>od<span class="_0 blank"> </span>e-se <span class="_9 blank"> </span>to<span class="_0 blank"> </span>mar <span class="_8 blank"> </span>como <span class="_8 blank"> </span>b<span class="_0 blank"> </span>ase <span class="_8 blank"> </span>o <span class="_8 blank"> </span>cap<span class="_0 blank"> </span>ital<span class="_12 blank"></span> <span class="_7 blank"> </span>in<span class="_0 blank"> </span>i<span class="_1 blank"></span>c<span class="_0 blank"> </span>i<span class="_1 blank"></span>a<span class="_0 blank"> </span>l <span class="_8 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_8 blank"> </span>t<span class="_0 blank"> </span>e<span class="_1 blank"></span>ria <span class="_8 blank"> </span>de <span class="_8 blank"> </span>ser<span class="_0 blank"> </span> <span class="_8 blank"> </span>aplicado </div><div class="t m0 x2 h4 y68 ff3 fs1 fc0 sc0 ls4 ws5">para<span class="_0 blank"> </span> <span class="_19 blank"> </span>a<span class="_1 blank"></span>tingi<span class="_1 blank"></span>r <span class="_19 blank"> </span>o <span class="_19 blank"> </span>mesmo <span class="_19 blank"> </span>mo<span class="_0 blank"> </span>n<span class="_1 blank"></span>tante, <span class="_1a blank"> </span>ap<span class="_0 blank"> </span>ós <span class="_1a blank"> </span>o <span class="_19 blank"> </span>mesmo<span class="_0 blank"> </span> <span class="_1a blank"> </span>in<span class="_12 blank"></span>t<span class="_0 blank"> </span>ervalo<span class="_0 blank"> </span> <span class="_1a blank"> </span>d<span class="_0 blank"> </span>e <span class="_1a blank"> </span>tempo,<span class="_0 blank"> </span> <span class="_1a blank"> </span>nos <span class="_1a blank"> </span>do<span class="_0 blank"> </span>is </div><div class="t m0 x2 h4 y69 ff3 fs1 fc0 sc0 ls4 ws5">investimentos. <span class="_0 blank"> </span>No <span class="_0 blank"> </span>critéri<span class="_1 blank"></span>o <span class="_9 blank"> </span>anteri<span class="_1 blank"></span>or,<span class="_0 blank"> </span> <span class="_0 blank"> </span>f<span class="_1 blank"></span>oi <span class="_0 blank"> </span>r<span class="_0 blank"> </span>e<span class="_1 blank"></span>spo<span class="_0 blank"> </span>ndi<span class="_1 blank"></span>d<span class="_0 blank"> </span>a a <span class="_0 blank"> </span>p<span class="_0 blank"> </span>erg<span class="_1 blank"></span>u<span class="_0 blank"> </span>n<span class="_1 blank"></span>ta d<span class="_0 blank"> </span>e qu<span class="_0 blank"> </span>anto, pa<span class="_0 blank"> </span>rtin<span class="_1 blank"></span>do<span class="_0 blank"> </span> de u<span class="_0 blank"> </span>m </div><div class="t m0 x2 h4 y6a ff3 fs1 fc0 sc0 ls4 ws5">mesmo <span class="_0 blank"> </span>capital<span class="_1 blank"></span> <span class="_0 blank"> </span>i<span class="_0 blank"> </span>n<span class="_1 blank"></span>ic<span class="_0 blank"> </span>i<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>, <span class="_0 blank"> </span>cada<span class="_0 blank"> </span> inves<span class="_1 blank"></span>t<span class="_0 blank"> </span>i<span class="_1 blank"></span>mento<span class="_0 blank"> </span> <span class="_0 blank"> </span>g<span class="_1 blank"></span>era<span class="_0 blank"> </span> apó<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_0 blank"> </span>do<span class="_0 blank"> </span>is per<span class="_0 blank"> </span>í<span class="_1 blank"></span>odo<span class="_0 blank"> </span>s. Po<span class="_0 blank"> </span>rém<span class="_1 blank"></span>, <span class="_0 blank"> </span>no <span class="_0 blank"> </span>cri<span class="_1 blank"></span>t<span class="_0 blank"> </span>é<span class="_1 blank"></span>rio<span class="_0 blank"> </span> <span class="_0 blank"> </span>em </div><div class="t m0 x2 h4 y6b ff3 fs1 fc0 sc0 ls4 ws5">qu<span class="_0 blank"> </span>e<span class="_1 blank"></span>stão a<span class="_0 blank"> </span> <span class="_1 blank"></span>pe<span class="_0 blank"> </span>rg<span class="_1 blank"></span>u<span class="_0 blank"> </span>n<span class="_1 blank"></span>t<span class="_0 blank"> </span>a<span class="_1 blank"></span> <span class="_0 blank"> </span>é <span class="_1 blank"></span>d<span class="_0 blank"> </span>e quanto <span class="_0 blank"> </span>se<span class="_1 blank"></span> de<span class="_0 blank"> </span>v<span class="_1 blank"></span>e p<span class="_0 blank"> </span>artir para atingi<span class="_1 blank"></span>r <span class="_0 blank"> </span>u<span class="_0 blank"> </span>m mesmo valor-alvo em cad<span class="_0 blank"> </span>a </div><div class="t m0 x2 h4 y6c ff3 fs1 fc0 sc0 ls4 ws5">investimento. <span class="_9 blank"> </span>O <span class="_0 blank"> </span>pr<span class="_0 blank"> </span>i<span class="_1 blank"></span>meiro <span class="_0 blank"> </span>p<span class="_0 blank"> </span>asso <span class="_0 blank"> </span>está <span class="_0 blank"> </span>em <span class="_0 blank"> </span>d<span class="_0 blank"> </span>efini<span class="_1 blank"></span>r <span class="_9 blank"> </span>o <span class="_0 blank"> </span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>lor-alvo <span class="_0 blank"> </span>e, <span class="_9 blank"> </span>geralmen<span class="_1 blank"></span>t<span class="_0 blank"> </span>e, <span class="_0 blank"> </span>co<span class="_0 blank"> </span>n<span class="_1 blank"></span>s<span class="_0 blank"> </span>i<span class="_1 blank"></span>d<span class="_0 blank"> </span>era-se </div><div class="t m0 x2 h4 y6d ff3 fs1 fc0 sc0 ls4 ws5">o <span class="_c blank"> </span>montan<span class="_1 blank"></span>t<span class="_0 blank"> </span>e <span class="_c blank"> </span>do <span class="_b blank"> </span>inv<span class="_1 blank"></span>estime<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> <span class="_d blank"> </span>p<span class="_0 blank"> </span>rodut<span class="_0 blank"> </span>i<span class="_1 blank"></span>v<span class="_1 blank"></span>o<span class="_0 blank"> </span>, <span class="_b blank"> </span>R$<span class="_1 blank"></span>12.000,00<span class="_0 blank"> </span>.<span class="_1 blank"></span> <span class="_b blank"> </span>Iss<span class="_1 blank"></span>o <span class="_b blank"> </span>qu<span class="_0 blank"> </span>er <span class="_d blank"> </span>d<span class="_0 blank"> </span>i<span class="_1 blank"></span>zer <span class="_c blank"> </span>que<span class="_0 blank"> </span> <span class="_d blank"> </span>o <span class="_b blank"> </span>v<span class="_1 blank"></span>alo<span class="_0 blank"> </span>r <span class="_d blank"> </span>d<span class="_0 blank"> </span>e<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y6e ff3 fs1 fc0 sc0 ls4 ws5">partid<span class="_0 blank"> </span>a <span class="_a blank"> </span>para <span class="_a blank"> </span>o <span class="_6 blank"> </span>in<span class="_1 blank"></span>ve<span class="_0 blank"> </span>sti<span class="_1 blank"></span>mento <span class="_6 blank"> </span>produ<span class="_0 blank"> </span>ti<span class="_1 blank"></span>vo <span class="_e blank"> </span>é <span class="_a blank"> </span>d<span class="_0 blank"> </span>e <span class="_e blank"> </span>R<span class="_1 blank"></span>$10.000,00.<span class="_0 blank"> </span> <span class="_e blank"> </span>Já<span class="_1 blank"></span>,<span class="_0 blank"> </span> <span class="_a blank"> </span>para<span class="_0 blank"> </span> <span class="_a blank"> </span>o<span class="_0 blank"> </span> <span class="_a blank"> </span>inv<span class="_1 blank"></span>estimento<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y6f ff3 fs1 fc0 sc0 ls4 ws5">fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>nc<span class="_1 blank"></span>e<span class="_0 blank"> </span>iro,<span class="_0 blank"> </span> é preci<span class="_1 blank"></span>so <span class="_0 blank"> </span>fa<span class="_1 blank"></span>zer <span class="_0 blank"> </span>o <span class="_0 blank"> </span>cál<span class="_1 blank"></span>culo, o qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> significa responder<span class="_0 blank"> </span> a <span class="_1 blank"></span>p<span class="_0 blank"> </span>ergunta d<span class="_0 blank"> </span>e q<span class="_1 blank"></span>ual <span class="_0 blank"> </span>te<span class="_1 blank"></span>m d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y70 ff3 fs1 fc0 sc0 ls4 ws5">ser <span class="_d blank"> </span>o <span class="_c blank"> </span>capital<span class="_1 blank"></span> <span class="_b blank"> </span>inicial <span class="_d blank"> </span>p<span class="_0 blank"> </span>ara <span class="_d blank"> </span>atingir, <span class="_c blank"> </span>apó<span class="_0 blank"> </span>s <span class="_7 blank"> </span>d<span class="_0 blank"> </span>ois<span class="_1 blank"></span> <span class="_c blank"> </span>p<span class="_0 blank"> </span>erí<span class="_1 blank"></span>odo<span class="_0 blank"> </span>s, <span class="_c blank"> </span>R$<span class="_1 blank"></span>12<span class="_0 blank"> </span>.000,00. <span class="_d blank"> </span>I.e.,<span class="_0 blank"> </span> <span class="_d blank"> </span>C<span class="fs2 v1">0</span></div><div class="t m0 x3c h7 y70 ff3 fs1 fc0 sc0 ls4 ws0">(1+0,1)<span class="fs2 ls0 v3">2</span><span class="ws5"> <span class="_d blank"> </span>= </span></div><div class="t m0 x2 h7 y71 ff3 fs1 fc0 sc0 ls4 ws5">12.000,00, <span class="_b blank"> </span>e, <span class="_d blank"> </span>p<span class="_0 blank"> </span>ois, <span class="_c blank"> </span>C<span class="fs2 ls0 v1">0</span> <span class="_c blank"> </span>=<span class="_0 blank"> </span> <span class="_c blank"> </span>12.000,00<span class="_0 blank"> </span>(1<span class="_1 blank"></span>+0,1<span class="_0 blank"> </span>)<span class="fs2 ws1 v3">-2</span> <span class="_c blank"> </span>= <span class="_b blank"> </span>R<span class="_1 blank"></span>$9.917<span class="_0 blank"> </span>,36. <span class="_c blank"> </span>Este <span class="_c blank"> </span>valor <span class="_b blank"> </span>é <span class="_d blank"> </span>d<span class="_0 blank"> </span>enominado </div><div class="t m0 x2 h4 y72 ff3 fs1 fc0 sc0 ls4 ws5">v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>o<span class="_0 blank"> </span>r presente d<span class="_0 blank"> </span>o inv<span class="_1 blank"></span>est<span class="_0 blank"> </span>i<span class="_1 blank"></span>me<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> p<span class="_0 blank"> </span>ro<span class="_1 blank"></span>du<span class="_0 blank"> </span>ti<span class="_1 blank"></span>vo <span class="_0 blank"> </span>e, como visto, tr<span class="_0 blank"> </span>ata-se do <span class="_0 blank"> </span>v<span class="_1 blank"></span>alor qu<span class="_0 blank"> </span>e teria de <span class="_0 blank"> </span>se<span class="_1 blank"></span>r </div><div class="t m0 x2 h4 y73 ff3 fs1 fc0 sc0 ls4 ws5">apli<span class="_1 blank"></span>cado<span class="_0 blank"> </span> <span class="_7 blank"> </span>financeiramente <span class="_7 blank"> </span>p<span class="_0 blank"> </span>ara <span class="_7 blank"> </span>obte<span class="_0 blank"> </span>r <span class="_8 blank"> </span>um<span class="_0 blank"> </span> <span class="_7 blank"> </span>m<span class="_1 blank"></span>o<span class="_0 blank"> </span>ntan<span class="_1 blank"></span>te <span class="_d blank"> </span>equivalente <span class="_8 blank"> </span>à <span class="_d blank"> </span>recei<span class="_1 blank"></span>ta <span class="_d blank"> </span>propor<span class="_0 blank"> </span>c<span class="_1 blank"></span>ionad<span class="_0 blank"> </span>a </div><div class="t m0 x2 h4 y74 ff3 fs1 fc0 sc0 ls4 ws5">pelo<span class="_0 blank"> </span> i<span class="_1 blank"></span>nvestimento produ<span class="_0 blank"> </span>tiv<span class="_1 blank"></span>o. </div><div class="t m0 x2 h4 y75 ff3 fs1 fc0 sc0 ls4 ws5">Os<span class="_1 blank"></span> <span class="_d blank"> </span>trê<span class="_0 blank"> </span>s <span class="_d blank"> </span>c<span class="_1 blank"></span>rit<span class="_0 blank"> </span>érios <span class="_d blank"> </span>deixam <span class="_d blank"> </span>claro<span class="_0 blank"> </span> <span class="_7 blank"> </span>que <span class="_d blank"> </span>o<span class="_0 blank"> </span> <span class="_d blank"> </span>inv<span class="_12 blank"></span>e<span class="_0 blank"> </span>stimento<span class="_0 blank"> </span> <span class="_d blank"> </span>fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>n<span class="_1 blank"></span>ceiro <span class="_d blank"> </span>é<span class="_0 blank"> </span> <span class="_d blank"> </span>o <span class="_d blank"> </span>melh<span class="_1 blank"></span>or<span class="_0 blank"> </span>. <span class="_d blank"> </span>Talvez<span class="_1 blank"></span> <span class="_d blank"> </span>esta<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y76 ff3 fs1 fc0 sc0 ls4 ws5">concl<span class="_1 blank"></span>u<span class="_0 blank"> </span>sã<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>não <span class="_0 blank"> </span>deco<span class="_0 blank"> </span>rra <span class="_0 blank"> </span>tão d<span class="_0 blank"> </span>iretamen<span class="_1 blank"></span>te <span class="_0 blank"> </span>d<span class="_0 blank"> </span>o <span class="_0 blank"> </span>t<span class="_0 blank"> </span>e<span class="_1 blank"></span>rceiro <span class="_0 blank"> </span>critéri<span class="_1 blank"></span>o<span class="_0 blank"> </span>, <span class="_0 blank"> </span>mas <span class="_0 blank"> </span>basta <span class="_0 blank"> </span>co<span class="_0 blank"> </span>n<span class="_1 blank"></span>sid<span class="_0 blank"> </span>erar <span class="_0 blank"> </span>que <span class="_0 blank"> </span>ele </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf4" class="pf w0 h0" data-page-no="4"><div class="pc pc4 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x3d y77 w3 h14" alt="" src="https://files.passeidireto.com/ac28f13d-0f2f-43e1-91e1-227be88b2bc6/bg4.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">4 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">está <span class="_8 blank"> </span>apo<span class="_0 blank"> </span>ntando <span class="_8 blank"> </span>qu<span class="_0 blank"> </span>e, <span class="_7 blank"> </span>a <span class="_8 blank"> </span>pa<span class="_0 blank"> </span>rti<span class="_1 blank"></span>r <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>um <span class="_7 blank"> </span>menor <span class="_7 blank"> </span>capital <span class="_7 blank"> </span>inicial <span class="_8 blank"> </span>s<span class="_0 blank"> </span>e <span class="_8 blank"> </span>p<span class="_0 blank"> </span>od<span class="_0 blank"> </span>e<span class="_1 blank"></span>, <span class="_7 blank"> </span>co<span class="_0 blank"> </span>m <span class="_8 blank"> </span>o <span class="_7 blank"> </span>inv<span class="_1 blank"></span>estimento </div><div class="t m0 x2 h4 y2c ff3 fs1 fc0 sc0 ls4 ws5">fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>nc<span class="_1 blank"></span>e<span class="_0 blank"> </span>iro,<span class="_0 blank"> </span> ating<span class="_12 blank"></span>ir <span class="_0 blank"> </span>o m<span class="_0 blank"> </span>es<span class="_1 blank"></span>mo<span class="_0 blank"> </span> montan<span class="_1 blank"></span>te recu<span class="_0 blank"> </span>perado a partir do <span class="_0 blank"> </span>i<span class="_1 blank"></span>nvestimento <span class="_0 blank"> </span>pr<span class="_1 blank"></span>odu<span class="_0 blank"> </span>tiv<span class="_12 blank"></span>o<span class="_0 blank"> </span>. </div><div class="t m0 x2 h4 y2e ff3 fs1 fc0 sc0 ls4 ws5">Os<span class="_1 blank"></span> <span class="_0 blank"> </span>do<span class="_0 blank"> </span>i<span class="_1 blank"></span>s últimos cr<span class="_0 blank"> </span>i<span class="_1 blank"></span>tério<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_0 blank"> </span>podem <span class="_0 blank"> </span>s<span class="_1 blank"></span>er d<span class="_0 blank"> </span>escri<span class="_1 blank"></span>to<span class="_0 blank"> </span>s das man<span class="_1 blank"></span>e<span class="_0 blank"> </span>iras<span class="_1 blank"></span> <span class="_0 blank"> </span>alternativas a seguir<span class="_0 blank"> </span>, as qu<span class="_0 blank"> </span>ais </div><div class="t m0 x2 h4 y2f ff3 fs1 fc0 sc0 ls4 ws5">são m<span class="_0 blank"> </span>a<span class="_1 blank"></span>is co<span class="_0 blank"> </span>m<span class="_1 blank"></span>u<span class="_0 blank"> </span>n<span class="_1 blank"></span>s nos livro<span class="_0 blank"> </span>s-tex<span class="_1 blank"></span>to<span class="_0 blank"> </span>. </div><div class="t m0 x2 h3 y78 ff2 fs1 fc0 sc0 ls4 ws5">O critério<span class="_0 blank"> </span> do<span class="_0 blank"> </span> valor <span class="_0 blank"> </span>futuro <span class="_0 blank"> </span>es<span class="_1 blank"></span>ta<span class="_0 blank"> </span>belece uma c<span class="_0 blank"> </span>omparação ent<span class="_0 blank"> </span>re a<span class="_0 blank"> </span> receita<span class="_0 blank"> </span> e o<span class="_0 blank"> </span> <span class="_0 blank"> </span>m<span class="_1 blank"></span>o<span class="_0 blank"> </span>ntante </div><div class="t m0 x2 h3 y79 ff2 fs1 fc0 sc0 ls4 ws5">que <span class="_0 blank"> </span>o<span class="_0 blank"> </span> inves<span class="_1 blank"></span>ti<span class="_0 blank"> </span>m<span class="_1 blank"></span>ento<span class="_0 blank"> </span> <span class="_0 blank"> </span>fina<span class="_0 blank"> </span>nceir<span class="_1 blank"></span>o<span class="_0 blank"> </span> geraria<span class="_0 blank"> </span> a <span class="_0 blank"> </span>part<span class="_0 blank"> </span>ir do<span class="_0 blank"> </span> <span class="_0 blank"> </span>c<span class="_1 blank"></span>apital <span class="_0 blank"> </span>i<span class="_0 blank"> </span>nicia<span class="_1 blank"></span>l<span class="_0 blank"> </span>. <span class="_0 blank"> </span>Em suma,<span class="_0 blank"> </span> t<span class="_0 blank"> </span>ra<span class="_1 blank"></span>ta-<span class="_0 blank"> </span>se<span class="_1 blank"></span> </div><div class="t m0 x2 h3 y7a ff2 fs1 fc0 sc0 ls4 ws5">de compara<span class="_0 blank"> </span>r<span class="_1 blank"></span> <span class="_0 blank"> </span>mont<span class="_1 blank"></span>an<span class="_0 blank"> </span>te e valor futuro. </div><div class="t m0 x2 h3 y7b ff2 fs1 fc0 sc0 ls4 ws5">O <span class="_9 blank"> </span>critério <span class="_9 blank"> </span>do<span class="_0 blank"> </span> <span class="_9 blank"> </span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>lor <span class="_0 blank"> </span>p<span class="_0 blank"> </span>resente <span class="_9 blank"> </span>estabelece <span class="_9 blank"> </span>uma <span class="_9 blank"> </span>compa<span class="_0 blank"> </span>r<span class="_1 blank"></span>a<span class="_0 blank"> </span>ção <span class="_9 blank"> </span>entre <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>c<span class="_12 blank"></span>a<span class="_0 blank"> </span>pital <span class="_9 blank"> </span>ini<span class="_0 blank"> </span>c<span class="_1 blank"></span>ial <span class="_8 blank"> </span>e <span class="_0 blank"> </span>o </div><div class="t m0 x2 h3 y7c ff2 fs1 fc0 sc0 ls4 ws5">v<span class="_1 blank"></span>a<span class="_0 blank"> </span>lor <span class="_18 blank"> </span>qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_18 blank"> </span>tem <span class="_19 blank"> </span>de <span class="_18 blank"> </span>ser <span class="_19 blank"> </span>inve<span class="_0 blank"> </span>stido <span class="_18 blank"> </span>financeiramente <span class="_19 blank"> </span>p<span class="_0 blank"> </span>ara<span class="_0 blank"> </span> <span class="_19 blank"> </span>g<span class="_0 blank"> </span>er<span class="_1 blank"></span>ar <span class="_18 blank"> </span>um <span class="_18 blank"> </span>m<span class="_1 blank"></span>o<span class="_0 blank"> </span>ntante </div><div class="t m0 x2 h3 y7d ff2 fs1 fc0 sc0 ls4 ws5">equivalente <span class="_d blank"> </span>à <span class="_d blank"> </span>receit<span class="_1 blank"></span>a<span class="_0 blank"> </span> <span class="_7 blank"> </span>do <span class="_d blank"> </span>inv<span class="_1 blank"></span>estimento<span class="_0 blank"> </span> <span class="_7 blank"> </span>pro<span class="_0 blank"> </span>dutivo. <span class="_7 blank"> </span>Co<span class="_0 blank"> </span>mp<span class="_1 blank"></span>a<span class="_0 blank"> </span>r<span class="_1 blank"></span>a<span class="_0 blank"> </span>-se, <span class="_d blank"> </span>e<span class="_1 blank"></span>m <span class="_d blank"> </span>s<span class="_1 blank"></span>ínte<span class="_0 blank"> </span>s<span class="_1 blank"></span>e, <span class="_d blank"> </span>capital </div><div class="t m0 x2 h3 y7e ff2 fs1 fc0 sc0 ls4 ws5">inicia<span class="_0 blank"> </span>l e val<span class="_1 blank"></span>o<span class="_0 blank"> </span>r<span class="_1 blank"></span> <span class="_0 blank"> </span>pres<span class="_1 blank"></span>ente. </div><div class="t m0 x2 h3 y7f ff2 fs1 fc0 sc0 ls4 ws5">1.2.2 <span class="_4 blank"> </span>Valo<span class="_0 blank"> </span>r pres<span class="_12 blank"></span>e<span class="_0 blank"> </span>nte e valo<span class="_0 blank"> </span>r futuro de séries unifo<span class="_0 blank"> </span>r<span class="_1 blank"></span>mes </div><div class="t m0 x2 h4 y80 ff3 fs1 fc0 sc0 ls4 ws5">No <span class="_d blank"> </span>diagra<span class="_1 blank"></span>ma<span class="_0 blank"> </span> <span class="_d blank"> </span>ab<span class="_0 blank"> </span>a<span class="_1 blank"></span>i<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_7 blank"> </span>há<span class="_0 blank"> </span> <span class="_7 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_d blank"> </span>série <span class="_d blank"> </span>un<span class="_0 blank"> </span>i<span class="_1 blank"></span>for<span class="_0 blank"> </span>me <span class="_d blank"> </span>de <span class="_d blank"> </span>recei<span class="_1 blank"></span>tas <span class="_d blank"> </span>anu<span class="_0 blank"> </span>ais <span class="_d blank"> </span>de <span class="_d blank"> </span>va<span class="_0 blank"> </span>lor <span class="_d blank"> </span>constante <span class="_c blank"> </span>n<span class="_1 blank"></span>o<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y81 ff3 fs1 fc0 sc0 ls4 ws5">tempo <span class="_d blank"> </span>e <span class="_7 blank"> </span>equivalente <span class="_7 blank"> </span>a <span class="_7 blank"> </span>R<span class="_0 blank"> </span>$50<span class="_0 blank"> </span>.0<span class="_1 blank"></span>00,<span class="_0 blank"> </span> <span class="_7 blank"> </span>ocorrendo, <span class="_7 blank"> </span>cada <span class="_d blank"> </span>uma <span class="_7 blank"> </span>d<span class="_0 blank"> </span>el<span class="_1 blank"></span>as, <span class="_d blank"> </span>ao <span class="_d blank"> </span>fin<span class="_1 blank"></span>al <span class="_d blank"> </span>de <span class="_d blank"> </span>ca<span class="_1 blank"></span>d<span class="_0 blank"> </span>a <span class="_8 blank"> </span>u<span class="_0 blank"> </span>m <span class="_7 blank"> </span>d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y82 ff3 fs1 fc0 sc0 ls4 ws5">cin<span class="_1 blank"></span>co <span class="_0 blank"> </span>p<span class="_0 blank"> </span>erí<span class="_1 blank"></span>odos co<span class="_0 blank"> </span>ns<span class="_1 blank"></span>ecu<span class="_0 blank"> </span>ti<span class="_1 blank"></span>vos co<span class="_0 blank"> </span>m início em t = 1 e términ<span class="_1 blank"></span>o<span class="_0 blank"> </span> em t<span class="_0 blank"> </span> = 5.<span class="_1 blank"></span> </div><div class="t m0 x2 h3 y83 ff2 fs1 fc0 sc0 ls4 ws5">Série de receita<span class="_0 blank"> </span>s<span class="_1 blank"></span> da<span class="_0 blank"> </span> Votorantim Cimentos, Geo<span class="_0 blank"> </span>r<span class="_12 blank"></span>g<span class="_0 blank"> </span>ia </div><div class="t m0 x2a h4 y84 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y85 ff3 fs1 fc0 sc0 ls4 ws5">Seja <span class="_b blank"> </span>assumido<span class="_0 blank"> </span> <span class="_c blank"> </span>q<span class="_0 blank"> </span>ue <span class="_b blank"> </span>a <span class="_b blank"> </span>sér<span class="_0 blank"> </span>i<span class="_1 blank"></span>e <span class="_b blank"> </span>de re<span class="_1 blank"></span>ce<span class="_0 blank"> </span>itas <span class="_c blank"> </span>ac<span class="_0 blank"> </span>ima <span class="_b blank"> </span>foi <span class="_b blank"> </span>pr<span class="_0 blank"> </span>o<span class="_0 blank"> </span>j<span class="_1 blank"></span>etada<span class="_0 blank"> </span> <span class="_d blank"> </span>p<span class="_0 blank"> </span>ela <span class="_c blank"> </span>d<span class="_0 blank"> </span>ireção <span class="_b blank"> </span>d<span class="_0 blank"> </span>a <span class="_c blank"> </span>e<span class="_0 blank"> </span>mpre<span class="_0 blank"> </span>sa<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y86 ff3 fs1 fc0 sc0 ls4 ws5">Voto<span class="_0 blank"> </span>ran<span class="_1 blank"></span>tim <span class="_0 blank"> </span>Ci<span class="_1 blank"></span>me<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span>s p<span class="_0 blank"> </span>ara o<span class="_0 blank"> </span>s p<span class="_0 blank"> </span>rimeiros cinco<span class="_0 blank"> </span> anos <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e op<span class="_0 blank"> </span>eraçã<span class="_12 blank"></span>o<span class="_0 blank"> </span> d<span class="_0 blank"> </span>e u<span class="_0 blank"> </span>ma p<span class="_0 blank"> </span>lan<span class="_12 blank"></span>ta<span class="_0 blank"> </span> q<span class="_0 blank"> </span>ue <span class="_0 blank"> </span>seria </div><div class="t m0 x2 h4 y87 ff3 fs1 fc0 sc0 ls4 ws5">ins<span class="_1 blank"></span>talada <span class="_9 blank"> </span>no <span class="_0 blank"> </span>e<span class="_0 blank"> </span>stado<span class="_0 blank"> </span> <span class="_0 blank"> </span>norte-amer<span class="_0 blank"> </span>i<span class="_1 blank"></span>cano <span class="_0 blank"> </span>d<span class="_0 blank"> </span>a <span class="_0 blank"> </span>Geo<span class="_0 blank"> </span>rg<span class="_1 blank"></span>ia <span class="_0 blank"> </span>(Blank <span class="_9 blank"> </span>& <span class="_0 blank"> </span>Tarqu<span class="_0 blank"> </span>in<span class="_12 blank"></span>,<span class="_0 blank"> </span> <span class="_9 blank"> </span>cap.2). <span class="_9 blank"> </span>A <span class="_0 blank"> </span>instalação<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y88 ff3 fs1 fc0 sc0 ls4 ws5">da <span class="_9 blank"> </span>planta <span class="_9 blank"> </span>cu<span class="_0 blank"> </span>staria<span class="_1 blank"></span> <span class="_8 blank"> </span>US<span class="_0 blank"> </span>$<span class="_1 blank"></span>2<span class="_0 blank"> </span>00.000,00<span class="_0 blank"> </span>, <span class="_0 blank"> </span>d<span class="_0 blank"> </span>espesa <span class="_9 blank"> </span>essa <span class="_9 blank"> </span>a <span class="_9 blank"> </span>ser <span class="_8 blank"> </span>realizada <span class="_8 blank"> </span>no <span class="_9 blank"> </span>p<span class="_0 blank"> </span>eríodo <span class="_9 blank"> </span>c<span class="_0 blank"> </span>orren<span class="_1 blank"></span>te, <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y89 ff3 fs1 fc0 sc0 ls4 ws5">modo que, portanto,<span class="_0 blank"> </span> <span class="_1 blank"></span>o <span class="_0 blank"> </span>fluxo de caix<span class="_1 blank"></span>a co<span class="_0 blank"> </span>mpl<span class="_1 blank"></span>eto<span class="_0 blank"> </span> correspo<span class="_0 blank"> </span>n<span class="_1 blank"></span>d<span class="_0 blank"> </span>eri<span class="_1 blank"></span>a ao diagrama 7.2<span class="_0 blank"> </span>. </div><div class="t m0 x2 h3 y8a ff2 fs1 fc0 sc0 ls4 ws5">Fluxo <span class="_0 blank"> </span>de c<span class="_1 blank"></span>aixa da <span class="_0 blank"> </span>V<span class="_1 blank"></span>o<span class="_0 blank"> </span>torantim Cimento<span class="_0 blank"> </span>s,<span class="_1 blank"></span> Georgia </div><div class="t m0 x2a h4 y8b ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y8c ff3 fs1 fc0 sc0 ls4 ws5">Para <span class="_7 blank"> </span>saber<span class="_0 blank"> </span> <span class="_7 blank"> </span>se <span class="_7 blank"> </span>o<span class="_0 blank"> </span> <span class="_d blank"> </span>inv<span class="_1 blank"></span>est<span class="_0 blank"> </span>imen<span class="_1 blank"></span>t<span class="_0 blank"> </span>o <span class="_d blank"> </span>n<span class="_12 blank"></span>a<span class="_0 blank"> </span> <span class="_7 blank"> </span>pl<span class="_0 blank"> </span>anta <span class="_7 blank"> </span>d<span class="_0 blank"> </span>a <span class="_7 blank"> </span>Geor<span class="_0 blank"> </span>gi<span class="_12 blank"></span>a<span class="_0 blank"> </span> <span class="_d blank"> </span>vale <span class="_8 blank"> </span>a<span class="_0 blank"> </span> <span class="_d blank"> </span>pena <span class="_7 blank"> </span>e<span class="_0 blank"> </span>conom<span class="_0 blank"> </span>i<span class="_1 blank"></span>camente, <span class="_d blank"> </span>n<span class="_1 blank"></span>ão<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y8d ff3 fs1 fc0 sc0 ls4 ws5">basta <span class="_9 blank"> </span>compar<span class="_0 blank"> </span>ar <span class="_0 blank"> </span>o <span class="_9 blank"> </span>fluxo <span class="_9 blank"> </span>de<span class="_0 blank"> </span> <span class="_9 blank"> </span>recei<span class="_1 blank"></span>tas <span class="_9 blank"> </span>co<span class="_0 blank"> </span>m <span class="_9 blank"> </span>a <span class="_0 blank"> </span>d<span class="_0 blank"> </span>espesa <span class="_0 blank"> </span>inicia<span class="_0 blank"> </span>l. <span class="_9 blank"> </span>É <span class="_0 blank"> </span>p<span class="_0 blank"> </span>reci<span class="_1 blank"></span>so<span class="_0 blank"> </span> <span class="_9 blank"> </span>co<span class="_0 blank"> </span>mpara<span class="_1 blank"></span>r <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>projeto </div><div class="t m0 x2 h4 y8e ff3 fs1 fc0 sc0 ls4 ws5">em <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>estã<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>co<span class="_0 blank"> </span>m <span class="_9 blank"> </span>um <span class="_9 blank"> </span>pr<span class="_0 blank"> </span>ojeto <span class="_8 blank"> </span>al<span class="_12 blank"></span>t<span class="_0 blank"> </span>erna<span class="_1 blank"></span>t<span class="_0 blank"> </span>ivo <span class="_8 blank"> </span>de <span class="_9 blank"> </span>in<span class="_0 blank"> </span>v<span class="_1 blank"></span>e<span class="_0 blank"> </span>stimento <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_8 blank"> </span>n<span class="_1 blank"></span>atur<span class="_0 blank"> </span>eza <span class="_0 blank"> </span>f<span class="_0 blank"> </span>inance<span class="_0 blank"> </span>i<span class="_1 blank"></span>ra <span class="_8 blank"> </span>(\u201cp<span class="_0 blank"> </span>lan<span class="_1 blank"></span>o </div><div class="t m3 x3e h15 y8f ff3 fs8 fc0 sc0 ls4 ws5">5<span class="_12 blank"></span>0.0<span class="_12 blank"></span>0<span class="_1 blank"></span>0<span class="_1 blank"></span>,0<span class="_1 blank"></span>0<span class="_1b blank"></span>$<span class="_12 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1c blank"> </span>5<span class="_1 blank"></span>0.<span class="_12 blank"></span>00<span class="_1 blank"></span>0<span class="_12 blank"></span>,00<span class="_13 blank"></span>$<span class="_12 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1d blank"> </span>5<span class="_1 blank"></span>0<span class="_1 blank"></span>.0<span class="_1 blank"></span>0<span class="_12 blank"></span>0,0<span class="_12 blank"></span>0<span class="_13 blank"></span>$ <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1d blank"> </span>5<span class="_12 blank"></span>0.0<span class="_12 blank"></span>00<span class="_12 blank"></span>,0<span class="_1 blank"></span>0<span class="_13 blank"></span>$ <span class="_12 blank"></span> <span class="_1 blank"></span> <span class="_1d blank"> </span>5<span class="_12 blank"></span>0.0<span class="_12 blank"></span>0<span class="_1 blank"></span>0<span class="_1 blank"></span>,0<span class="_1 blank"></span>0<span class="_13 blank"></span>$ <span class="_12 blank"></span> <span class="_1 blank"></span> </div><div class="t m3 x1a h16 y90 ff1 fs9 fc0 sc0 ls8">+<span class="ff5 ls9 ws9">\u2191\u2191\u2191\u2191\u2191<span class="_1e blank"></span></span></div><div class="t m3 x27 h17 y91 ff1 fsa fc0 sc0 ls4 wsa">An os</div><div class="t m3 x1a h16 y92 ff1 fs9 fc0 sc0 lsa">-<span class="ff2 fsb lsb ws5 v2">0 <span class="_1 blank"></span> <span class="_12 blank"></span> 1<span class="_14 blank"> </span>2<span class="_1f blank"> </span>3<span class="_15 blank"> </span>4<span class="_1f blank"> </span>5</span></div><div class="t m4 x3e h18 y93 ff3 fsc fc0 sc0 ls4 ws5">5<span class="_12 blank"></span>0.0<span class="_12 blank"></span>0<span class="_1 blank"></span>0<span class="_1 blank"></span>,0<span class="_1 blank"></span>0<span class="_1b blank"></span>$<span class="_12 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1c blank"> </span>5<span class="_1 blank"></span>0.<span class="_12 blank"></span>00<span class="_1 blank"></span>0<span class="_12 blank"></span>,00<span class="_13 blank"></span>$<span class="_12 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1d blank"> </span>5<span class="_1 blank"></span>0<span class="_1 blank"></span>.0<span class="_1 blank"></span>0<span class="_12 blank"></span>0,0<span class="_12 blank"></span>0<span class="_13 blank"></span>$ <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1d blank"> </span>5<span class="_12 blank"></span>0.0<span class="_12 blank"></span>00<span class="_12 blank"></span>,0<span class="_1 blank"></span>0<span class="_13 blank"></span>$ <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1d blank"> </span>5<span class="_12 blank"></span>0.0<span class="_12 blank"></span>00<span class="_12 blank"></span>,0<span class="_1 blank"></span>0<span class="_13 blank"></span>$ <span class="_12 blank"></span> <span class="_1 blank"></span> </div><div class="t m4 x1a h19 y94 ff1 fsd fc0 sc0 lsc">+<span class="ff5 lsd wsb">\u2191\u2191\u2191\u2191\u2191<span class="_1e blank"></span></span></div><div class="t m4 x27 h1a y95 ff1 fse fc0 sc0 ls4 wsc">An os</div><div class="t m4 x1a h19 y96 ff1 fsd fc0 sc0 lse">-<span class="ff2 fsf lsf ws5 v2">0 <span class="_1 blank"></span> <span class="_12 blank"></span> 1<span class="_14 blank"> </span>2<span class="_1f blank"> </span>3<span class="_15 blank"> </span>4<span class="_15 blank"> </span>5</span></div><div class="t m4 x3f h1b y97 ff5 fsd fc0 sc0 ls4">\u2193</div><div class="t m4 x40 h18 y98 ff3 fsc fc0 sc0 ls4 ws5">2<span class="_1 blank"></span>0<span class="_1 blank"></span>0<span class="_1 blank"></span>.0<span class="_12 blank"></span>00<span class="_12 blank"></span>,0<span class="_1 blank"></span>0<span class="_1b blank"></span>$<span class="_12 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf5" class="pf w0 h0" data-page-no="5"><div class="pc pc5 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x41 y99 w4 h1" alt="" src="https://files.passeidireto.com/ac28f13d-0f2f-43e1-91e1-227be88b2bc6/bg5.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">5 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">B\u201d<span class="_1 blank"></span>),<span class="_0 blank"> </span> <span class="_d blank"> </span>que <span class="_7 blank"> </span>co<span class="_0 blank"> </span>nsisti<span class="_12 blank"></span>r<span class="_0 blank"> </span>ia <span class="_d blank"> </span>em <span class="_7 blank"> </span>ap<span class="_0 blank"> </span>li<span class="_1 blank"></span>car <span class="_7 blank"> </span>à<span class="_0 blank"> </span> <span class="_d blank"> </span>taxa <span class="_7 blank"> </span>de <span class="_d blank"> </span>juro<span class="_0 blank"> </span> <span class="_7 blank"> </span>vigente, <span class="_7 blank"> </span>o<span class="_0 blank"> </span> <span class="_7 blank"> </span>v<span class="_0 blank"> </span>alor <span class="_d blank"> </span>equ<span class="_0 blank"> </span>i<span class="_1 blank"></span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>e<span class="_0 blank"> </span>n<span class="_1 blank"></span>te <span class="_7 blank"> </span>à<span class="_0 blank"> </span> <span class="_d blank"> </span>despesa, </div><div class="t m0 x2 h4 y52 ff3 fs1 fc0 sc0 ls4 ws5">pelo<span class="_0 blank"> </span> <span class="_a blank"> </span>m<span class="_0 blank"> </span>e<span class="_1 blank"></span>smo <span class="_e blank"> </span>período <span class="_a blank"> </span>do<span class="_0 blank"> </span> <span class="_a blank"> </span>p<span class="_0 blank"> </span>roj<span class="_1 blank"></span>eto<span class="_0 blank"> </span> <span class="_a blank"> </span>produtivo.<span class="_0 blank"> </span> <span class="_a blank"> </span>De <span class="_e blank"> </span>fato, <span class="_e blank"> </span>da<span class="_0 blank"> </span> <span class="_a blank"> </span>p<span class="_0 blank"> </span>e<span class="_1 blank"></span>rspectiv<span class="_1 blank"></span>a <span class="_e blank"> </span>da <span class="_e blank"> </span>análise <span class="_e blank"> </span>d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y53 ff3 fs1 fc0 sc0 ls4 ws5">investimento, <span class="_8 blank"> </span>a <span class="_0 blank"> </span>d<span class="_0 blank"> </span>espesa <span class="_9 blank"> </span>é <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>capital<span class="_1 blank"></span> <span class="_8 blank"> </span>inicial. <span class="_9 blank"> </span>Este <span class="_9 blank"> </span>p<span class="_0 blank"> </span>ass<span class="_1 blank"></span>o <span class="_8 blank"> </span>lógico <span class="_8 blank"> </span>é <span class="_9 blank"> </span>impor<span class="_0 blank"> </span>ta<span class="_1 blank"></span>nte <span class="_9 blank"> </span>e <span class="_8 blank"> </span>merece <span class="_9 blank"> </span>se<span class="_1 blank"></span>r </div><div class="t m0 x2 h4 y54 ff3 fs1 fc0 sc0 ls4 ws5">destacado.<span class="_0 blank"> </span> <span class="_1a blank"> </span>Na <span class="_19 blank"> </span>an<span class="_1 blank"></span>álise <span class="_1a blank"> </span>d<span class="_0 blank"> </span>e <span class="_1a blank"> </span>en<span class="_0 blank"> </span>g<span class="_1 blank"></span>e<span class="_0 blank"> </span>nh<span class="_1 blank"></span>aria <span class="_1a blank"> </span>ec<span class="_0 blank"> </span>onômica, <span class="_1a blank"> </span>o<span class="_0 blank"> </span> <span class="_1a blank"> </span>p<span class="_0 blank"> </span>rojeto <span class="_1a blank"> </span>p<span class="_0 blank"> </span>rodutiv<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_1a blank"> </span>sempr<span class="_0 blank"> </span>e <span class="_1a blank"> </span>é </div><div class="t m0 x2 h4 y55 ff3 fs1 fc0 sc0 ls4 ws5">compar<span class="_0 blank"> </span>a<span class="_12 blank"></span>d<span class="_0 blank"> </span>o <span class="_d blank"> </span>com <span class="_d blank"> </span>a<span class="_0 blank"> </span> <span class="_7 blank"> </span>aplicação<span class="_0 blank"> </span> <span class="_d blank"> </span>fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>nc<span class="_1 blank"></span>e<span class="_0 blank"> </span>i<span class="_1 blank"></span>ra, <span class="_c blank"> </span>po<span class="_0 blank"> </span>is <span class="_7 blank"> </span>é <span class="_d blank"> </span>p<span class="_0 blank"> </span>re<span class="_1 blank"></span>ciso <span class="_d blank"> </span>c<span class="_0 blank"> </span>onsiderar <span class="_d blank"> </span>não <span class="_d blank"> </span>ap<span class="_0 blank"> </span>en<span class="_1 blank"></span>as <span class="_d blank"> </span>o <span class="_d blank"> </span>cu<span class="_0 blank"> </span>sto </div><div class="t m0 x2 h4 y9a ff3 fs1 fc0 sc0 ls4 ws5">contábil<span class="_1 blank"></span>, <span class="_0 blank"> </span>mas tamb<span class="_0 blank"> </span>ém o c<span class="_1 blank"></span>u<span class="_0 blank"> </span>s<span class="_1 blank"></span>t<span class="_0 blank"> </span>o <span class="_1 blank"></span>d<span class="_0 blank"> </span>e oport<span class="_1 blank"></span>u<span class="_0 blank"> </span>n<span class="_1 blank"></span>ida<span class="_0 blank"> </span>de do d<span class="_0 blank"> </span>i<span class="_1 blank"></span>nheiro <span class="_0 blank"> </span>in<span class="_1 blank"></span>vestido<span class="_0 blank"> </span> (vide n<span class="_1 blank"></span>o<span class="_0 blank"> </span>ta 1). </div><div class="t m0 x2 h4 y9b ff3 fs1 fc0 sc0 ls4 ws5">Ini<span class="_1 blank"></span>c<span class="_0 blank"> </span>ialmente <span class="_6 blank"> </span>ser<span class="_0 blank"> </span>á<span class="_1 blank"></span> <span class="_6 blank"> </span>co<span class="_0 blank"> </span>nsiderado<span class="_0 blank"> </span> <span class="_6 blank"> </span>como<span class="_0 blank"> </span> <span class="_6 blank"> </span>in<span class="_1 blank"></span>d<span class="_0 blank"> </span>ica<span class="_1 blank"></span>d<span class="_0 blank"> </span>or <span class="_6 blank"> </span>d<span class="_0 blank"> </span>e <span class="_e blank"> </span>p<span class="_0 blank"> </span>erforman<span class="_1 blank"></span>ce <span class="_5 blank"> </span>financeira <span class="_6 blank"> </span>o<span class="_0 blank"> </span> <span class="_5 blank"> </span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>lo<span class="_0 blank"> </span>r </div><div class="t m0 x2 h4 y9c ff3 fs1 fc0 sc0 ls4 ws5">presente. <span class="_9 blank"> </span>A <span class="_9 blank"> </span>seção <span class="_8 blank"> </span>ante<span class="_1 blank"></span>rio<span class="_0 blank"> </span>r <span class="_9 blank"> </span>estabelec<span class="_1 blank"></span>eu <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>val<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_0 blank"> </span>pr<span class="_0 blank"> </span>ese<span class="_1 blank"></span>nte <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>um<span class="_0 blank"> </span> <span class="_9 blank"> </span>fl<span class="_1 blank"></span>u<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>monetário <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y9d ff3 fs1 fc0 sc0 ls4 ws5">ocorre <span class="_d blank"> </span>em <span class="_d blank"> </span>t, <span class="_d blank"> </span>R<span class="fs2 ls10 v1">t</span>, <span class="_d blank"> </span>é <span class="_d blank"> </span>equ<span class="_0 blank"> </span>i<span class="_1 blank"></span>val<span class="_1 blank"></span>e<span class="_0 blank"> </span>nte <span class="_d blank"> </span>ao <span class="_d blank"> </span>cap<span class="_0 blank"> </span>ital <span class="_d blank"> </span>inicial <span class="_d blank"> </span>qu<span class="_0 blank"> </span>e <span class="_d blank"> </span>teria<span class="_1 blank"></span> <span class="_d blank"> </span>d<span class="_0 blank"> </span>e <span class="_d blank"> </span>ser <span class="_7 blank"> </span>a<span class="_0 blank"> </span>plicado<span class="_0 blank"> </span> <span class="_d blank"> </span>n<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_d blank"> </span>período </div><div class="t m0 x2 h4 y5a ff3 fs1 fc0 sc0 ls4 ws5">corrente d<span class="_0 blank"> </span>e m<span class="_0 blank"> </span>odo<span class="_0 blank"> </span> <span class="_0 blank"> </span>a ob<span class="_0 blank"> </span>ter, <span class="_0 blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>m <span class="_0 blank"> </span>isso, u<span class="_0 blank"> </span>m <span class="_0 blank"> </span>montan<span class="_1 blank"></span>te <span class="_9 blank"> </span>equiv<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>e<span class="_0 blank"> </span>n<span class="_1 blank"></span>te<span class="_0 blank"> </span> a <span class="_0 blank"> </span>R<span class="fs2 ls10 v1">t</span> <span class="_0 blank"> </span>ap<span class="_0 blank"> </span>ós <span class="_0 blank"> </span>t p<span class="_0 blank"> </span>eríodos. <span class="_0 blank"> </span>Mas </div><div class="t m0 x2 h4 y9e ff3 fs1 fc0 sc0 ls4 ws5">como <span class="_d blank"> </span>apli<span class="_1 blank"></span>car <span class="_d blank"> </span>es<span class="_1 blank"></span>te<span class="_0 blank"> </span> <span class="_7 blank"> </span>cr<span class="_0 blank"> </span>i<span class="_1 blank"></span>t<span class="_0 blank"> </span>ério <span class="_7 blank"> </span>a <span class="_d blank"> </span>uma <span class="_7 blank"> </span>sér<span class="_0 blank"> </span>ie <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>f<span class="_0 blank"> </span>luxos <span class="_d blank"> </span>mo<span class="_0 blank"> </span>n<span class="_1 blank"></span>etários? <span class="_7 blank"> </span>Simp<span class="_0 blank"> </span>l<span class="_1 blank"></span>es, <span class="_d blank"> </span>b<span class="_0 blank"> </span>a<span class="_1 blank"></span>sta <span class="_d blank"> </span>aplica-<span class="_0 blank"> </span>lo </div><div class="t m0 x2 h4 y9f ff3 fs1 fc0 sc0 ls4 ws5">separad<span class="_0 blank"> </span>amen<span class="_1 blank"></span>te <span class="_0 blank"> </span>a<span class="_0 blank"> </span> <span class="_0 blank"> </span>cad<span class="_0 blank"> </span>a<span class="_1 blank"></span> <span class="_9 blank"> </span>fluxo <span class="_9 blank"> </span>individ<span class="_0 blank"> </span>ual <span class="_0 blank"> </span>e <span class="_9 blank"> </span>en<span class="_1 blank"></span>tão <span class="_9 blank"> </span>so<span class="_0 blank"> </span>mar <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>res<span class="_1 blank"></span>u<span class="_0 blank"> </span>ltad<span class="_1 blank"></span>o<span class="_0 blank"> </span>. <span class="_9 blank"> </span>P<span class="_1 blank"></span>or<span class="_0 blank"> </span> <span class="_0 blank"> </span>exemplo,<span class="_0 blank"> </span> o<span class="_0 blank"> </span> <span class="_9 blank"> </span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>lor </div><div class="t m0 x2 ha y4b ff3 fs1 fc0 sc0 ls4 ws5">presente <span class="_8 blank"> </span>d<span class="_0 blank"> </span>a <span class="_7 blank"> </span>recei<span class="_1 blank"></span>ta <span class="_7 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_8 blank"> </span>o<span class="_0 blank"> </span>corre <span class="_7 blank"> </span>no <span class="_8 blank"> </span>final<span class="_1 blank"></span> <span class="_7 blank"> </span>de <span class="_7 blank"> </span>t <span class="_7 blank"> </span>= <span class="_7 blank"> </span>1<span class="_0 blank"> </span> <span class="_7 blank"> </span>é<span class="_1 blank"></span> <span class="_7 blank"> </span>50<span class="_0 blank"> </span>.000(1+i)<span class="fs2 ws1 v3">-1</span>,<span class="_0 blank"> </span> <span class="_8 blank"> </span>já, <span class="_7 blank"> </span>par<span class="_0 blank"> </span>a <span class="_8 blank"> </span>a <span class="_7 blank"> </span>receita <span class="_8 blank"> </span>qu<span class="_0 blank"> </span>e </div><div class="t m0 x2 h7 ya0 ff3 fs1 fc0 sc0 ls4 ws5">ocorre <span class="_9 blank"> </span>no <span class="_8 blank"> </span>fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span> <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>t <span class="_9 blank"> </span>=<span class="_0 blank"> </span> <span class="_0 blank"> </span>2<span class="_0 blank"> </span> <span class="_0 blank"> </span>temo<span class="_0 blank"> </span>s <span class="_0 blank"> </span>5<span class="_0 blank"> </span>0.<span class="_1 blank"></span>000<span class="_0 blank"> </span>(1+i)<span class="fs2 ws1 v3">-2</span>, <span class="_8 blank"> </span>e <span class="_0 blank"> </span>assim <span class="_9 blank"> </span>po<span class="_0 blank"> </span>r <span class="_9 blank"> </span>d<span class="_0 blank"> </span>i<span class="_1 blank"></span>an<span class="_1 blank"></span>te, <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>man<span class="_1 blank"></span>eira <span class="_9 blank"> </span>a <span class="_9 blank"> </span>c<span class="_0 blank"> </span>heg<span class="_1 blank"></span>ar <span class="_8 blank"> </span>à </div><div class="t m0 x2 h4 ya1 ff3 fs1 fc0 sc0 ls4 ws5">ex<span class="_1 blank"></span>pr<span class="_0 blank"> </span>essão aba<span class="_0 blank"> </span>i<span class="_1 blank"></span>xo pa<span class="_0 blank"> </span>ra o v<span class="_1 blank"></span>alor p<span class="_0 blank"> </span>res<span class="_1 blank"></span>ente d<span class="_0 blank"> </span>e toda a série<span class="_1 blank"></span> <span class="_0 blank"> </span>de receitas. </div><div class="t m0 x34 h4 ya2 ff3 fs1 fc0 sc0 ls4 ws5">VP(50.000<span class="_0 blank"> </span>,i,<span class="_1 blank"></span>5<span class="_0 blank"> </span>) <span class="_1 blank"></span>= </div><div class="t m0 x2b h7 ya3 ff3 fs1 fc0 sc0 ls4 ws0">50.000(1+i)<span class="fs2 ws1 v3">-1</span><span class="ws5"> + 50<span class="_0 blank"> </span>.<span class="_1 blank"></span>000<span class="_0 blank"> </span>(1+i)<span class="fs2 ws1 v3">-2</span> + 50.000(1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">- 3 </span> + 50.000(1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">- 4 </span> + 50.000(1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws3 v3">-5</span></span></div><div class="t m0 x29 h4 ya3 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 ya4 ff3 fs1 fc0 sc0 ls4 ws5">O <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_9 blank"> </span>se <span class="_9 blank"> </span>tem <span class="_8 blank"> </span>aci<span class="_1 blank"></span>ma,<span class="_0 blank"> </span> <span class="_0 blank"> </span>po<span class="_0 blank"> </span>is<span class="_1 blank"></span>, <span class="_9 blank"> </span>é<span class="_0 blank"> </span> <span class="_0 blank"> </span>o <span class="_8 blank"> </span>cômputo <span class="_9 blank"> </span>total <span class="_9 blank"> </span>do <span class="_9 blank"> </span>capital<span class="_1 blank"></span> <span class="_9 blank"> </span>in<span class="_0 blank"> </span>icial<span class="_1 blank"></span> <span class="_9 blank"> </span>q<span class="_0 blank"> </span>ue <span class="_8 blank"> </span>tem <span class="_0 blank"> </span>de <span class="_8 blank"> </span>ser <span class="_9 blank"> </span>inve<span class="_1 blank"></span>stido<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 ya5 ff3 fs1 fc0 sc0 ls4 ws5">em <span class="_8 blank"> </span>u<span class="_0 blank"> </span>m <span class="_7 blank"> </span>conj<span class="_1 blank"></span>unto<span class="_0 blank"> </span> <span class="_7 blank"> </span>de <span class="_7 blank"> </span>ci<span class="_1 blank"></span>nco <span class="_7 blank"> </span>aplic<span class="_1 blank"></span>a<span class="_0 blank"> </span>ções <span class="_7 blank"> </span>financeiras<span class="_1 blank"></span>,<span class="_0 blank"> </span> <span class="_7 blank"> </span>cada <span class="_7 blank"> </span>uma <span class="_7 blank"> </span>de<span class="_0 blank"> </span>l<span class="_1 blank"></span>as <span class="_8 blank"> </span>co<span class="_0 blank"> </span>m <span class="_7 blank"> </span>ve<span class="_1 blank"></span>ncime<span class="_0 blank"> </span>nto <span class="_7 blank"> </span>em </div><div class="t m0 x2 h4 ya6 ff3 fs1 fc0 sc0 ls4 ws5">cada <span class="_c blank"> </span>u<span class="_0 blank"> </span>m <span class="_b blank"> </span>dos <span class="_b blank"> </span>cinco <span class="_c blank"> </span>p<span class="_0 blank"> </span>eríodos <span class="_b blank"> </span>po<span class="_0 blank"> </span>s<span class="_1 blank"></span>terior<span class="_0 blank"> </span>es<span class="_1 blank"></span>.<span class="_0 blank"> </span> <span class="_c blank"> </span>Este <span class="_b blank"> </span>co<span class="_0 blank"> </span>n<span class="_1 blank"></span>junto,<span class="_0 blank"> </span> <span class="_b blank"> </span>no <span class="_c blank"> </span>qu<span class="_0 blank"> </span>e <span class="_b blank"> </span>seg<span class="_1 blank"></span>u<span class="_0 blank"> </span>e, <span class="_b blank"> </span>será <span class="_b blank"> </span>referido </div><div class="t m0 x2 h4 ya7 ff3 fs1 fc0 sc0 ls4 ws5">como \u201c<span class="_0 blank"> </span>i<span class="_1 blank"></span>nvestimento financei<span class="_1 blank"></span>ro<span class="_0 blank"> </span>\u201d.<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 ya8 ff3 fs1 fc0 sc0 ls4 ws5">Gen<span class="_1 blank"></span>ericament<span class="_0 blank"> </span>e, <span class="_7 blank"> </span>o <span class="_8 blank"> </span>valor <span class="_7 blank"> </span>pr<span class="_0 blank"> </span>e<span class="_1 blank"></span>sen<span class="_1 blank"></span>te <span class="_7 blank"> </span>de<span class="_0 blank"> </span> <span class="_8 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_8 blank"> </span>série <span class="_8 blank"> </span>u<span class="_0 blank"> </span>n<span class="_1 blank"></span>ifo<span class="_0 blank"> </span>rme <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>r<span class="_0 blank"> </span>ecei<span class="_12 blank"></span>t<span class="_0 blank"> </span>as <span class="_8 blank"> </span>co<span class="_0 blank"> </span>m <span class="_7 blank"> </span>duração <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_7 blank"> </span>T </div><div class="t m0 x2 h4 ya9 ff3 fs1 fc0 sc0 ls4 ws5">período<span class="_0 blank"> </span>s<span class="_1 blank"></span> pod<span class="_0 blank"> </span>e ser es<span class="_1 blank"></span>crita na forma <span class="_0 blank"> </span>a<span class="_1 blank"></span> <span class="_0 blank"> </span>seg<span class="_1 blank"></span>uir.<span class="_0 blank"> </span> </div><div class="t m0 x42 ha yaa ff3 fs1 fc0 sc0 ls4 ws5">VP(A,i,T) =<span class="_0 blank"> </span> A(1+i)<span class="fs2 ws1 v3">-1</span> + A(1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">-2</span> +<span class="_0 blank"> </span>...<span class="_1 blank"></span>+ <span class="_0 blank"> </span>A(1<span class="_1 blank"></span>+<span class="_0 blank"> </span>i)<span class="fs2 ws3 v3">-T</span> </div><div class="t m0 x2 h4 yab ff3 fs1 fc0 sc0 ls4 ws5">Ou, de modo equivalente: </div><div class="t m0 x43 ha yac ff3 fs1 fc0 sc0 ls4 ws5">VP(A,i,T) =<span class="_0 blank"> </span> A[(1+i)<span class="fs2 ws3 v3">-1</span></div><div class="t m0 x44 ha yac ff3 fs1 fc0 sc0 ls4 ws5"> + (1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">-2 </span> +...+ (1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws3 v3">-T</span>] </div><div class="t m0 x2 h4 yad ff3 fs1 fc0 sc0 ls4 ws5">O <span class="_7 blank"> </span>t<span class="_0 blank"> </span>ermo <span class="_d blank"> </span>en<span class="_1 blank"></span>t<span class="_0 blank"> </span>re <span class="_d blank"> </span>colch<span class="_1 blank"></span>etes <span class="_d blank"> </span>é <span class="_d blank"> </span>a <span class="_d blank"> </span>soma <span class="_7 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_d blank"> </span>pr<span class="_1 blank"></span>o<span class="_0 blank"> </span>g<span class="_1 blank"></span>ressão<span class="_0 blank"> </span> <span class="_d blank"> </span>g<span class="_1 blank"></span>eomé<span class="_0 blank"> </span>tri<span class="_1 blank"></span>ca <span class="_d blank"> </span>(P<span class="_0 blank"> </span>G<span class="_1 blank"></span>) <span class="_d blank"> </span>c<span class="_0 blank"> </span>om <span class="_7 blank"> </span>pr<span class="_0 blank"> </span>i<span class="_1 blank"></span>meiro </div><div class="t m0 x2 h4 yae ff3 fs1 fc0 sc0 ls4 ws5">termo, a</div><div class="t m0 x45 h1c yaf ff3 fs2 fc0 sc0 ls0">1<span class="fs1 ls4 ws5 v2">, e razã<span class="_1 blank"></span>o<span class="_0 blank"> </span>, <span class="_1 blank"></span>q<span class="_0 blank"> </span>, ig<span class="_1 blank"></span>u<span class="_0 blank"> </span>ais a (1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">- 1 </span> <span class="_0 blank"> </span>e<span class="_1 blank"></span> número de el<span class="_1 blank"></span>ementos, <span class="_0 blank"> </span>N,<span class="_0 blank"> </span> i<span class="_1 blank"></span>gual a T, ou<span class="_0 blank"> </span> sej<span class="_1 blank"></span>a: <span class="_0 blank"> </span> </span></div><div class="t m0 x46 h4 yb0 ff3 fs1 fc0 sc0 ls4 ws5">VP(A,i<span class="_1 blank"></span>,T)<span class="_0 blank"> </span> = A[<span class="_0 blank"> </span>a<span class="fs2 v1">1</span></div><div class="t m0 x47 h4 yb0 ff3 fs1 fc0 sc0 ls4 ws5"> + <span class="_0 blank"> </span>a</div><div class="t m0 xa h5 yb1 ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x14 h4 yb0 ff3 fs1 fc0 sc0 ls4 ws5">q + <span class="_0 blank"> </span>a</div><div class="t m0 x48 h5 yb1 ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x49 h7 yb0 ff3 fs1 fc0 sc0 ls2">q<span class="fs2 ls4 v3">2</span></div><div class="t m0 x4a h4 yb0 ff3 fs1 fc0 sc0 ls4 ws5">+..<span class="_0 blank"> </span>.<span class="_1 blank"></span>+ <span class="_0 blank"> </span>a</div><div class="t m0 x36 h5 yb1 ff3 fs2 fc0 sc0 ls4">1</div><div class="t m0 x4b h7 yb0 ff3 fs1 fc0 sc0 ls3">q<span class="fs2 ls4 ws1 v3">T-1</span><span class="ls4 ws5">] </span></div><div class="t m0 x2 h4 yb2 ff3 fs1 fc0 sc0 ls4 ws5">Ex<span class="_1 blank"></span>i<span class="_0 blank"> </span>ste<span class="_1 blank"></span>,<span class="_0 blank"> </span> <span class="_8 blank"> </span>como<span class="_0 blank"> </span> <span class="_8 blank"> </span>se <span class="_8 blank"> </span>vi<span class="_1 blank"></span>u <span class="_8 blank"> </span>acim<span class="_0 blank"> </span>a, <span class="_8 blank"> </span>um<span class="_0 blank"> </span>a <span class="_9 blank"> </span>fórmula <span class="_8 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_9 blank"> </span>p<span class="_0 blank"> </span>erm<span class="_1 blank"></span>ite <span class="_9 blank"> </span>e<span class="_0 blank"> </span>xpre<span class="_0 blank"> </span>ss<span class="_12 blank"></span>a<span class="_0 blank"> </span>r <span class="_8 blank"> </span>a <span class="_8 blank"> </span>som<span class="_0 blank"> </span>a <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_8 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_9 blank"> </span>PG <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 yb3 ff3 fs1 fc0 sc0 ls4 ws5">maneira <span class="_7 blank"> </span>simples <span class="_7 blank"> </span>e <span class="_7 blank"> </span>como<span class="_0 blank"> </span> <span class="_7 blank"> </span>funç<span class="_1 blank"></span>ão <span class="_7 blank"> </span>ap<span class="_0 blank"> </span>ena<span class="_1 blank"></span>s<span class="_0 blank"> </span> <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>a<span class="fs2 ls0 v1">1</span>, <span class="_7 blank"> </span>q <span class="_7 blank"> </span>e <span class="_7 blank"> </span>N. <span class="_d blank"> </span>A <span class="_7 blank"> </span>fórmu<span class="_0 blank"> </span>la <span class="_8 blank"> </span>em <span class="_7 blank"> </span>q<span class="_0 blank"> </span>uestão <span class="_7 blank"> </span>é <span class="_8 blank"> </span>S<span class="_0 blank"> </span> <span class="_8 blank"> </span>=<span class="_0 blank"> </span> <span class="_7 blank"> </span>a<span class="fs2 ls0 v1">1</span> </div><div class="t m0 x2 ha yb4 ff3 fs1 fc0 sc0 ls4 ws5">(1 - q<span class="fs2 ws3 v3">N</span><span class="ws0">)(1-q )<span class="fs2 ws3 v3">-1</span></span></div><div class="t m0 x40 h4 yb4 ff3 fs1 fc0 sc0 ls4 ws5">. </div><div class="t m0 x2 h4 yb5 ff3 fs1 fc0 sc0 ls4 ws5">Aplic<span class="_1 blank"></span>a<span class="_0 blank"> </span>n<span class="_1 blank"></span>d<span class="_0 blank"> </span>o o<span class="_0 blank"> </span>s va<span class="_1 blank"></span>lore<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_0 blank"> </span>de a<span class="fs2 ls0 v1">1</span>, <span class="_1 blank"></span>q<span class="_0 blank"> </span> e N da série <span class="_1 blank"></span>d<span class="_0 blank"> </span>e receitas<span class="_1 blank"></span>,<span class="_0 blank"> </span> ch<span class="_1 blank"></span>e<span class="_0 blank"> </span>g<span class="_1 blank"></span>a-se,<span class="_0 blank"> </span> finalmente, a: </div><div class="t m0 x4c h1d yb6 ff6 fs1 fc0 sc0 ls4 wsd">VP<span class="ls11 v6">(</span><span class="wse">A, i, T<span class="ls12 v6">)</span><span class="ls13">=<span class="ff7 ls14">\ue723</span><span class="ls11 v7">(</span></span><span class="wsf v8">1 + <span class="ff7 ls15">\ue745</span></span><span class="ls11 v7">)</span><span class="ff7 fs10 ls16 v9">\uebcd</span><span class="ff7 ls17 v8">\u2212</span><span class="v8">1</span></span></div><div class="t m0 x4d h1e yb7 ff7 fs1 fc0 sc0 ls18">\ue745<span class="ff6 ls4 wsd v6">(</span><span class="ff6 ls4 ws10">1 + </span><span class="ls15">\ue745<span class="ff6 ls11 v6">)</span><span class="fs10 ls19 va">\uebcd</span><span class="ff3 ls4 ws5 vb"> </span></span></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf6" class="pf w0 h0" data-page-no="6"><div class="pc pc6 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x4e yb8 w5 h1f" alt="" src="https://files.passeidireto.com/ac28f13d-0f2f-43e1-91e1-227be88b2bc6/bg6.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">6 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 yb9 ff3 fs1 fc0 sc0 ls4 ws5">O qu<span class="_0 blank"> </span>e, no<span class="_1 blank"></span> exemplo d<span class="_0 blank"> </span>a V<span class="_1 blank"></span>o<span class="_0 blank"> </span>toran<span class="_1 blank"></span>tim Geor<span class="_0 blank"> </span>gia<span class="_1 blank"></span>,<span class="_0 blank"> </span> equiv<span class="_1 blank"></span>a<span class="_0 blank"> </span>le a: </div><div class="t m0 x4f h20 yba ff6 fs1 fc0 sc0 ls4 wsd">VP<span class="ls11 v6">(</span><span class="ws11">$ 50.000,0.1,<span class="_d blank"> </span>5<span class="ls1a v6">)</span>=<span class="_e blank"> </span>$50.000<span class="_d blank"> </span></span><span class="v7">(</span><span class="ws12 v8">1<span class="_b blank"> </span>+<span class="_20 blank"> </span>0. 1</span></div><div class="t m0 x50 h21 ybb ff6 fs1 fc0 sc0 ls11">)<span class="ff7 fs10 ls1b va">\ueb39</span><span class="ff7 ls17 vc">\u2212</span><span class="ls4 vc">1</span></div><div class="t m0 x51 h22 ybc ff7 fs1 fc0 sc0 ls1c">\ue745<span class="ff6 ls4 wsd v6">(</span><span class="ff6 ls4 ws13">1<span class="_b blank"> </span>+<span class="_20 blank"> </span>0.1<span class="ls11 v6">)</span></span><span class="fs10 ls1d va">\ueb39</span><span class="ff6 ls4 ws14 vb">= $<span class="_0 blank"> </span>189.539,34</span><span class="ls4 ws15 vb">\ue003<span class="ff3 ws5"> </span></span></div><div class="t m0 x2 h4 ybd ff3 fs1 fc0 sc0 ls4 ws5">Re<span class="_1 blank"></span>t<span class="_0 blank"> </span>omando <span class="_1a blank"> </span>o <span class="_1a blank"> </span>problema, <span class="_1a blank"> </span>ag<span class="_1 blank"></span>or<span class="_0 blank"> </span>a <span class="_5 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_1a blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>n<span class="_1 blank"></span>he<span class="_1 blank"></span>cemo<span class="_0 blank"> </span>s <span class="_1a blank"> </span>o <span class="_1a blank"> </span>val<span class="_1 blank"></span>or <span class="_1a blank"> </span>pr<span class="_0 blank"> </span>e<span class="_1 blank"></span>sen<span class="_1 blank"></span>t<span class="_0 blank"> </span>e <span class="_5 blank"> </span>d<span class="_0 blank"> </span>a <span class="_1a blank"> </span>receita <span class="_1a blank"> </span>d<span class="_1 blank"></span>o </div><div class="t m0 x2 h4 ybe ff3 fs1 fc0 sc0 ls4 ws5">investimento <span class="_a blank"> </span>produ<span class="_0 blank"> </span>ti<span class="_1 blank"></span>vo, <span class="_a blank"> </span>pode<span class="_0 blank"> </span>mos d<span class="_0 blank"> </span>etermin<span class="_1 blank"></span>ar <span class="_a blank"> </span>se <span class="_a blank"> </span>ele é <span class="_a blank"> </span>eco<span class="_0 blank"> </span>n<span class="_1 blank"></span>o<span class="_0 blank"> </span>mi<span class="_1 blank"></span>came<span class="_0 blank"> </span>nte su<span class="_0 blank"> </span>p<span class="_0 blank"> </span>e<span class="_1 blank"></span>rior <span class="_a blank"> </span>ao </div><div class="t m0 x2 h4 ybf ff3 fs1 fc0 sc0 ls4 ws5">investimento <span class="_0 blank"> </span>fina<span class="_0 blank"> </span>n<span class="_1 blank"></span>ce<span class="_0 blank"> </span>i<span class="_1 blank"></span>ro<span class="_0 blank"> </span>. <span class="_9 blank"> </span>Basta <span class="_0 blank"> </span>comparar <span class="_0 blank"> </span>o <span class="_0 blank"> </span>r<span class="_0 blank"> </span>esultado <span class="_9 blank"> </span>do <span class="_0 blank"> </span>cálculo <span class="_0 blank"> </span>anterior,<span class="_0 blank"> </span> <span class="_0 blank"> </span>R$189.539,34, </div><div class="t m0 x2 h4 yc0 ff3 fs1 fc0 sc0 ls4 ws5">com<span class="_0 blank"> </span> o <span class="_a blank"> </span>va<span class="_1 blank"></span>lor do<span class="_0 blank"> </span> <span class="_a blank"> </span>ca<span class="_1 blank"></span>p<span class="_0 blank"> </span>i<span class="_1 blank"></span>tal in<span class="_0 blank"> </span>i<span class="_1 blank"></span>c<span class="_0 blank"> </span>ial, R$200.00<span class="_0 blank"> </span>0,<span class="_1 blank"></span>00.<span class="_9 blank"> </span> Como o<span class="_0 blank"> </span> primei<span class="_1 blank"></span>ro<span class="_0 blank"> </span> é<span class="_0 blank"> </span> menor<span class="_0 blank"> </span>, inve<span class="_1 blank"></span>stir<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 yc1 ff3 fs1 fc0 sc0 ls4 ws5">fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>nc<span class="_1 blank"></span>e<span class="_0 blank"> </span>iramente <span class="_7 blank"> </span>o<span class="_0 blank"> </span> <span class="_d blank"> </span>capital <span class="_d blank"> </span>se <span class="_d blank"> </span>mo<span class="_0 blank"> </span>stra <span class="_d blank"> </span>ma<span class="_0 blank"> </span>is<span class="_1 blank"></span> <span class="_d blank"> </span>re<span class="_0 blank"> </span>ntáv<span class="_1 blank"></span>e<span class="_0 blank"> </span>l, <span class="_d blank"> </span>dado<span class="_0 blank"> </span> <span class="_7 blank"> </span>qu<span class="_0 blank"> </span>e, <span class="_d blank"> </span>assi<span class="_1 blank"></span>m <span class="_d blank"> </span>faz<span class="_0 blank"> </span>endo, <span class="_d blank"> </span>pode-<span class="_0 blank"> </span>se </div><div class="t m0 x2 h4 yc2 ff3 fs1 fc0 sc0 ls4 ws5">atingir u<span class="_0 blank"> </span>ma <span class="_1 blank"></span>receita equivalente co<span class="_0 blank"> </span>m menor capital inicial. </div><div class="t m0 x2 h4 yc3 ff3 fs1 fc0 sc0 ls4 ws5">Seja <span class="_9 blank"> </span>agor<span class="_0 blank"> </span>a <span class="_9 blank"> </span>consider<span class="_0 blank"> </span>ado <span class="_9 blank"> </span>o <span class="_8 blank"> </span>critério <span class="_9 blank"> </span>do<span class="_0 blank"> </span> <span class="_9 blank"> </span>valor <span class="_9 blank"> </span>fu<span class="_0 blank"> </span>turo. <span class="_9 blank"> </span>Este, <span class="_8 blank"> </span>aplicad<span class="_0 blank"> </span>o <span class="_9 blank"> </span>a<span class="_0 blank"> </span> <span class="_9 blank"> </span>um<span class="_0 blank"> </span> <span class="_9 blank"> </span>fl<span class="_1 blank"></span>u<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>mo<span class="_0 blank"> </span>n<span class="_1 blank"></span>etário </div><div class="t m0 x2 h4 yc4 ff3 fs1 fc0 sc0 ls4 ws5">qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_9 blank"> </span>o<span class="_0 blank"> </span>corre <span class="_8 blank"> </span>em <span class="_8 blank"> </span>t, <span class="_8 blank"> </span>R<span class="fs2 v1">t</span></div><div class="t m0 x52 h4 yc4 ff3 fs1 fc0 sc0 ls4 ws5">, <span class="_8 blank"> </span>consiste <span class="_9 blank"> </span>em <span class="_8 blank"> </span>d<span class="_0 blank"> </span>etermin<span class="_1 blank"></span>ar <span class="_8 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>mo<span class="_0 blank"> </span>n<span class="_12 blank"></span>ta<span class="_0 blank"> </span>nte <span class="_9 blank"> </span>q<span class="_0 blank"> </span>u<span class="_0 blank"> </span>e <span class="_8 blank"> </span>seria<span class="_1 blank"></span> <span class="_8 blank"> </span>ob<span class="_0 blank"> </span>tido <span class="_8 blank"> </span>caso <span class="_8 blank"> </span>R</div><div class="t m0 x28 h6 yc5 ff3 fs2 fc0 sc0 ls10">t<span class="fs1 ls4 ws5 v2"> <span class="_8 blank"> </span>fosse </span></div><div class="t m0 x2 h4 yc6 ff3 fs1 fc0 sc0 ls4 ws5">apli<span class="_1 blank"></span>cado<span class="_0 blank"> </span> <span class="_c blank"> </span>até <span class="_c blank"> </span>o <span class="_d blank"> </span>p<span class="_0 blank"> </span>erí<span class="_1 blank"></span>odo<span class="_0 blank"> </span> <span class="_d blank"> </span>fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>l <span class="_d blank"> </span>do<span class="_0 blank"> </span> <span class="_d blank"> </span>hor<span class="_0 blank"> </span>izonte <span class="_d blank"> </span>d<span class="_0 blank"> </span>e <span class="_d blank"> </span>decisão<span class="_0 blank"> </span> <span class="_d blank"> </span>co<span class="_0 blank"> </span>n<span class="_1 blank"></span>siderado<span class="_0 blank"> </span>, <span class="_d blank"> </span>T. <span class="_d blank"> </span>M<span class="_0 blank"> </span>ai<span class="_1 blank"></span>s <span class="_c blank"> </span>uma<span class="_0 blank"> </span> <span class="_d blank"> </span>vez<span class="_1 blank"></span>,<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 yc7 ff3 fs1 fc0 sc0 ls4 ws5">apli<span class="_1 blank"></span>car <span class="_d blank"> </span>e<span class="_0 blank"> </span>ste <span class="_d blank"> </span>cr<span class="_0 blank"> </span>itério <span class="_c blank"> </span>a <span class="_d blank"> </span>u<span class="_0 blank"> </span>ma <span class="_d blank"> </span>série <span class="_c blank"> </span>de <span class="_d blank"> </span>f<span class="_0 blank"> </span>luxos <span class="_c blank"> </span>pressupõe<span class="_0 blank"> </span> <span class="_d blank"> </span>apli<span class="_1 blank"></span>c<span class="_0 blank"> </span>a-lo <span class="_c blank"> </span>separadam<span class="_0 blank"> </span>en<span class="_1 blank"></span>te <span class="_c blank"> </span>a <span class="_d blank"> </span>cad<span class="_0 blank"> </span>a </div><div class="t m0 x2 h4 yc8 ff3 fs1 fc0 sc0 ls4 ws5">fluxo <span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_0 blank"> </span>então<span class="_1 blank"></span> so<span class="_0 blank"> </span>mar <span class="_1 blank"></span>o<span class="_0 blank"> </span> resultado.<span class="_1 blank"></span> </div><div class="t m0 x2 h4 yc9 ff3 fs1 fc0 sc0 ls4 ws5">Por <span class="_6 blank"> </span>ex<span class="_1 blank"></span>emp<span class="_0 blank"> </span>lo, <span class="_6 blank"> </span>se <span class="_e blank"> </span>a <span class="_6 blank"> </span>rece<span class="_0 blank"> </span>i<span class="_1 blank"></span>ta<span class="_0 blank"> </span> <span class="_e blank"> </span>qu<span class="_0 blank"> </span>e <span class="_e blank"> </span>o<span class="_0 blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>rre <span class="_6 blank"> </span>em <span class="_6 blank"> </span>t <span class="_e blank"> </span>=<span class="_0 blank"> </span> <span class="_e blank"> </span>1 <span class="_5 blank"> </span>tem <span class="_e blank"> </span>valor <span class="_6 blank"> </span>futuro <span class="_6 blank"> </span>equ<span class="_0 blank"> </span>iv<span class="_1 blank"></span>alente <span class="_6 blank"> </span>a </div><div class="t m0 x2 h7 yca ff3 fs1 fc0 sc0 ls4 ws0">50.000(1+i)<span class="fs2 ws1 v3">T-1 </span><span class="ws5">, <span class="_d blank"> </span>em <span class="_d blank"> </span>qu<span class="_0 blank"> </span>e <span class="_d blank"> </span>T, <span class="_d blank"> </span>o <span class="_d blank"> </span>h<span class="_1 blank"></span>o<span class="_0 blank"> </span>rizonte<span class="_1 blank"></span> <span class="_d blank"> </span>d<span class="_0 blank"> </span>e <span class="_d blank"> </span>tempo, <span class="_d blank"> </span>é <span class="_d blank"> </span>igual<span class="_1 blank"></span> <span class="_c blank"> </span>a <span class="_d blank"> </span>5.<span class="_0 blank"> </span> <span class="_d blank"> </span>Des<span class="_1 blank"></span>t<span class="_0 blank"> </span>a <span class="_7 blank"> </span>m<span class="_0 blank"> </span>an<span class="_1 blank"></span>e<span class="_0 blank"> </span>i<span class="_1 blank"></span>ra,<span class="_0 blank"> </span> <span class="_7 blank"> </span>o<span class="_0 blank"> </span> <span class="_d blank"> </span>valor </span></div><div class="t m0 x2 h7 ycb ff3 fs1 fc0 sc0 ls4 ws5">futuro <span class="_9 blank"> </span>d<span class="_0 blank"> </span>a <span class="_7 blank"> </span>recei<span class="_1 blank"></span>ta <span class="_8 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_9 blank"> </span>o<span class="_0 blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>rre <span class="_8 blank"> </span>em <span class="_7 blank"> </span>t <span class="_9 blank"> </span>= <span class="_8 blank"> </span>1<span class="_0 blank"> </span> <span class="_8 blank"> </span>é <span class="_9 blank"> </span>5<span class="_0 blank"> </span>0.000(1+i)<span class="fs2 ls0 v3">4</span>, <span class="_8 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_9 blank"> </span>faz <span class="_8 blank"> </span>sentid<span class="_0 blank"> </span>o <span class="_9 blank"> </span>p<span class="_0 blank"> </span>ois <span class="_9 blank"> </span>há <span class="_8 blank"> </span>q<span class="_0 blank"> </span>uatro </div><div class="t m0 x2 h4 ycc ff3 fs1 fc0 sc0 ls4 ws5">período<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>capitaliza<span class="_1 blank"></span>ç<span class="_0 blank"> </span>ão <span class="_9 blank"> </span>e<span class="_0 blank"> </span>n<span class="_1 blank"></span>tre <span class="_9 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span> <span class="_9 blank"> </span>d<span class="_9 blank"> </span>e <span class="_0 blank"> </span>t<span class="_0 blank"> </span> <span class="_9 blank"> </span>=<span class="_0 blank"> </span> <span class="_9 blank"> </span>1 <span class="_8 blank"> </span>e <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>fin<span class="_12 blank"></span>a<span class="_0 blank"> </span>l <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>t<span class="_0 blank"> </span> <span class="_9 blank"> </span>=<span class="_0 blank"> </span> <span class="_9 blank"> </span>5. <span class="_8 blank"> </span>Já <span class="_0 blank"> </span>p<span class="_0 blank"> </span>ara <span class="_9 blank"> </span>a <span class="_8 blank"> </span>recei<span class="_1 blank"></span>ta <span class="_8 blank"> </span>qu<span class="_0 blank"> </span>e </div><div class="t m0 x2 h7 ycd ff3 fs1 fc0 sc0 ls4 ws5">ocorre <span class="_0 blank"> </span>em<span class="_0 blank"> </span> <span class="_0 blank"> </span>t <span class="_9 blank"> </span>= <span class="_9 blank"> </span>2<span class="_0 blank"> </span>, <span class="_9 blank"> </span>o <span class="_9 blank"> </span>val<span class="_1 blank"></span>or <span class="_8 blank"> </span>futuro <span class="_9 blank"> </span>é <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>5<span class="_0 blank"> </span>0.000(1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="_0 blank"> </span><span class="fs2 v3">3</span></div><div class="t m0 x11 h4 ycd ff3 fs1 fc0 sc0 ls4 ws5">.E <span class="_9 blank"> </span>assi<span class="_1 blank"></span>m <span class="_9 blank"> </span>po<span class="_0 blank"> </span>r<span class="_0 blank"> </span> d<span class="_0 blank"> </span>iante. <span class="_0 blank"> </span>O <span class="_8 blank"> </span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_9 blank"> </span>futuro <span class="_9 blank"> </span>d<span class="_0 blank"> </span>a </div><div class="t m0 x2 h4 yce ff3 fs1 fc0 sc0 ls4 ws5">série<span class="_1 blank"></span> d<span class="_0 blank"> </span>e r<span class="_0 blank"> </span>e<span class="_1 blank"></span>ceitas, pois, <span class="_0 blank"> </span>é<span class="_1 blank"></span> <span class="_0 blank"> </span>tal c<span class="_1 blank"></span>o<span class="_0 blank"> </span>mo seg<span class="_1 blank"></span>u<span class="_0 blank"> </span>e. </div><div class="t m0 xf ha ycf ff3 fs1 fc0 sc0 ls4 ws5">VF(50.000<span class="_0 blank"> </span>,i,5) = 50.<span class="_1 blank"></span>000<span class="_0 blank"> </span>(1+i)<span class="fs2 ls0 v3">4</span> + 5<span class="_1 blank"></span>0<span class="_0 blank"> </span>.000(1+i)<span class="fs2 v3">3</span></div><div class="t m0 x53 ha ycf ff3 fs1 fc0 sc0 ls4 ws5"> <span class="_0 blank"> </span>+ <span class="_1 blank"></span>50.000<span class="_0 blank"> </span>(1<span class="_1 blank"></span>+<span class="_0 blank"> </span>i)<span class="fs2 ls0 v3">2</span> <span class="_1 blank"></span>+ <span class="_0 blank"> </span>50.<span class="_1 blank"></span>000<span class="_0 blank"> </span>(1+i)<span class="fs2 ls0 v3">1</span> + <span class="_1 blank"></span>50<span class="_0 blank"> </span>.000 </div><div class="t m0 x2 h4 yd0 ff3 fs1 fc0 sc0 ls4 ws5">(recordando qu<span class="_0 blank"> </span>e p<span class="_0 blank"> </span>reval<span class="_1 blank"></span>ece <span class="_0 blank"> </span>a <span class="_0 blank"> </span>convenção <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_0 blank"> </span>fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span> <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>perío<span class="_1 blank"></span>do<span class="_0 blank"> </span> <span class="_0 blank"> </span>e, po<span class="_0 blank"> </span>rtanto, <span class="_0 blank"> </span>t<span class="_1 blank"></span>od<span class="_0 blank"> </span>as as <span class="_0 blank"> </span>receitas </div><div class="t m0 x2 h4 yd1 ff3 fs1 fc0 sc0 ls4 ws5">podem<span class="_0 blank"> </span> <span class="_d blank"> </span>ser<span class="_0 blank"> </span> <span class="_d blank"> </span>vistas <span class="_c blank"> </span>co<span class="_0 blank"> </span>mo<span class="_0 blank"> </span> <span class="_d blank"> </span>ap<span class="_0 blank"> </span>li<span class="_1 blank"></span>cações <span class="_b blank"> </span>a <span class="_c blank"> </span>ju<span class="_0 blank"> </span>ro <span class="_c blank"> </span>manti<span class="_1 blank"></span>da<span class="_0 blank"> </span>s <span class="_c blank"> </span>entre <span class="_c blank"> </span>o<span class="_0 blank"> </span> <span class="_c blank"> </span>final <span class="_c blank"> </span>do<span class="_0 blank"> </span> <span class="_d blank"> </span>p<span class="_0 blank"> </span>eríodo <span class="_b blank"> </span>em <span class="_c blank"> </span>qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> </div><div class="t m0 x2 h4 yd2 ff3 fs1 fc0 sc0 ls4 ws5">ocorrem e o <span class="_0 blank"> </span>fin<span class="_12 blank"></span>a<span class="_0 blank"> </span>l do ú<span class="_0 blank"> </span>l<span class="_1 blank"></span>t<span class="_0 blank"> </span>i<span class="_1 blank"></span>mo<span class="_0 blank"> </span> <span class="_1 blank"></span>p<span class="_0 blank"> </span>eríodo do horizonte de de<span class="_0 blank"> </span>ci<span class="_1 blank"></span>são, T) </div><div class="t m0 x2 h4 yd3 ff3 fs1 fc0 sc0 ls4 ws5">Em te<span class="_0 blank"> </span>rm<span class="_1 blank"></span>o<span class="_0 blank"> </span>s g<span class="_1 blank"></span>e<span class="_0 blank"> </span>né<span class="_1 blank"></span>rico<span class="_0 blank"> </span>s, <span class="_0 blank"> </span>a soma do<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_0 blank"> </span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>o<span class="_0 blank"> </span>res futuros de u<span class="_0 blank"> </span>ma sér<span class="_0 blank"> </span>i<span class="_1 blank"></span>e unifo<span class="_0 blank"> </span>rme d<span class="_0 blank"> </span>e receitas<span class="_1 blank"></span> <span class="_0 blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>m </div><div class="t m0 x2 h4 yd4 ff3 fs1 fc0 sc0 ls4 ws5">du<span class="_0 blank"> </span>raçã<span class="_1 blank"></span>o d<span class="_0 blank"> </span>e T<span class="_1 blank"></span> pe<span class="_0 blank"> </span>rí<span class="_1 blank"></span>odo<span class="_0 blank"> </span>s é da<span class="_1 blank"></span>d<span class="_0 blank"> </span>a por: </div><div class="t m0 x54 ha yd5 ff3 fs1 fc0 sc0 ls4 ws5">VF(A,i,T) =<span class="_0 blank"> </span> A(1+i)<span class="fs2 ws1 v3">T-1</span> + A(1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">T-2</span> <span class="_0 blank"> </span>+..<span class="_1 blank"></span>.<span class="_0 blank"> </span>+ A(1+i)<span class="fs2 v3">0</span></div><div class="t m0 x25 h4 yd5 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 yaf ff3 fs1 fc0 sc0 ls4 ws5">Ou, de modo equivalente: </div><div class="t m0 x55 ha yb1 ff3 fs1 fc0 sc0 ls4 ws5">VF(A,i<span class="_1 blank"></span>,<span class="_0 blank"> </span>T) = <span class="_0 blank"> </span>A[<span class="_1 blank"></span>(1<span class="_0 blank"> </span>+i)<span class="fs2 ws1 v3">T-1 </span> + (1+i)<span class="fs2 ws1 v3">T-2</span> +...+ (1<span class="_0 blank"> </span>+i)<span class="fs2 ls0 v3">0</span>]<span class="_12 blank"></span> </div><div class="t m0 x2 h4 yd6 ff3 fs1 fc0 sc0 ls4 ws5">O <span class="_7 blank"> </span>t<span class="_0 blank"> </span>ermo <span class="_d blank"> </span>en<span class="_1 blank"></span>t<span class="_0 blank"> </span>re <span class="_d blank"> </span>colch<span class="_1 blank"></span>etes <span class="_d blank"> </span>é <span class="_d blank"> </span>a <span class="_d blank"> </span>som<span class="_0 blank"> </span>a<span class="_1 blank"></span> <span class="_d blank"> </span>de <span class="_7 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_d blank"> </span>pr<span class="_1 blank"></span>o<span class="_0 blank"> </span>g<span class="_1 blank"></span>ressão<span class="_0 blank"> </span> <span class="_d blank"> </span>g<span class="_1 blank"></span>eomé<span class="_0 blank"> </span>tri<span class="_1 blank"></span>ca <span class="_d blank"> </span>(P<span class="_0 blank"> </span>G<span class="_1 blank"></span>) <span class="_d blank"> </span>c<span class="_0 blank"> </span>om <span class="_7 blank"> </span>pr<span class="_0 blank"> </span>i<span class="_1 blank"></span>meiro </div><div class="t m0 x2 h4 yd7 ff3 fs1 fc0 sc0 ls4 ws5">termo, a</div><div class="t m0 x45 h23 yd8 ff3 fs2 fc0 sc0 ls0">1<span class="fs1 ls4 ws5 v2"> = (1+i)</span><span class="ls4 ws1 vd">T-1</span><span class="fs1 ls4 ws5 v2"> e r<span class="_0 blank"> </span>azão, q = <span class="_1 blank"></span>(1<span class="_0 blank"> </span>+i)<span class="fs2 ws16 v3">-1</span></span></div><div class="t m0 x56 h4 yd7 ff3 fs1 fc0 sc0 ls4 ws5"> e número de el<span class="_1 blank"></span>ementos, <span class="_0 blank"> </span>N, ig<span class="_1 blank"></span>ua<span class="_0 blank"> </span>l<span class="_1 blank"></span> a T<span class="_0 blank"> </span>. </div><div class="t m0 x2 h4 yd9 ff3 fs1 fc0 sc0 ls4 ws5">Aplic<span class="_1 blank"></span>a<span class="_0 blank"> </span>n<span class="_1 blank"></span>d<span class="_0 blank"> </span>o o<span class="_0 blank"> </span>s va<span class="_1 blank"></span>lore<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_0 blank"> </span>de a<span class="fs2 ls0 v1">1</span>, <span class="_1 blank"></span>q<span class="_0 blank"> </span> e N da série <span class="_1 blank"></span>d<span class="_0 blank"> </span>e receitas<span class="_1 blank"></span>,<span class="_0 blank"> </span> ch<span class="_1 blank"></span>e<span class="_0 blank"> </span>g<span class="_1 blank"></span>a-se,<span class="_0 blank"> </span> finalmente, a: </div><div class="t m0 x4c h24 yda ff6 fs1 fc0 sc0 ls4 wsd">VF<span class="ls11 v6">(</span><span class="wse">A, i, T<span class="ls1a v6">)</span><span class="ls13">=<span class="ff7 ls1e">\ue723</span><span class="ls11 v7">(</span></span><span class="ws17 v8">1 +<span class="_20 blank"> </span><span class="ff7 ls15">\ue745</span></span><span class="ls11 v7">)</span><span class="ff7 fs10 ls1f v9">\uebcd</span><span class="ff7 ls17 v8">\u2212</span><span class="v8">1</span></span></div><div class="t m0 x57 h1e ydb ff7 fs1 fc0 sc0 ls20">\ue745<span class="ff3 ls4 ws5 vb"> </span></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf7" class="pf w0 h0" data-page-no="7"><div class="pc pc7 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x1a y41 w6 h25" alt="" src="https://files.passeidireto.com/ac28f13d-0f2f-43e1-91e1-227be88b2bc6/bg7.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">7 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y3 ff3 fs1 fc0 sc0 ls4 ws5">No <span class="_6 blank"> </span>e<span class="_0 blank"> </span>xe<span class="_1 blank"></span>mplo<span class="_0 blank"> </span>, <span class="_6 blank"> </span>trata-se <span class="_5 blank"> </span>de <span class="_e blank"> </span>u<span class="_0 blank"> </span>m <span class="_5 blank"> </span>v<span class="_1 blank"></span>alor <span class="_5 blank"> </span>equiv<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>ente<span class="_0 blank"> </span> <span class="_6 blank"> </span>a<span class="_0 blank"> </span> <span class="_6 blank"> </span>$<span class="_1 blank"></span>3<span class="_0 blank"> </span>05<span class="_0 blank"> </span>.255,0<span class="_1 blank"></span>0<span class="_0 blank"> </span>. <span class="_6 blank"> </span>Pa<span class="_0 blank"> </span>ra <span class="_e blank"> </span>d<span class="_0 blank"> </span>efin<span class="_1 blank"></span>ir <span class="_5 blank"> </span>se <span class="_e blank"> </span>o<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y52 ff3 fs1 fc0 sc0 ls4 ws5">investimento <span class="_a blank"> </span>p<span class="_0 blank"> </span>roduti<span class="_1 blank"></span>vo <span class="_a blank"> </span>qu<span class="_0 blank"> </span>e <span class="_a blank"> </span>gera <span class="_a blank"> </span>este va<span class="_0 blank"> </span>l<span class="_1 blank"></span>or<span class="_0 blank"> </span> <span class="_a blank"> </span>futu<span class="_0 blank"> </span>ro<span class="_1 blank"></span> <span class="_a blank"> </span>de <span class="_a blank"> </span>r<span class="_0 blank"> </span>eceita<span class="_1 blank"></span>s <span class="_a blank"> </span>é <span class="_a blank"> </span>melhor <span class="_e blank"> </span>do <span class="_a blank"> </span>que <span class="_a blank"> </span>o </div><div class="t m0 x2 h4 y53 ff3 fs1 fc0 sc0 ls4 ws5">investimento <span class="_5 blank"> </span>financeiro <span class="_5 blank"> </span>b<span class="_0 blank"> </span>as<span class="_1 blank"></span>t<span class="_0 blank"> </span>a <span class="_6 blank"> </span>comp<span class="_0 blank"> </span>arar <span class="_5 blank"> </span>tal <span class="_6 blank"> </span>val<span class="_0 blank"> </span>or <span class="_5 blank"> </span>futuro <span class="_5 blank"> </span>com <span class="_5 blank"> </span>o<span class="_0 blank"> </span> <span class="_5 blank"> </span>m<span class="_12 blank"></span>o<span class="_0 blank"> </span>ntante <span class="_5 blank"> </span>gerado </div><div class="t m0 x2 h4 y54 ff3 fs1 fc0 sc0 ls4 ws5">fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>nc<span class="_1 blank"></span>e<span class="_0 blank"> </span>iramente <span class="_8 blank"> </span>a <span class="_7 blank"> </span>partir<span class="_0 blank"> </span> <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>$<span class="_1 blank"></span>200<span class="_0 blank"> </span>.000,00, <span class="_7 blank"> </span>m<span class="_1 blank"></span>o<span class="_0 blank"> </span>n<span class="_1 blank"></span>tante <span class="_7 blank"> </span>este <span class="_8 blank"> </span>e<span class="_0 blank"> </span>quivalente <span class="_8 blank"> </span>a <span class="_7 blank"> </span>$<span class="_1 blank"></span> <span class="_7 blank"> </span>32<span class="_0 blank"> </span>2.102,00.<span class="_0 blank"> </span> <span class="_8 blank"> </span>A </div><div class="t m0 x2 h4 y55 ff3 fs1 fc0 sc0 ls4 ws5">an<span class="_1 blank"></span>á<span class="_0 blank"> </span>lise com<span class="_0 blank"> </span> base<span class="_1 blank"></span> <span class="_0 blank"> </span>n<span class="_1 blank"></span>o<span class="_0 blank"> </span> critério do <span class="_0 blank"> </span>v<span class="_1 blank"></span>alor <span class="_0 blank"> </span>fu<span class="_1 blank"></span>turo, po<span class="_0 blank"> </span>i<span class="_1 blank"></span>s, ap<span class="_0 blank"> </span>onta par<span class="_0 blank"> </span>a<span class="_1 blank"></span> o <span class="_0 blank"> </span>mesm<span class="_12 blank"></span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>res<span class="_1 blank"></span>ultado<span class="_0 blank"> </span> <span class="_1 blank"></span>d<span class="_0 blank"> </span>e que </div><div class="t m0 x2 h4 y9a ff3 fs1 fc0 sc0 ls4 ws5">a análise<span class="_1 blank"></span> <span class="_0 blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>m <span class="_0 blank"> </span>base no i<span class="_1 blank"></span>ndicad<span class="_0 blank"> </span>or de va<span class="_1 blank"></span>lor<span class="_0 blank"> </span> presente<span class="_1 blank"></span>.<span class="_0 blank"> </span> </div><div class="t m0 x2 h3 ydc ff2 fs1 fc0 sc0 ls4 ws5">1.2.3 <span class="_4 blank"> </span>Calcula<span class="_0 blank"> </span>n<span class="_1 blank"></span>do f<span class="_0 blank"> </span>lu<span class="_1 blank"></span>xo<span class="_0 blank"> </span>s const<span class="_1 blank"></span>a<span class="_0 blank"> </span>ntes a partir do valo<span class="_0 blank"> </span>r prese<span class="_1 blank"></span>nt<span class="_0 blank"> </span>e<span class="_1 blank"></span> e <span class="_0 blank"> </span>do valor futuro </div><div class="t m0 x2 h4 y9c ff3 fs1 fc0 sc0 ls4 ws5">As<span class="_1 blank"></span> <span class="_7 blank"> </span>fó<span class="_0 blank"> </span>rmulas <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_8 blank"> </span>p<span class="_0 blank"> </span>resen<span class="_1 blank"></span>te <span class="_7 blank"> </span>e <span class="_d blank"> </span>v<span class="_12 blank"></span>a<span class="_0 blank"> </span>lo<span class="_0 blank"> </span>r <span class="_7 blank"> </span>fut<span class="_1 blank"></span>u<span class="_0 blank"> </span>ro <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>sér<span class="_0 blank"> </span>i<span class="_1 blank"></span>e<span class="_0 blank"> </span>s <span class="_8 blank"> </span>u<span class="_0 blank"> </span>niform<span class="_0 blank"> </span>e<span class="_1 blank"></span>s <span class="_7 blank"> </span>p<span class="_0 blank"> </span>ermi<span class="_1 blank"></span>tem<span class="_0 blank"> </span> <span class="_8 blank"> </span>calcula<span class="_1 blank"></span>r <span class="_7 blank"> </span>o<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y9d ff3 fs1 fc0 sc0 ls4 ws5">v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_d blank"> </span>agrega<span class="_1 blank"></span>d<span class="_0 blank"> </span>o <span class="_7 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_d blank"> </span>série <span class="_7 blank"> </span>em <span class="_d blank"> </span>u<span class="_0 blank"> </span>m <span class="_7 blank"> </span>d<span class="_0 blank"> </span>etermin<span class="_1 blank"></span>ado<span class="_0 blank"> </span> <span class="_7 blank"> </span>p<span class="_0 blank"> </span>onto <span class="_d blank"> </span>no <span class="_d blank"> </span>tem<span class="_1 blank"></span>po.<span class="_0 blank"> </span> <span class="_7 blank"> </span>Porém<span class="_0 blank"> </span>, <span class="_d blank"> </span>é<span class="_1 blank"></span> <span class="_d blank"> </span>também </div><div class="t m0 x2 h4 y5a ff3 fs1 fc0 sc0 ls4 ws5">relevante <span class="_0 blank"> </span>sab<span class="_0 blank"> </span>er <span class="_9 blank"> </span>qual <span class="_0 blank"> </span>teria <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>s<span class="_1 blank"></span>er <span class="_9 blank"> </span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>val<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_0 blank"> </span>do<span class="_0 blank"> </span>s <span class="_0 blank"> </span>fl<span class="_1 blank"></span>uxo<span class="_0 blank"> </span>s <span class="_0 blank"> </span>mo<span class="_0 blank"> </span>netári<span class="_1 blank"></span>os <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>maneira <span class="_0 blank"> </span>a <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_0 blank"> </span>a <span class="_9 blank"> </span>série </div><div class="t m0 x2 h4 y5b ff3 fs1 fc0 sc0 ls4 ws5">uniforme <span class="_0 blank"> </span>ati<span class="_1 blank"></span>ngisse um<span class="_0 blank"> </span> determi<span class="_1 blank"></span>nado<span class="_0 blank"> </span> val<span class="_1 blank"></span>or<span class="_0 blank"> </span> presente ou fu<span class="_0 blank"> </span>t<span class="_1 blank"></span>uro. </div><div class="t m0 x2 h4 y5c ff3 fs1 fc0 sc0 ls4 ws5">Por <span class="_0 blank"> </span>e<span class="_1 blank"></span>xemp<span class="_0 blank"> </span>l<span class="_1 blank"></span>o,<span class="_0 blank"> </span> no ca<span class="_0 blank"> </span>s<span class="_1 blank"></span>o<span class="_0 blank"> </span> do p<span class="_0 blank"> </span>roj<span class="_1 blank"></span>eto d<span class="_0 blank"> </span>a plan<span class="_1 blank"></span>ta d<span class="_0 blank"> </span>a Voto<span class="_0 blank"> </span>ran<span class="_1 blank"></span>t<span class="_0 blank"> </span>i<span class="_1 blank"></span>m n<span class="_0 blank"> </span>a Georgia, co<span class="_0 blank"> </span>ncl<span class="_1 blank"></span>uiu<span class="_0 blank"> </span>-se q<span class="_0 blank"> </span>u<span class="_0 blank"> </span>e<span class="_1 blank"></span>, <span class="_0 blank"> </span>a<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y5d ff3 fs1 fc0 sc0 ls4 ws5">um <span class="_d blank"> </span>custo <span class="_7 blank"> </span>d<span class="_0 blank"> </span>e <span class="_7 blank"> </span>opo<span class="_0 blank"> </span>rtuni<span class="_1 blank"></span>d<span class="_0 blank"> </span>ade <span class="_7 blank"> </span>d<span class="_0 blank"> </span>o <span class="_7 blank"> </span>d<span class="_0 blank"> </span>in<span class="_1 blank"></span>heiro <span class="_d blank"> </span>de <span class="_d blank"> </span>10% <span class="_d blank"> </span>a.a.,<span class="_1 blank"></span> <span class="_d blank"> </span>o<span class="_0 blank"> </span> <span class="_7 blank"> </span>projeto <span class="_d blank"> </span>não <span class="_d blank"> </span>é <span class="_d blank"> </span>economicamen<span class="_1 blank"></span>t<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y47 ff3 fs1 fc0 sc0 ls4 ws5">v<span class="_1 blank"></span>a<span class="_0 blank"> </span>ntajoso. <span class="_9 blank"> </span>Uma <span class="_0 blank"> </span>pe<span class="_0 blank"> </span>rgunta<span class="_1 blank"></span> <span class="_9 blank"> </span>r<span class="_0 blank"> </span>el<span class="_1 blank"></span>e<span class="_0 blank"> </span>vante <span class="_9 blank"> </span>para <span class="_0 blank"> </span>a <span class="_9 blank"> </span>d<span class="_0 blank"> </span>ireção <span class="_0 blank"> </span>d<span class="_0 blank"> </span>a <span class="_9 blank"> </span>empresa <span class="_0 blank"> </span>é <span class="_9 blank"> </span>a <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>qual <span class="_0 blank"> </span>t<span class="_0 blank"> </span>eria <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>ser <span class="_9 blank"> </span>o<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y5e ff3 fs1 fc0 sc0 ls4 ws5">v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_21 blank"> </span>d<span class="_0 blank"> </span>a <span class="_21 blank"> </span>re<span class="_0 blank"> </span>c<span class="_1 blank"></span>eita <span class="_21 blank"> </span>nos <span class="_22 blank"> </span>p<span class="_0 blank"> </span>rimeiros <span class="_21 blank"> </span>cinco <span class="_22 blank"> </span>anos <span class="_21 blank"> </span>p<span class="_0 blank"> </span>ara <span class="_21 blank"> </span>qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_21 blank"> </span>o<span class="_0 blank"> </span> <span class="_21 blank"> </span>pro<span class="_0 blank"> </span>jeto<span class="_1 blank"></span> <span class="_22 blank"> </span>se <span class="_21 blank"> </span>m<span class="_0 blank"> </span>ostrasse </div><div class="t m0 x2 h4 y5f ff3 fs1 fc0 sc0 ls4 ws5">economicamente <span class="_b blank"> </span>vantajoso<span class="_0 blank"> </span>. <span class="_b blank"> </span>Basta <span class="_c blank"> </span>co<span class="_0 blank"> </span>ns<span class="_0 blank"> </span>i<span class="_1 blank"></span>der<span class="_0 blank"> </span>ar <span class="_b blank"> </span>que i<span class="_1 blank"></span>sso <span class="_b blank"> </span>o<span class="_0 blank"> </span>correria <span class="_c blank"> </span>semp<span class="_0 blank"> </span>re <span class="_b blank"> </span>q<span class="_0 blank"> </span>ue <span class="_b blank"> </span>o v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>or<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 ydd ff3 fs1 fc0 sc0 ls4 ws5">presente <span class="_c blank"> </span>e <span class="_b blank"> </span>futu<span class="_0 blank"> </span>ro <span class="_c blank"> </span>do <span class="_b blank"> </span>p<span class="_0 blank"> </span>rojeto <span class="_c blank"> </span>fossem <span class="_c blank"> </span>e<span class="_0 blank"> </span>quiv<span class="_1 blank"></span>alent<span class="_0 blank"> </span>es <span class="_c blank"> </span>o<span class="_0 blank"> </span>u<span class="_0 blank"> </span> <span class="_d blank"> </span>su<span class="_0 blank"> </span>periores, <span class="_c blank"> </span>re<span class="_0 blank"> </span>s<span class="_1 blank"></span>p<span class="_0 blank"> </span>ectiv<span class="_1 blank"></span>ame<span class="_0 blank"> </span>nte<span class="_1 blank"></span>,<span class="_0 blank"> </span> <span class="_d blank"> </span>a<span class="_0 blank"> </span>o </div><div class="t m0 x2 h4 yde ff3 fs1 fc0 sc0 ls4 ws5">capital<span class="_1 blank"></span> <span class="_9 blank"> </span>inicial e <span class="_0 blank"> </span>ao<span class="_0 blank"> </span> <span class="_0 blank"> </span>montante d<span class="_0 blank"> </span>a a<span class="_0 blank"> </span>plic<span class="_1 blank"></span>ação <span class="_0 blank"> </span>financeira<span class="_0 blank"> </span>. <span class="_0 blank"> </span>U<span class="_1 blank"></span>ma <span class="_0 blank"> </span>vez <span class="_0 blank"> </span>qu<span class="_0 blank"> </span>e os <span class="_0 blank"> </span>valore<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_0 blank"> </span>presente <span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 ydf ff3 fs1 fc0 sc0 ls4 ws5">futuro <span class="_9 blank"> </span>d<span class="_0 blank"> </span>a <span class="_7 blank"> </span>a<span class="_1 blank"></span>p<span class="_0 blank"> </span>li<span class="_1 blank"></span>cação<span class="_0 blank"> </span> <span class="_9 blank"> </span>fina<span class="_0 blank"> </span>nceira <span class="_9 blank"> </span>são <span class="_7 blank"> </span>conhecido<span class="_0 blank"> </span>s, <span class="_9 blank"> </span>b<span class="_0 blank"> </span>a<span class="_1 blank"></span>sta <span class="_8 blank"> </span>calcular <span class="_8 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>valor <span class="_8 blank"> </span>d<span class="_0 blank"> </span>a <span class="_8 blank"> </span>receita <span class="_8 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_8 blank"> </span>o<span class="_0 blank"> </span>s<span class="_1 blank"></span> </div><div class="t m0 x2 h4 ye0 ff3 fs1 fc0 sc0 ls4 ws5">atingiria, conform<span class="_0 blank"> </span>e il<span class="_12 blank"></span>u<span class="_0 blank"> </span>str<span class="_0 blank"> </span>am <span class="_1 blank"></span>o<span class="_0 blank"> </span>s dia<span class="_1 blank"></span>gramas 7.4<span class="_0 blank"> </span> e 7.5. </div><div class="t m0 x2 h3 y63 ff2 fs1 fc0 sc0 ls4 ws5">Diag<span class="_0 blank"> </span>r<span class="_12 blank"></span>a<span class="_0 blank"> </span>ma d<span class="_0 blank"> </span>e <span class="_1 blank"></span>fl<span class="_0 blank"> </span>u<span class="_1 blank"></span>xo<span class="_0 blank"> </span> de c<span class="_1 blank"></span>a<span class="_0 blank"> </span>ix<span class="_1 blank"></span>a<span class="_0 blank"> </span> p<span class="_1 blank"></span>a<span class="_0 blank"> </span>ra o projeto <span class="_0 blank"> </span>V<span class="_1 blank"></span>otorantim, VP </div><div class="t m0 x31 h4 ye1 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h3 ye2 ff2 fs1 fc0 sc0 ls4 ws5">Diag<span class="_0 blank"> </span>r<span class="_12 blank"></span>a<span class="_0 blank"> </span>ma d<span class="_0 blank"> </span>e <span class="_1 blank"></span>fl<span class="_0 blank"> </span>u<span class="_1 blank"></span>xo<span class="_0 blank"> </span> de c<span class="_1 blank"></span>a<span class="_0 blank"> </span>ix<span class="_1 blank"></span>a<span class="_0 blank"> </span> p<span class="_1 blank"></span>a<span class="_0 blank"> </span>ra o projeto <span class="_0 blank"> </span>V<span class="_1 blank"></span>otorantim, VF </div><div class="t m0 x31 h4 yd7 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 ye3 ff3 fs1 fc0 sc0 ls4 ws5">Para <span class="_d blank"> </span>chegar <span class="_d blank"> </span>ao<span class="_0 blank"> </span>s <span class="_d blank"> </span>valo<span class="_0 blank"> </span>res<span class="_1 blank"></span> <span class="_c blank"> </span>da <span class="_c blank"> </span>prestação,<span class="_0 blank"> </span> <span class="_d blank"> </span>b<span class="_0 blank"> </span>a<span class="_1 blank"></span>st<span class="_0 blank"> </span>a<span class="_1 blank"></span> <span class="_c blank"> </span>tomar <span class="_d blank"> </span>as <span class="_c blank"> </span>fórmu<span class="_0 blank"> </span>l<span class="_1 blank"></span>as <span class="_d blank"> </span>q<span class="_0 blank"> </span>ue<span class="_0 blank"> </span> <span class="_d blank"> </span>calcul<span class="_1 blank"></span>am <span class="_d blank"> </span>o<span class="_0 blank"> </span> <span class="_c blank"> </span>val<span class="_1 blank"></span>o<span class="_0 blank"> </span>r </div><div class="t m0 x2 h4 y8b ff3 fs1 fc0 sc0 ls4 ws5">presente e o <span class="_0 blank"> </span>v<span class="_1 blank"></span>al<span class="_1 blank"></span>o<span class="_0 blank"> </span>r futu<span class="_0 blank"> </span>ro<span class="_1 blank"></span> <span class="_0 blank"> </span>e as resolv<span class="_1 blank"></span>er pa<span class="_0 blank"> </span>ra a inc<span class="_1 blank"></span>ó<span class="_0 blank"> </span>gnita em qu<span class="_0 blank"> </span>estão<span class="_1 blank"></span>,<span class="_0 blank"> </span> A. </div><div class="t m0 x32 h1d ye4 ff6 fs1 fc0 sc0 ls4 wsd">VP<span class="ls11 v6">(</span><span class="wse">A, i, T<span class="ls1a v6">)</span><span class="ls21">=<span class="ff7 ls22">\ue723</span><span class="ls11 v7">(</span></span><span class="wsf v8">1<span class="_20 blank"> </span>+ <span class="ff7 ls15">\ue745</span></span><span class="ls11 v7">)</span><span class="ff7 fs10 ls1f v9">\uebcd</span><span class="ff7 ls23 v8">\u2212</span><span class="v8">1</span></span></div><div class="t m0 x58 h26 ye5 ff7 fs1 fc0 sc0 ls15">\ue745<span class="ff6 ls11 v6">(</span><span class="ff6 ls4 wsf">1<span class="_20 blank"> </span>+ </span>\ue745<span class="ff6 ls11 v6">)</span><span class="fs10 ls24 va">\uebcd</span><span class="ls4 ws18 vb">\u2194 \ue723<span class="ff6 wsd">(<span class="ff7 ws19">\ue738\ue732 </span><span class="ls25">,</span></span></span><span class="vb">\ue745<span class="ff6 ls26">,<span class="ff7 ls27">\ue736</span><span class="ls4 ws14">) = VP<span class="_23 blank"> </span></span></span><span class="v8">\ue745</span></span><span class="ff6 ls11 ve">(<span class="ls4 wsf vc">1<span class="_20 blank"> </span>+ </span></span><span class="vf">\ue745</span><span class="ff6 ls4 wsd ve">)</span><span class="fs10 ls4 v5">\uebcd</span></div><div class="t m0 x59 h27 ye6 ff6 fs1 fc0 sc0 ls11">(<span class="ls4 ws10 vc">1 + <span class="ff7 ls15">\ue745</span></span><span class="ls4 wsd">)<span class="ff7 fs10 ls1f v10">\uebcd</span><span class="ff7 ls23 vc">\u2212</span><span class="ls28 vc">1</span><span class="ff3 ws5 vd"> </span></span></div><div class="t m5 x39 h28 ye7 ff3 fs11 fc0 sc0 ls4 ws5">V<span class="_24 blank"></span>P =<span class="_12 blank"></span>$2<span class="_1 blank"></span>0<span class="_12 blank"></span>0.0<span class="_12 blank"></span>0<span class="_1 blank"></span>0</div><div class="t m5 x5a h28 ye8 ff3 fs11 fc0 sc0 ls4 ws1a">A A A A<span class="_25 blank"> </span>A</div><div class="t m5 x37 h29 ye9 ff1 fs12 fc0 sc0 ls29">+<span class="ff5 ls4 ws1b">\u2191 \u2191 \u2191 \u2191<span class="_26 blank"> </span>\u2191</span></div><div class="t m5 x38 h2a yea ff1 fs13 fc0 sc0 ls4 ws1c">A nos</div><div class="t m5 x37 h29 yeb ff1 fs12 fc0 sc0 ls2a">-<span class="ff2 fs14 ls2b ws5 v2">0 <span class="_1 blank"></span> <span class="_12 blank"></span> 1<span class="_27 blank"> </span>2<span class="_1f blank"> </span>3<span class="_1f blank"> </span>4<span class="_16 blank"> </span>5</span></div><div class="t m6 x5b h2b yec ff3 fs15 fc0 sc0 ls4 ws5">V<span class="_24 blank"></span>F =<span class="_12 blank"></span>$3<span class="_1 blank"></span>2<span class="_12 blank"></span>2.1<span class="_12 blank"></span>0<span class="_1 blank"></span>2</div><div class="t m6 x5a h2b yaf ff3 fs15 fc0 sc0 ls4 ws1d">A A A A<span class="_25 blank"> </span>A</div><div class="t m6 x37 h2c yed ff1 fs16 fc0 sc0 ls2c">+<span class="ff5 ls4 ws1e">\u2191 \u2191 \u2191 \u2191<span class="_26 blank"> </span>\u2191</span></div><div class="t m6 x38 h2d yee ff1 fs17 fc0 sc0 ls4 ws1f">A nos</div><div class="t m6 x37 h2c yef ff1 fs16 fc0 sc0 ls2d">-<span class="ff2 fs18 ls2e ws5 v2">0 <span class="_1 blank"></span> <span class="_12 blank"></span> 1<span class="_27 blank"> </span>2<span class="_15 blank"> </span>3<span class="_1f blank"> </span>4<span class="_16 blank"> </span>5</span></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf8" class="pf w0 h0" data-page-no="8"><div class="pc pc8 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x2 yf0 w7 h2e" alt="" src="https://files.passeidireto.com/ac28f13d-0f2f-43e1-91e1-227be88b2bc6/bg8.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">8 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x32 h24 yf1 ff6 fs1 fc0 sc0 ls4 wsd">VF<span class="ls11 v6">(</span><span class="wse">A, i,<span class="_c blank"> </span>T<span class="ls1a v6">)</span><span class="ls13">=<span class="ff7 ls14">\ue723</span><span class="ls11 v7">(</span></span><span class="ws10 v8">1 +<span class="_20 blank"> </span><span class="ff7 ls15">\ue745</span></span><span class="ls11 v7">)</span><span class="ff7 fs10 ls1f v9">\uebcd</span><span class="ff7 ls23 v8">\u2212</span><span class="v8">1</span></span></div><div class="t m0 x21 h2f y2d ff7 fs1 fc0 sc0 ls2f">\ue745<span class="ls4 ws18 vb">\u2194 \ue723<span class="ff6 wsd">(<span class="ff7 ws20">\ue738\ue728 </span><span class="ls25">,<span class="ff7 ls15">\ue745</span><span class="ls26">,<span class="ff7 ls27">\ue736</span></span></span><span class="ws14">) = VF<span class="_28 blank"> </span><span class="ff7 v8">\ue745</span></span></span></span></div><div class="t m0 x59 h27 yf2 ff6 fs1 fc0 sc0 ls11">(<span class="ls4 wsf vc">1<span class="_20 blank"> </span>+ <span class="ff7 ls15">\ue745</span></span>)<span class="ff7 fs10 ls1f v10">\uebcd</span><span class="ff7 ls23 vc">\u2212</span><span class="ls28 vc">1</span><span class="ff3 ls4 ws5 vd"> </span></div><div class="t m0 x2 h4 yf3 ff3 fs1 fc0 sc0 ls4 ws5">Em <span class="_19 blank"> </span>que <span class="_19 blank"> </span>as <span class="_19 blank"> </span>expressões <span class="_19 blank"> </span>A(VP,i,T) <span class="_18 blank"> </span>e <span class="_19 blank"> </span>A(V<span class="_1 blank"></span>F,<span class="_0 blank"> </span>i<span class="_1 blank"></span>,T<span class="_0 blank"> </span>) <span class="_19 blank"> </span>são <span class="_1a blank"> </span>d<span class="_0 blank"> </span>e<span class="_0 blank"> </span>n<span class="_1 blank"></span>o<span class="_0 blank"> </span>mi<span class="_1 blank"></span>nadas <span class="_19 blank"> </span>por <span class="_19 blank"> </span>\u201c<span class="_0 blank"> </span>fator <span class="_1a blank"> </span>d<span class="_0 blank"> </span>e<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y30 ff3 fs1 fc0 sc0 ls4 ws5">recuper<span class="_0 blank"> </span>açã<span class="_1 blank"></span>o <span class="_9 blank"> </span>do <span class="_9 blank"> </span>cap<span class="_0 blank"> </span>i<span class="_1 blank"></span>t<span class="_0 blank"> </span>a<span class="_1 blank"></span>l\u201d <span class="_9 blank"> </span>(cap<span class="_0 blank"> </span>i<span class="_1 blank"></span>tal <span class="_0 blank"> </span>r<span class="_0 blank"> </span>ecover<span class="_0 blank"> </span>y<span class="_12 blank"></span> <span class="_8 blank"> </span>facto<span class="_0 blank"> </span>r), <span class="_0 blank"> </span>F<span class="_0 blank"> </span>RC, <span class="_9 blank"> </span>e <span class="_9 blank"> </span>\u201cfato<span class="_0 blank"> </span>r <span class="_0 blank"> </span>de <span class="_9 blank"> </span>formação <span class="_9 blank"> </span>de <span class="_8 blank"> </span>fundo\u201d </div><div class="t m0 x2 h4 yf4 ff3 fs1 fc0 sc0 ls4 ws5">(sinking <span class="_9 blank"> </span>fund <span class="_8 blank"> </span>fa<span class="_1 blank"></span>cto<span class="_0 blank"> </span>r), <span class="_9 blank"> </span>FFF. <span class="_9 blank"> </span>Para <span class="_0 blank"> </span>o <span class="_8 blank"> </span>prob<span class="_0 blank"> </span>l<span class="_1 blank"></span>ema <span class="_9 blank"> </span>conside<span class="_0 blank"> </span>rad<span class="_1 blank"></span>o<span class="_0 blank"> </span>, <span class="_9 blank"> </span>tais<span class="_1 blank"></span> <span class="_9 blank"> </span>fator<span class="_0 blank"> </span>es <span class="_9 blank"> </span>ass<span class="_1 blank"></span>u<span class="_0 blank"> </span>mem, <span class="_8 blank"> </span>am<span class="_1 blank"></span>bo<span class="_0 blank"> </span>s,<span class="_1 blank"></span> </div><div class="t m0 x2 h4 yf5 ff3 fs1 fc0 sc0 ls4 ws5">o <span class="_7 blank"> </span>valor <span class="_7 blank"> </span>de <span class="_7 blank"> </span>$52.7<span class="_1 blank"></span>59<span class="_0 blank"> </span>,50 <span class="_8 blank"> </span>\u2013<span class="_0 blank"> </span> <span class="_8 blank"> </span>po<span class="_0 blank"> </span>is <span class="_8 blank"> </span>VP <span class="_8 blank"> </span>= <span class="_7 blank"> </span>$20<span class="_0 blank"> </span>0.000,00 <span class="_8 blank"> </span>e <span class="_7 blank"> </span>VF <span class="_8 blank"> </span>=<span class="_0 blank"> </span> <span class="_7 blank"> </span>$322.102.<span class="_0 blank"> </span> <span class="_8 blank"> </span>Cab<span class="_0 blank"> </span>e <span class="_8 blank"> </span>notar <span class="_8 blank"> </span>q<span class="_0 blank"> </span>ue <span class="_7 blank"> </span>se </div><div class="t m0 x2 h4 yf6 ff3 fs1 fc0 sc0 ls4 ws5">trata <span class="_0 blank"> </span>de<span class="_0 blank"> </span> u<span class="_0 blank"> </span>m <span class="_9 blank"> </span>va<span class="_1 blank"></span>lor <span class="_9 blank"> </span>sup<span class="_0 blank"> </span>erio<span class="_1 blank"></span>r <span class="_9 blank"> </span>à <span class="_0 blank"> </span>receita <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>$50.000,00 <span class="_0 blank"> </span>projetada <span class="_0 blank"> </span>p<span class="_0 blank"> </span>ela<span class="_1 blank"></span> <span class="_9 blank"> </span>emp<span class="_0 blank"> </span>resa <span class="_0 blank"> </span>e, <span class="_0 blank"> </span>port<span class="_0 blank"> </span>an<span class="_1 blank"></span>to,<span class="_0 blank"> </span> <span class="_9 blank"> </span>a </div><div class="t m0 x2 h4 yf7 ff3 fs1 fc0 sc0 ls4 ws5">an<span class="_1 blank"></span>á<span class="_0 blank"> </span>lise <span class="_9 blank"> </span>do <span class="_8 blank"> </span>fl<span class="_1 blank"></span>uxo<span class="_0 blank"> </span> <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_9 blank"> </span>caixa <span class="_0 blank"> </span>c<span class="_0 blank"> </span>om <span class="_9 blank"> </span>b<span class="_0 blank"> </span>ase <span class="_0 blank"> </span>nos <span class="_8 blank"> </span>fa<span class="_1 blank"></span>to<span class="_0 blank"> </span>res <span class="_9 blank"> </span>FRC <span class="_9 blank"> </span>e <span class="_9 blank"> </span>FFF<span class="_0 blank"> </span> <span class="_9 blank"> </span>também <span class="_9 blank"> </span>c<span class="_0 blank"> </span>h<span class="_1 blank"></span>ega <span class="_9 blank"> </span>ao <span class="_8 blank"> </span>resultado </div><div class="t m0 x2 h4 yf8 ff3 fs1 fc0 sc0 ls4 ws5">de que o <span class="_0 blank"> </span>i<span class="_1 blank"></span>nvestimento <span class="_0 blank"> </span>pr<span class="_1 blank"></span>odu<span class="_0 blank"> </span>tiv<span class="_1 blank"></span>o <span class="_0 blank"> </span>nã<span class="_1 blank"></span>o<span class="_0 blank"> </span> compensa<span class="_1 blank"></span> ec<span class="_0 blank"> </span>onom<span class="_0 blank"> </span>i<span class="_1 blank"></span>camen<span class="_1 blank"></span>te.<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 yf9 ff3 fs1 fc0 sc0 ls4 ws5">É <span class="_0 blank"> </span>importa<span class="_0 blank"> </span>n<span class="_1 blank"></span>te <span class="_0 blank"> </span>consi<span class="_1 blank"></span>der<span class="_0 blank"> </span>ar qu<span class="_0 blank"> </span>e <span class="_0 blank"> </span>n<span class="_1 blank"></span>ão <span class="_9 blank"> </span>h<span class="_1 blank"></span>á <span class="_0 blank"> </span>ne<span class="_1 blank"></span>c<span class="_0 blank"> </span>es<span class="_1 blank"></span>s<span class="_0 blank"> </span>i<span class="_1 blank"></span>d<span class="_0 blank"> </span>ade <span class="_0 blank"> </span>de calcular <span class="_0 blank"> </span>os <span class="_0 blank"> </span>dois <span class="_0 blank"> </span>fatore<span class="_0 blank"> </span>s<span class="_1 blank"></span>,<span class="_0 blank"> </span> <span class="_0 blank"> </span>FRC e <span class="_0 blank"> </span>F<span class="_0 blank"> </span>FF, </div><div class="t m0 x2 h4 yfa ff3 fs1 fc0 sc0 ls4 ws5">po<span class="_0 blank"> </span>i<span class="_1 blank"></span>s <span class="_8 blank"> </span>o <span class="_8 blank"> </span>valor<span class="_0 blank"> </span> <span class="_8 blank"> </span>deles <span class="_9 blank"> </span>é<span class="_0 blank"> </span> <span class="_8 blank"> </span>sempr<span class="_0 blank"> </span>e <span class="_8 blank"> </span>equiv<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>e<span class="_0 blank"> </span>n<span class="_1 blank"></span>te<span class="_0 blank"> </span> <span class="_8 blank"> </span>qu<span class="_0 blank"> </span>ando, <span class="_9 blank"> </span>é <span class="_8 blank"> </span>c<span class="_0 blank"> </span>l<span class="_1 blank"></span>aro<span class="_0 blank"> </span>, <span class="_8 blank"> </span>eles <span class="_9 blank"> </span>são<span class="_0 blank"> </span> <span class="_8 blank"> </span>ap<span class="_0 blank"> </span>li<span class="_12 blank"></span>c<span class="_0 blank"> </span>a<span class="_1 blank"></span>d<span class="_0 blank"> </span>os <span class="_8 blank"> </span>ao<span class="_0 blank"> </span> <span class="_8 blank"> </span>mesmo </div><div class="t m0 x2 h4 yfb ff3 fs1 fc0 sc0 ls4 ws5">investimento <span class="_8 blank"> </span>f<span class="_0 blank"> </span>inan<span class="_1 blank"></span>ceir<span class="_0 blank"> </span>o <span class="_7 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_8 blank"> </span>é <span class="_8 blank"> </span>referência<span class="_1 blank"></span> <span class="_7 blank"> </span>p<span class="_0 blank"> </span>ara <span class="_7 blank"> </span>cálculo <span class="_8 blank"> </span>do<span class="_0 blank"> </span> <span class="_7 blank"> </span>c<span class="_1 blank"></span>usto<span class="_0 blank"> </span> <span class="_8 blank"> </span>de <span class="_8 blank"> </span>opo<span class="_0 blank"> </span>rtunidade. <span class="_8 blank"> </span>Basta </div><div class="t m0 x2 h7 yfc ff3 fs1 fc0 sc0 ls4 ws5">considerar <span class="_0 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_0 blank"> </span>VF <span class="_0 blank"> </span>=<span class="_0 blank"> </span> <span class="_0 blank"> </span>VP(1+i)<span class="fs2 ls30 v3">T</span> <span class="_9 blank"> </span>e, <span class="_0 blank"> </span>po<span class="_0 blank"> </span>rtan<span class="_1 blank"></span>to, <span class="_9 blank"> </span>aplicando <span class="_9 blank"> </span>este <span class="_0 blank"> </span>resultado <span class="_0 blank"> </span>à<span class="_0 blank"> </span> d<span class="_0 blank"> </span>efini<span class="_1 blank"></span>ção<span class="_0 blank"> </span> <span class="_0 blank"> </span>d<span class="_0 blank"> </span>o <span class="_0 blank"> </span>FFF, </div><div class="t m0 x2 h4 yfd ff3 fs1 fc0 sc0 ls4 ws5">ch<span class="_1 blank"></span>e<span class="_0 blank"> </span>ga-se à d<span class="_0 blank"> </span>efin<span class="_1 blank"></span>ição <span class="_0 blank"> </span>do FRC.<span class="_1 blank"></span> </div><div class="t m0 x2 h3 yfe ff2 fs1 fc0 sc0 ls4 ws5">2 <span class="_2 blank"> </span>Exercício<span class="_0 blank"> </span>s<span class="_1 blank"></span> </div><div class="t m0 x2 h4 yff ff3 fs1 fc0 sc0 ls4 ws5">1 <span class="_2 blank"> </span>(Bueno <span class="_8 blank"> </span>e<span class="_0 blank"> </span>t <span class="_8 blank"> </span>al<span class="_1 blank"></span>, <span class="_8 blank"> </span>2011,<span class="_0 blank"> </span> <span class="_8 blank"> </span>ex<span class="_1 blank"></span> <span class="_8 blank"> </span>2.9<span class="_0 blank"> </span>) <span class="_8 blank"> </span>A<span class="_1 blank"></span>dqu<span class="_0 blank"> </span>iri<span class="_1 blank"></span> <span class="_8 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_8 blank"> </span>casa <span class="_8 blank"> </span>cujo <span class="_7 blank"> </span>v<span class="_1 blank"></span>al<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_7 blank"> </span>a<span class="_1 blank"></span> <span class="_8 blank"> </span>vista <span class="_8 blank"> </span>é <span class="_8 blank"> </span>$15<span class="_0 blank"> </span>0.000,00. </div><div class="t m0 x2 h4 ycb ff3 fs1 fc0 sc0 ls4 ws5">Dev<span class="_1 blank"></span>ere<span class="_0 blank"> </span>i<span class="_1 blank"></span> <span class="_0 blank"> </span>amort<span class="_0 blank"> </span>i<span class="_1 blank"></span>zar essa dív<span class="_0 blank"> </span>ida em 20 p<span class="_0 blank"> </span>restações m<span class="_1 blank"></span>en<span class="_0 blank"> </span>sai<span class="_1 blank"></span>s, <span class="_0 blank"> </span>ig<span class="_1 blank"></span>u<span class="_0 blank"> </span>ais e sucessivas. <span class="_0 blank"> </span>A primeira </div><div class="t m0 x2 h4 ycc ff3 fs1 fc0 sc0 ls4 ws5">prestação <span class="_7 blank"> </span>d<span class="_0 blank"> </span>everei <span class="_8 blank"> </span>p<span class="_0 blank"> </span>agar <span class="_d blank"> </span>s<span class="_1 blank"></span>o<span class="_0 blank"> </span>mente <span class="_7 blank"> </span>ao<span class="_0 blank"> </span> <span class="_7 blank"> </span>fi<span class="_0 blank"> </span>n<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span> <span class="_7 blank"> </span>d<span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_7 blank"> </span>3<span class="_0 blank"> </span>º <span class="_8 blank"> </span>mês. <span class="_7 blank"> </span>Ca<span class="_0 blank"> </span>lcul<span class="_1 blank"></span>ar <span class="_d blank"> </span>o <span class="_d blank"> </span>valor <span class="_7 blank"> </span>d<span class="_0 blank"> </span>as <span class="_7 blank"> </span>p<span class="_0 blank"> </span>restações, </div><div class="t m0 x2 h4 y100 ff3 fs1 fc0 sc0 ls4 ws5">sabendo-se qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_0 blank"> </span>a taxa de j<span class="_1 blank"></span>u<span class="_0 blank"> </span>ros cobrada no fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>n<span class="_1 blank"></span>c<span class="_0 blank"> </span>i<span class="_1 blank"></span>a<span class="_0 blank"> </span>mento é de<span class="_0 blank"> </span> <span class="_1 blank"></span>3,5% a<span class="_0 blank"> </span>o mês<span class="_1 blank"></span>. </div><div class="t m0 x2 h4 y101 ff3 fs1 fc0 sc0 ls4 ws5">R:<span class="_1 blank"></span> <span class="_d blank"> </span>A <span class="_d blank"> </span>me<span class="_0 blank"> </span>lh<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_d blank"> </span>mane<span class="_1 blank"></span>ira <span class="_d blank"> </span>de <span class="_d blank"> </span>começar <span class="_d blank"> </span>a <span class="_d blank"> </span>resolv<span class="_1 blank"></span>er <span class="_d blank"> </span>u<span class="_0 blank"> </span>m <span class="_d blank"> </span>problema <span class="_d blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>mo <span class="_d blank"> </span>este <span class="_d blank"> </span>é <span class="_7 blank"> </span>elabor<span class="_0 blank"> </span>an<span class="_1 blank"></span>do <span class="_d blank"> </span>o </div><div class="t m0 x2 h4 y102 ff3 fs1 fc0 sc0 ls4 ws5">diagra<span class="_1 blank"></span>ma <span class="_0 blank"> </span>de fluxo d<span class="_0 blank"> </span>e cai<span class="_1 blank"></span>xa, co<span class="_0 blank"> </span>mo seg<span class="_1 blank"></span>u<span class="_0 blank"> </span>e. </div><div class="t m0 x2 h3 yd0 ff2 fs1 fc0 sc0 ls4 ws5">Fluxo de ca<span class="_0 blank"> </span>i<span class="_1 blank"></span>xa<span class="_0 blank"> </span> para a quitação<span class="_0 blank"> </span> da dív<span class="_1 blank"></span>ida<span class="_0 blank"> </span> n<span class="_1 blank"></span>o<span class="_0 blank"> </span> valor do imó<span class="_0 blank"> </span>v<span class="_1 blank"></span>el, perspectiva <span class="_a blank"> </span>d<span class="_1 blank"></span>o </div><div class="t m0 x2 h3 yd1 ff2 fs1 fc0 sc0 ls4 ws5">tomador </div><div class="t m0 x5c h4 y103 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y21 ff3 fs1 fc0 sc0 ls4 ws5">De acordo <span class="_0 blank"> </span>c<span class="_12 blank"></span>o<span class="_0 blank"> </span>mo o e<span class="_0 blank"> </span>n<span class="_12 blank"></span>u<span class="_0 blank"> </span>nciado,<span class="_0 blank"> </span> <span class="_1 blank"></span>o <span class="_0 blank"> </span>n<span class="_1 blank"></span>arrado<span class="_0 blank"> </span>r é um t<span class="_1 blank"></span>o<span class="_0 blank"> </span>ma<span class="_1 blank"></span>do<span class="_0 blank"> </span>r de <span class="_0 blank"> </span>cré<span class="_1 blank"></span>d<span class="_0 blank"> </span>i<span class="_1 blank"></span>to.<span class="_0 blank"> </span> A <span class="_1 blank"></span>quitação d<span class="_0 blank"> </span>a dívi<span class="_1 blank"></span>d<span class="_0 blank"> </span>a, </div><div class="t m0 x2 h4 y23 ff3 fs1 fc0 sc0 ls4 ws5">da <span class="_d blank"> </span>p<span class="_0 blank"> </span>erspecti<span class="_1 blank"></span>va <span class="_c blank"> </span>do<span class="_0 blank"> </span> <span class="_d blank"> </span>narrador, <span class="_c blank"> </span>está <span class="_d blank"> </span>rep<span class="_0 blank"> </span>resen<span class="_12 blank"></span>t<span class="_0 blank"> </span>ada <span class="_c blank"> </span>acima. <span class="_c blank"> </span>Um<span class="_1 blank"></span>a <span class="_c blank"> </span>instituição,<span class="_0 blank"> </span> <span class="_d blank"> </span>p<span class="_0 blank"> </span>rovav<span class="_12 blank"></span>e<span class="_0 blank"> </span>lmente </div><div class="t m0 x2 h4 y104 ff3 fs1 fc0 sc0 ls4 ws5">um <span class="_0 blank"> </span>b<span class="_0 blank"> </span>a<span class="_1 blank"></span>nco, <span class="_0 blank"> </span>concedeu o<span class="_0 blank"> </span> <span class="_0 blank"> </span>crédito <span class="_9 blank"> </span>n<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>v<span class="_1 blank"></span>al<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_0 blank"> </span>de<span class="_0 blank"> </span> $150<span class="_0 blank"> </span>.<span class="_1 blank"></span>000<span class="_0 blank"> </span>,<span class="_1 blank"></span>000<span class="_0 blank"> </span> <span class="_0 blank"> </span>e <span class="_0 blank"> </span>o p<span class="_0 blank"> </span>roblema tam<span class="_0 blank"> </span>bém <span class="_0 blank"> </span>pode <span class="_0 blank"> </span>ser </div><div class="t m0 x2 h4 y105 ff3 fs1 fc0 sc0 ls4 ws5">ob<span class="_0 blank"> </span>se<span class="_1 blank"></span>rvado da<span class="_0 blank"> </span> pe<span class="_1 blank"></span>rsp<span class="_0 blank"> </span>ecti<span class="_1 blank"></span>va do<span class="_0 blank"> </span> banc<span class="_1 blank"></span>o<span class="_0 blank"> </span>, como segue. </div><div class="t m0 x2 h4 y106 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y29 ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m7 x39 h30 y107 ff3 fs19 fc0 sc0 ls4 ws5">1<span class="_1 blank"></span>5<span class="_1 blank"></span>0<span class="_1 blank"></span>.0<span class="_1 blank"></span>0<span class="_1 blank"></span>0<span class="_1 blank"></span>,0<span class="_1 blank"></span>0<span class="_29 blank"></span>$<span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> <span class="_1 blank"></span> </div><div class="t m7 x37 h31 y108 ff5 fs1a fc0 sc0 ls4">\u2191</div><div class="t m7 x27 h32 y109 ff1 fs1b fc0 sc0 ls4 ws21">...</div><div class="t m7 x5d h33 y10a ff2 fs1b fc0 sc0 ls4 ws5">0 <span class="_1 blank"></span> <span class="_0 blank"> </span> 1<span class="_2a blank"> </span>2<span class="_2b blank"> </span>3<span class="_2b blank"> </span>4<span class="_2c blank"> </span>5<span class="_2d blank"> </span>6<span class="_2e blank"> </span>22</div><div class="t m7 x5e h31 y10b ff5 fs1a fc0 sc0 ls4 ws22">\u2193<span class="_2f blank"> </span>\u2193<span class="_1f blank"> </span>\u2193 \u2193<span class="_30 blank"> </span>\u2193</div><div class="t m7 x10 h30 y10c ff3 fs19 fc0 sc0 ls4 ws23">R<span class="_31 blank"> </span>R<span class="_32 blank"> </span>R R<span class="_33 blank"> </span>R</div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf9" class="pf w0 h0" data-page-no="9"><div class="pc pc9 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x2 y10d w7 h34" alt="" src="https://files.passeidireto.com/ac28f13d-0f2f-43e1-91e1-227be88b2bc6/bg9.png"><div class="t m0 x1 h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">9 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h3 y3 ff2 fs1 fc0 sc0 ls4 ws5">Fluxo <span class="_0 blank"> </span>de c<span class="_1 blank"></span>aixa pa<span class="_0 blank"> </span>ra a quitação da dívida no valo<span class="_0 blank"> </span>r<span class="_1 blank"></span> do<span class="_0 blank"> </span> imóvel, pers<span class="_1 blank"></span>p<span class="_0 blank"> </span>e<span class="_1 blank"></span>ctiva <span class="_0 blank"> </span>do credor </div><div class="t m0 x5c h4 y10e ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y10f ff3 fs1 fc0 sc0 ls4 ws5">A <span class="_8 blank"> </span>fig<span class="_1 blank"></span>u<span class="_0 blank"> </span>ra <span class="_9 blank"> </span>ac<span class="_0 blank"> </span>i<span class="_1 blank"></span>ma <span class="_8 blank"> </span>d<span class="_0 blank"> </span>eix<span class="_1 blank"></span>a <span class="_8 blank"> </span>claro<span class="_0 blank"> </span> <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>e, <span class="_8 blank"> </span>do <span class="_9 blank"> </span>po<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_8 blank"> </span>vi<span class="_1 blank"></span>sta <span class="_8 blank"> </span>do <span class="_9 blank"> </span>b<span class="_0 blank"> </span>anco, <span class="_8 blank"> </span>o <span class="_8 blank"> </span>empréstimo <span class="_8 blank"> </span>imob<span class="_0 blank"> </span>i<span class="_1 blank"></span>liári<span class="_1 blank"></span>o<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y110 ff3 fs1 fc0 sc0 ls4 ws5">deve ser <span class="_0 blank"> </span>comp<span class="_0 blank"> </span>a<span class="_1 blank"></span>rado<span class="_0 blank"> </span> ao \u201cp<span class="_0 blank"> </span>lan<span class="_1 blank"></span>o B\u201d <span class="_0 blank"> </span>q<span class="_0 blank"> </span>ue co<span class="_0 blank"> </span>nsis<span class="_1 blank"></span>te <span class="_0 blank"> </span>na <span class="_0 blank"> </span>aplic<span class="_1 blank"></span>a<span class="_0 blank"> </span>ção f<span class="_0 blank"> </span>inan<span class="_1 blank"></span>ceira d<span class="_0 blank"> </span>e R<span class="_0 blank"> </span>$<span class="_1 blank"></span>1<span class="_0 blank"> </span>50.000,00 </div><div class="t m0 x2 h4 y111 ff3 fs1 fc0 sc0 ls4 ws5">du<span class="_0 blank"> </span>ran<span class="_1 blank"></span>te 22 <span class="_a blank"> </span>períodos. <span class="_a blank"> </span>Des<span class="_1 blank"></span>ta <span class="_a blank"> </span>manei<span class="_1 blank"></span>ra, <span class="_a blank"> </span>po<span class="_0 blank"> </span>is, encon<span class="_1 blank"></span>tr<span class="_0 blank"> </span>a<span class="_1 blank"></span>r <span class="_a blank"> </span>o <span class="_a blank"> </span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>or<span class="_0 blank"> </span> de <span class="_a blank"> </span>R é equ<span class="_0 blank"> </span>i<span class="_1 blank"></span>val<span class="_1 blank"></span>e<span class="_0 blank"> </span>nte<span class="_1 blank"></span> <span class="_e blank"> </span>a </div><div class="t m0 x2 h4 y112 ff3 fs1 fc0 sc0 ls4 ws5">en<span class="_1 blank"></span>contra<span class="_0 blank"> </span>r <span class="_0 blank"> </span>o <span class="_0 blank"> </span>valor <span class="_0 blank"> </span>do<span class="_0 blank"> </span> <span class="_0 blank"> </span>FRC <span class="_0 blank"> </span>a <span class="_0 blank"> </span>partir d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>um<span class="_0 blank"> </span> VP <span class="_0 blank"> </span>equivalente <span class="_0 blank"> </span>a <span class="_0 blank"> </span>$150.000<span class="_0 blank"> </span>,00. <span class="_0 blank"> </span>Uma <span class="_0 blank"> </span>ve<span class="_1 blank"></span>z <span class="_0 blank"> </span>q<span class="_0 blank"> </span>ue <span class="_0 blank"> </span>o </div><div class="t m0 x2 h4 y113 ff3 fs1 fc0 sc0 ls4 ws5">últim<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_d blank"> </span>é <span class="_d blank"> </span>o<span class="_0 blank"> </span> <span class="_7 blank"> </span>VP <span class="_d blank"> </span>d<span class="_0 blank"> </span>a <span class="_7 blank"> </span>ap<span class="_0 blank"> </span>li<span class="_12 blank"></span>caç<span class="_0 blank"> </span>ão <span class="_d blank"> </span>financeira. <span class="_d blank"> </span>Po<span class="_0 blank"> </span>rém, <span class="_d blank"> </span>há <span class="_7 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_d blank"> </span>dific<span class="_1 blank"></span>u<span class="_0 blank"> </span>ldad<span class="_0 blank"> </span>e <span class="_7 blank"> </span>apar<span class="_0 blank"> </span>en<span class="_1 blank"></span>te, <span class="_d blank"> </span>impo<span class="_0 blank"> </span>sta </div><div class="t m0 x2 h4 y114 ff3 fs1 fc0 sc0 ls4 ws5">pela <span class="_d blank"> </span>carência, <span class="_d blank"> </span>i.e., <span class="_c blank"> </span>pelo <span class="_c blank"> </span>fato <span class="_d blank"> </span>de <span class="_d blank"> </span>qu<span class="_0 blank"> </span>e <span class="_d blank"> </span>a <span class="_7 blank"> </span>p<span class="_0 blank"> </span>r<span class="_0 blank"> </span>i<span class="_1 blank"></span>meira <span class="_d blank"> </span>p<span class="_0 blank"> </span>a<span class="_1 blank"></span>rce<span class="_0 blank"> </span>l<span class="_1 blank"></span>a <span class="_d blank"> </span>d<span class="_0 blank"> </span>a <span class="_d blank"> </span>amor<span class="_0 blank"> </span>ti<span class="_1 blank"></span>zação <span class="_d blank"> </span>o<span class="_0 blank"> </span>corr<span class="_0 blank"> </span>e <span class="_d blank"> </span>al<span class="_1 blank"></span>gun<span class="_0 blank"> </span>s </div><div class="t m0 x2 h4 y115 ff3 fs1 fc0 sc0 ls4 ws5">período<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_7 blank"> </span>apó<span class="_0 blank"> </span>s <span class="_8 blank"> </span>a <span class="_7 blank"> </span>contração<span class="_0 blank"> </span> <span class="_7 blank"> </span>da <span class="_7 blank"> </span>dívida. <span class="_7 blank"> </span>De <span class="_7 blank"> </span>fa<span class="_1 blank"></span>t<span class="_0 blank"> </span>o, <span class="_7 blank"> </span>ela <span class="_7 blank"> </span>ocorr<span class="_0 blank"> </span>e <span class="_8 blank"> </span>tr<span class="_0 blank"> </span>ês<span class="_1 blank"></span> <span class="_7 blank"> </span>p<span class="_0 blank"> </span>eríodo<span class="_0 blank"> </span>s <span class="_8 blank"> </span>apó<span class="_0 blank"> </span>s <span class="_8 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>per<span class="_0 blank"> </span>í<span class="_1 blank"></span>odo </div><div class="t m0 x2 h4 y116 ff3 fs1 fc0 sc0 ls4 ws5">corrente. </div><div class="t m0 x2 h4 y117 ff3 fs1 fc0 sc0 ls4 ws5">Mas <span class="_8 blank"> </span>tal <span class="_8 blank"> </span>dificu<span class="_0 blank"> </span>l<span class="_1 blank"></span>dad<span class="_0 blank"> </span>e <span class="_8 blank"> </span>é <span class="_8 blank"> </span>ap<span class="_0 blank"> </span>en<span class="_1 blank"></span>as <span class="_8 blank"> </span>aparente, <span class="_8 blank"> </span>sendo<span class="_0 blank"> </span> <span class="_8 blank"> </span>rap<span class="_0 blank"> </span>i<span class="_1 blank"></span>dam<span class="_0 blank"> </span>e<span class="_1 blank"></span>nte <span class="_8 blank"> </span>eliminada <span class="_8 blank"> </span>caso <span class="_7 blank"> </span>s<span class="_1 blank"></span>e <span class="_8 blank"> </span>co<span class="_0 blank"> </span>nsidere </div><div class="t m0 x2 h4 y118 ff3 fs1 fc0 sc0 ls4 ws5">qu<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_9 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>cálc<span class="_1 blank"></span>u<span class="_0 blank"> </span>lo <span class="_9 blank"> </span>do<span class="_0 blank"> </span> <span class="_9 blank"> </span>F<span class="_0 blank"> </span>RC <span class="_0 blank"> </span>d<span class="_0 blank"> </span>ecorre <span class="_9 blank"> </span>do<span class="_0 blank"> </span> <span class="_9 blank"> </span>cál<span class="_1 blank"></span>culo <span class="_9 blank"> </span>do<span class="_0 blank"> </span>s <span class="_9 blank"> </span>VPs <span class="_9 blank"> </span>d<span class="_0 blank"> </span>as <span class="_9 blank"> </span>20 <span class="_9 blank"> </span>p<span class="_0 blank"> </span>restações <span class="_9 blank"> </span>e <span class="_9 blank"> </span>estes <span class="_9 blank"> </span>t<span class="_0 blank"> </span>êm <span class="_9 blank"> </span>com<span class="_0 blank"> </span>o </div><div class="t m0 x2 h4 y119 ff3 fs1 fc0 sc0 ls4 ws5">referência <span class="_9 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>p<span class="_0 blank"> </span>eríodo <span class="_9 blank"> </span>p<span class="_0 blank"> </span>r<span class="_0 blank"> </span>es<span class="_1 blank"></span>ente. <span class="_8 blank"> </span>Desta <span class="_8 blank"> </span>maneira, <span class="_8 blank"> </span>po<span class="_0 blank"> </span>i<span class="_1 blank"></span>s, <span class="_8 blank"> </span>a <span class="_8 blank"> </span>primeira <span class="_8 blank"> </span>pr<span class="_0 blank"> </span>estaç<span class="_1 blank"></span>ão <span class="_7 blank"> </span>corr<span class="_0 blank"> </span>e<span class="_1 blank"></span>spo<span class="_0 blank"> </span>nde <span class="_8 blank"> </span>a<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y11a ff3 fs1 fc0 sc0 ls4 ws5">uma<span class="_0 blank"> </span> a<span class="_1 blank"></span>plic<span class="_1 blank"></span>a<span class="_0 blank"> </span>ção fina<span class="_0 blank"> </span>n<span class="_1 blank"></span>ceira com<span class="_0 blank"> </span> duração de 3 período<span class="_0 blank"> </span>s<span class="_1 blank"></span>, a segunda pr<span class="_0 blank"> </span>e<span class="_1 blank"></span>stação<span class="_0 blank"> </span>, a uma </div><div class="t m0 x2 h4 y11b ff3 fs1 fc0 sc0 ls4 ws5">apli<span class="_1 blank"></span>ca<span class="_0 blank"> </span>ção <span class="_9 blank"> </span>com <span class="_0 blank"> </span>duraç<span class="_0 blank"> </span>ã<span class="_1 blank"></span>o <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>4<span class="_0 blank"> </span> p<span class="_0 blank"> </span>erí<span class="_1 blank"></span>odo<span class="_0 blank"> </span>s <span class="_0 blank"> </span>e <span class="_9 blank"> </span>assi<span class="_12 blank"></span>m<span class="_0 blank"> </span> <span class="_0 blank"> </span>p<span class="_0 blank"> </span>or <span class="_0 blank"> </span>diante. <span class="_0 blank"> </span>Ass<span class="_0 blank"> </span>i<span class="_1 blank"></span>m <span class="_9 blank"> </span>sendo<span class="_0 blank"> </span>, <span class="_0 blank"> </span>o <span class="_9 blank"> </span>val<span class="_1 blank"></span>or <span class="_8 blank"> </span>prese<span class="_1 blank"></span>nte<span class="_0 blank"> </span> </div><div class="t m0 x2 h7 y11c ff3 fs1 fc0 sc0 ls4 ws5">da <span class="_c blank"> </span>p<span class="_0 blank"> </span>ri<span class="_1 blank"></span>me<span class="_0 blank"> </span>i<span class="_1 blank"></span>ra <span class="_c blank"> </span>p<span class="_0 blank"> </span>arcela <span class="_c blank"> </span>é <span class="_b blank"> </span>R(1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">-<span class="_0 blank"> </span>3</span>, <span class="_c blank"> </span>d<span class="_0 blank"> </span>a <span class="_c blank"> </span>segunda <span class="_c blank"> </span>p<span class="_0 blank"> </span>arcel<span class="_1 blank"></span>a, <span class="_b blank"> </span>R(1+<span class="_0 blank"> </span>i)<span class="fs2 ws1 v3">-4</span>,<span class="_0 blank"> </span> <span class="_d blank"> </span>d<span class="_0 blank"> </span>a <span class="_c blank"> </span>terceira, <span class="_b blank"> </span>R(1+i)<span class="fs2 ws1 v3">-5</span>,<span class="_0 blank"> </span> <span class="_c blank"> </span>e </div><div class="t m0 x2 h7 y11d ff3 fs1 fc0 sc0 ls4 ws5">assi<span class="_1 blank"></span>m <span class="_9 blank"> </span>p<span class="_0 blank"> </span>or <span class="_0 blank"> </span>d<span class="_0 blank"> </span>i<span class="_1 blank"></span>ante <span class="_0 blank"> </span>até <span class="_9 blank"> </span>a <span class="_0 blank"> </span>ú<span class="_0 blank"> </span>ltima <span class="_0 blank"> </span>cu<span class="_0 blank"> </span>jo <span class="_9 blank"> </span>v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_0 blank"> </span>pr<span class="_0 blank"> </span>ese<span class="_1 blank"></span>nte <span class="_0 blank"> </span>é <span class="_8 blank"> </span>de <span class="_9 blank"> </span>R(1<span class="_1 blank"></span>+<span class="_0 blank"> </span>i)<span class="fs2 ws24 v3">-22 </span>. <span class="_9 blank"> </span>Generi<span class="_1 blank"></span>camente,<span class="_0 blank"> </span> <span class="_0 blank"> </span>po<span class="_0 blank"> </span>is, <span class="_0 blank"> </span>o </div><div class="t m0 x2 ha y11e ff3 fs1 fc0 sc0 ls4 ws5">VP da par<span class="_0 blank"> </span>cel<span class="_1 blank"></span>a qu<span class="_0 blank"> </span>e oc<span class="_1 blank"></span>or<span class="_0 blank"> </span>re no t-ésimo p<span class="_0 blank"> </span>e<span class="_12 blank"></span>r<span class="_0 blank"> </span>íodo t > 0, é R(1+i)<span class="fs2 ws24 v3">-(t+2) </span>. <span class="_0 blank"> </span>O VP da série<span class="_1 blank"></span> <span class="_0 blank"> </span>é, pois: </div><div class="t m0 x2 h7 y11f ff3 fs1 fc0 sc0 ls4 ws5">VP(R,i<span class="_1 blank"></span>,<span class="_0 blank"> </span>22)<span class="_0 blank"> </span> <span class="_1 blank"></span>= <span class="_0 blank"> </span>R(<span class="_1 blank"></span>1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">-<span class="_0 blank"> </span>3</span> + R(1+i)<span class="fs2 ws1 v3">-4</span> + <span class="_0 blank"> </span>R(1<span class="_1 blank"></span>+i)<span class="_0 blank"> </span><span class="fs2 ws1 v3">-5</span> + ...+ R(1+i)<span class="fs2 ws24 v3">-22</span> = </div><div class="t m0 x2 h35 y120 ff3 fs1 fc0 sc0 ls4 ws0">R(1+ i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">-2</span><span class="ws5"> <span class="_0 blank"> </span>[<span class="_1 blank"></span>(1+i)<span class="fs2 ws1 v3">-1 </span> + (1+<span class="_0 blank"> </span>i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">-<span class="_0 blank"> </span>2</span> + (1+i)<span class="fs2 ws1 v3">-3</span> + ... + (1+i)<span class="fs2 ws24 v3">- 2 0 </span>] = <span class="ff7 ls31">\ue734</span><span class="ff6 wsf">(1 + i)<span class="_0 blank"> </span><span class="ff7 fs10 ws25 v11">\ueb3f\ueb36 </span><span class="ff7 ws15 v0">\uf242</span><span class="fs10 ls32 vd">(</span><span class="ff7 fs10 ws26 vd">\ueb35\ueb3e\uebdc<span class="_0 blank"> </span></span><span class="fs10 ls32 vd">)</span><span class="ff7 fs1c ws27 v7">\uec2e\uec2c <span class="fs10 ws28 v12">\ueb3f\ueb35</span></span></span></span></div><div class="t m0 x18 h36 yd3 ff7 fs10 fc0 sc0 ls33">\uebdc<span class="ff6 ls32">(</span><span class="ls4 ws26">\ueb35\ueb3e\uebdc <span class="ff6 ls32">)</span><span class="fs1c ws29 v10">\uec2e\uec2c </span><span class="fs1 ws15 v13">\uf243<span class="ff3 ws5 v0"> </span></span></span></div><div class="t m0 x2 h4 y121 ff3 fs1 fc0 sc0 ls4 ws5">Um<span class="_1 blank"></span>a <span class="_0 blank"> </span>ve<span class="_1 blank"></span>z q<span class="_0 blank"> </span>u<span class="_0 blank"> </span>e V<span class="_1 blank"></span>P <span class="_0 blank"> </span>= $1<span class="_1 blank"></span>50<span class="_0 blank"> </span>.000 e i = 0,035, <span class="_0 blank"> </span>R<span class="_1 blank"></span> é tal que<span class="_0 blank"> </span>: </div><div class="t m0 x2c h1d y122 ff7 fs1 fc0 sc0 ls34">\ue734<span class="ff6 ls4 ws2a">=<span class="_a blank"> </span>150.0<span class="_0 blank"> </span>0<span class="_1 blank"></span>0 <span class="ff7 ls35">\uf248</span><span class="ls11 v7">(</span><span class="ws12 v8">1<span class="_c blank"> </span>+<span class="_20 blank"> </span>0 ,035</span><span class="wsd v7">)</span><span class="ff7 fs10 ws2b v9">\ueb36\ueb34 </span><span class="ff7 ls17 v8">\u2212</span><span class="v8">1</span></span></div><div class="t m0 x4c h37 y123 ff7 fs1 fc0 sc0 ls1c">\ue745<span class="ff6 ls11 v6">(</span><span class="ff6 ls4 ws12">1<span class="_b blank"> </span>+<span class="_b blank"> </span>0 ,035<span class="ls11 v6">)</span></span><span class="fs10 ls4 ws2c va">\ueb36\ueb34 </span><span class="ls4 ws15 vb">\uf249</span><span class="fs10 ls4 ws2d v14">\ueb3f<span class="_0 blank"> </span>\ueb35 </span><span class="ff6 ls4 ws10 vb">(1 + i)</span><span class="fs10 ls36 v15">\ueb36</span><span class="ff6 ls13 vb">=</span><span class="ls4 ws15 vb">\ue003\ue003<span class="ff6 wsd">11.<span class="_0 blank"> </span>305,88</span>\ue003\ue003<span class="_1 blank"></span><span class="ff3 ws5"> </span></span></div><div class="t m0 x2 h4 y20 ff3 fs1 fc0 sc0 ls4 ws5">O <span class="_0 blank"> </span>que <span class="_0 blank"> </span>se <span class="_0 blank"> </span>tem <span class="_0 blank"> </span>é<span class="_0 blank"> </span> u<span class="_0 blank"> </span>ma <span class="_0 blank"> </span>séri<span class="_1 blank"></span>e<span class="_0 blank"> </span> d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>20 <span class="_9 blank"> </span>fl<span class="_1 blank"></span>uxos <span class="_0 blank"> </span>d<span class="_0 blank"> </span>esl<span class="_1 blank"></span>o<span class="_0 blank"> </span>cada <span class="_0 blank"> </span>em <span class="_0 blank"> </span>do<span class="_0 blank"> </span>i<span class="_1 blank"></span>s <span class="_0 blank"> </span>p<span class="_0 blank"> </span>eríodos <span class="_0 blank"> </span>a <span class="_0 blank"> </span>frente <span class="_0 blank"> </span>do<span class="_0 blank"> </span> <span class="_0 blank"> </span>corrente. </div><div class="t m0 x2 h4 y21 ff3 fs1 fc0 sc0 ls4 ws5">A <span class="_9 blank"> </span>referê<span class="_0 blank"> </span>n<span class="_1 blank"></span>cia <span class="_8 blank"> </span>par<span class="_0 blank"> </span>a<span class="_1 blank"></span> <span class="_8 blank"> </span>co<span class="_0 blank"> </span>n<span class="_1 blank"></span>tar <span class="_9 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>n<span class="_1 blank"></span>ú<span class="_0 blank"> </span>mero <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>d<span class="_0 blank"> </span>esl<span class="_1 blank"></span>ocamento<span class="_0 blank"> </span>s <span class="_9 blank"> </span>n<span class="_1 blank"></span>ão<span class="_0 blank"> </span> <span class="_9 blank"> </span>é <span class="_9 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>p<span class="_0 blank"> </span>eríodo <span class="_8 blank"> </span>em <span class="_9 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_9 blank"> </span>ocorr<span class="_0 blank"> </span>e <span class="_0 blank"> </span>o<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y23 ff3 fs1 fc0 sc0 ls4 ws5">primeiro <span class="_9 blank"> </span>fluxo, <span class="_9 blank"> </span>mas <span class="_9 blank"> </span>sim <span class="_9 blank"> </span>o <span class="_9 blank"> </span>p<span class="_0 blank"> </span>erí<span class="_1 blank"></span>odo<span class="_0 blank"> </span> <span class="_0 blank"> </span>anteri<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_9 blank"> </span>àqu<span class="_0 blank"> </span>ele <span class="_0 blank"> </span>em <span class="_0 blank"> </span>q<span class="_0 blank"> </span>ue<span class="_0 blank"> </span> <span class="_0 blank"> </span>o<span class="_0 blank"> </span>c<span class="_1 blank"></span>orr<span class="_0 blank"> </span>e <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>p<span class="_0 blank"> </span>ri<span class="_1 blank"></span>meiro <span class="_9 blank"> </span>fl<span class="_1 blank"></span>u<span class="_0 blank"> </span>x<span class="_1 blank"></span>o<span class="_0 blank"> </span>. <span class="_9 blank"> </span>Daí </div><div class="t m0 x2 h4 y24 ff3 fs1 fc0 sc0 ls4 ws5">po<span class="_0 blank"> </span>rq<span class="_1 blank"></span>u<span class="_0 blank"> </span>e<span class="_1 blank"></span>,<span class="_0 blank"> </span> <span class="_7 blank"> </span>ap<span class="_0 blank"> </span>e<span class="_1 blank"></span>sar <span class="_d blank"> </span>d<span class="_0 blank"> </span>a <span class="_d blank"> </span>carên<span class="_1 blank"></span>cia <span class="_d blank"> </span>ser <span class="_d blank"> </span>de <span class="_d blank"> </span>trê<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_d blank"> </span>meses, <span class="_d blank"> </span>a <span class="_d blank"> </span>série <span class="_d blank"> </span>estar <span class="_d blank"> </span>deslocada<span class="_0 blank"> </span> <span class="_d blank"> </span>e<span class="_1 blank"></span>m <span class="_c blank"> </span>dois <span class="_d blank"> </span>mese<span class="_1 blank"></span>s.<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y105 ff3 fs1 fc0 sc0 ls4 ws5">Com <span class="_8 blank"> </span>este <span class="_8 blank"> </span>esclarecimento, <span class="_7 blank"> </span>pode-<span class="_0 blank"> </span>s<span class="_1 blank"></span>e <span class="_8 blank"> </span>afi<span class="_1 blank"></span>rm<span class="_0 blank"> </span>a<span class="_1 blank"></span>r <span class="_8 blank"> </span>q<span class="_0 blank"> </span>ue <span class="_9 blank"> </span>um<span class="_0 blank"> </span>a <span class="_8 blank"> </span>sé<span class="_1 blank"></span>rie <span class="_8 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>T<span class="_0 blank"> </span> <span class="_8 blank"> </span>fluxos, <span class="_8 blank"> </span>d<span class="_0 blank"> </span>es<span class="_1 blank"></span>loc<span class="_0 blank"> </span>a<span class="_1 blank"></span>d<span class="_0 blank"> </span>a <span class="_9 blank"> </span>e<span class="_0 blank"> </span>m <span class="_8 blank"> </span>D </div><div class="t m0 x2 h4 y124 ff3 fs1 fc0 sc0 ls4 ws5">período<span class="_0 blank"> </span>s<span class="_1 blank"></span>, te<span class="_0 blank"> </span>m v<span class="_1 blank"></span>alo<span class="_0 blank"> </span>r p<span class="_1 blank"></span>resente d<span class="_0 blank"> </span>ado por: </div><div class="t m0 xd h24 y125 ff6 fs1 fc0 sc0 ls4 wsd">VP<span class="ls11 v6">(</span><span class="wse">R, i, T, D<span class="ls12 v6">)</span><span class="ls13">=</span><span class="ff7 ws2e">\ue734 \uf248</span></span><span class="v7">(</span><span class="wsf v8">1 + <span class="ff7 ls15">\ue745</span></span><span class="ls11 v7">)</span><span class="ff7 fs10 ls1f v9">\uebcd</span><span class="ff7 ls23 v8">\u2212</span><span class="v8">1</span></div><div class="t m0 x4e h22 y126 ff7 fs1 fc0 sc0 ls15">\ue745<span class="ff6 ls11 v6">(</span><span class="ff6 ls4 ws10">1 + </span>\ue745<span class="ff6 ls11 v6">)</span><span class="fs10 ls19 va">\uebcd</span><span class="ls37 vb">\uf249<span class="ff6 ls4 wsf">(1<span class="_20 blank"> </span>+ i)</span></span><span class="fs10 ls38 v15">\uebbd</span><span class="ff3 ls4 ws5 vb"> </span></div><div class="t m8 x10 h38 y127 ff3 fs1d fc0 sc0 ls4 ws2f">R<span class="_31 blank"> </span>R<span class="_32 blank"> </span>R R<span class="_33 blank"> </span>R</div><div class="t m8 x5e h39 y128 ff5 fs1e fc0 sc0 ls4 ws30">\u2191<span class="_2f blank"> </span>\u2191<span class="_15 blank"> </span>\u2191 \u2191<span class="_34 blank"> </span>\u2191</div><div class="t m8 x27 h3a y129 ff1 fs1f fc0 sc0 ls4 ws31">...</div><div class="t m8 x5d h3b y12a ff2 fs1f fc0 sc0 ls4 ws5">0 <span class="_1 blank"></span> <span class="_0 blank"> </span> 1<span class="_2a blank"> </span>2<span class="_2b blank"> </span>3<span class="_2b blank"> </span>4<span class="_2c blank"> </span>5<span class="_35 blank"> </span>6<span class="_2e blank"> </span>22</div><div class="t m8 x37 h39 y12b ff5 fs1e fc0 sc0 ls4">\u2193</div><div class="t m8 x39 h38 y12c ff3 fs1d fc0 sc0 ls4 ws5">1<span class="_1 blank"></span>5<span class="_1 blank"></span>0<span class="_1 blank"></span>.0<span class="_1 blank"></span>0<span class="_1 blank"></span>0<span class="_1 blank"></span>,0<span class="_1 blank"></span>0<span class="_29 blank"></span>$<span class="_1 blank"></span> <span class="_12 blank"></span> <span class="_1 blank"></span> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pfa" class="pf w0 h0" data-page-no="a"><div class="pc pca w0 h0"><img fetchpriority="low" loading="lazy" class="bi x3d y12d w3 h3c" alt="" src="https://files.passeidireto.com/ac28f13d-0f2f-43e1-91e1-227be88b2bc6/bga.png"><div class="t m0 x5f h2 y1 ff1 fs0 fc0 sc0 ls4 ws5">10 </div><div class="t m0 x2 h2 y2 ff1 fs0 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 yb9 ff3 fs1 fc0 sc0 ls4 ws5">(n<span class="_1 blank"></span>o<span class="_0 blank"> </span>ta: o resu<span class="_0 blank"> </span>l<span class="_1 blank"></span>tado apre<span class="_0 blank"> </span>se<span class="_1 blank"></span>ntado<span class="_0 blank"> </span> pelos autores está inco<span class="_0 blank"> </span>rreto; el<span class="_1 blank"></span>es calcu<span class="_0 blank"> </span>l<span class="_1 blank"></span>aram o<span class="_0 blank"> </span> seg<span class="_1 blank"></span>u<span class="_0 blank"> </span>in<span class="_1 blank"></span>te<span class="_0 blank"> </span>: </div><div class="t m0 x2 h7 y12e ff3 fs1 fc0 sc0 ls4 ws0">R(1+ i<span class="_1 blank"></span>)<span class="fs2 ws1 v3">-3</span><span class="ws5"> <span class="_c blank"> </span>[<span class="_0 blank"> </span>(<span class="_1 blank"></span>1+<span class="_0 blank"> </span>i)<span class="fs2 ws1 v3">-1</span> <span class="_d blank"> </span>+ <span class="_b blank"> </span>(1<span class="_1 blank"></span>+<span class="_0 blank"> </span>i)<span class="fs2 ws3 v3">-2</span></span></div><div class="t m0 x60 h7 y12e ff3 fs1 fc0 sc0 ls4 ws5"> <span class="_c blank"> </span>+ <span class="_c blank"> </span>(1+<span class="_0 blank"> </span>i)<span class="fs2 ws3 v3">-3</span></div><div class="t m0 x61 h35 y12e ff3 fs1 fc0 sc0 ls4 ws5"> <span class="_c blank"> </span>+ <span class="_c blank"> </span>... <span class="_c blank"> </span>+ <span class="_c blank"> </span>(1+i)<span class="fs2 ws24 v3">-20 </span>] <span class="_c blank"> </span>= <span class="_c blank"> </span><span class="ff7 ls31">\ue734</span><span class="ff6 wsf">(1 + i)<span class="_0 blank"> </span><span class="ff7 fs10 ws26 v11">\ueb3f \ueb36<span class="_b blank"> </span></span><span class="ff7 ws15 v0">\uf242</span><span class="fs10 ls32 vd">(</span><span class="ff7 fs10 ws26 vd">\ueb35\ueb3e\uebdc </span><span class="fs10 ls32 vd">)</span><span class="ff7 fs1c ws27 v7">\uec2e\uec2c <span class="fs10 ws26 v12">\ueb3f \ueb35</span></span></span></div><div class="t m0 x62 h36 y12f ff7 fs10 fc0 sc0 ls39">\uebdc<span class="ff6 ls32 v0">(</span><span class="ls4 ws32">\ueb35\ueb3e\uebdc <span class="ff6 ls32 v0">)</span><span class="fs1c ws29 v10">\uec2e\uec2c </span><span class="fs1 ws15 v13">\uf243<span class="ff3 ws5 v0">, <span class="_d blank"> </span>ou <span class="_b blank"> </span>se<span class="_1 blank"></span>ja, </span></span></span></div><div class="t m0 x2 h3 y5 ff3 fs1 fc0 sc0 ls4 ws5">ass<span class="_1 blank"></span>u<span class="_0 blank"> </span>miram <span class="_a blank"> </span>que <span class="_a blank"> </span>se <span class="_a blank"> </span>tem<span class="_0 blank"> </span> u<span class="_0 blank"> </span>ma <span class="_a blank"> </span>série d<span class="_0 blank"> </span>e <span class="_a blank"> </span>20<span class="_0 blank"> </span> pagamen<span class="_1 blank"></span>to<span class="_0 blank"> </span>s <span class="_a blank"> </span>d<span class="_0 blank"> </span>esl<span class="_12 blank"></span>o<span class="_0 blank"> </span>cad<span class="_0 blank"> </span>a po<span class="_0 blank"> </span>r <span class="_a blank"> </span><span class="ff2 ws4">tr<span class="_0 blank"> </span>ê<span class="_1 blank"></span>s<span class="ff3 ws5"> <span class="_e blank"> </span>perí<span class="_1 blank"></span>odos, </span></span></div><div class="t m0 x2 h3 y130 ff3 fs1 fc0 sc0 ls4 ws5">en<span class="_1 blank"></span>qu<span class="_0 blank"> </span>anto,<span class="_0 blank"> </span> por<span class="_0 blank"> </span>ém, <span class="_0 blank"> </span>se<span class="_1 blank"></span> <span class="_0 blank"> </span>tem <span class="_0 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_0 blank"> </span>série de <span class="_0 blank"> </span>2<span class="_0 blank"> </span>0<span class="_0 blank"> </span> p<span class="_0 blank"> </span>ag<span class="_1 blank"></span>amen<span class="_1 blank"></span>t<span class="_0 blank"> </span>os <span class="_0 blank"> </span>deslocada <span class="_0 blank"> </span>por <span class="_9 blank"> </span><span class="ff2 ws4">dois</span> <span class="_0 blank"> </span>p<span class="_0 blank"> </span>eríodos, <span class="_0 blank"> </span>pois </div><div class="t m0 x2 h4 y31 ff3 fs1 fc0 sc0 ls4 ws5">a <span class="_0 blank"> </span>r<span class="_0 blank"> </span>ef<span class="_1 blank"></span>erê<span class="_0 blank"> </span>n<span class="_1 blank"></span>c<span class="_0 blank"> </span>i<span class="_1 blank"></span>a<span class="_0 blank"> </span> <span class="_0 blank"> </span>p<span class="_0 blank"> </span>ara <span class="_9 blank"> </span>determinar <span class="_0 blank"> </span>o <span class="_9 blank"> </span>d<span class="_0 blank"> </span>esl<span class="_1 blank"></span>o<span class="_0 blank"> </span>camento <span class="_9 blank"> </span>não <span class="_9 blank"> </span>é <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_9 blank"> </span>per<span class="_0 blank"> </span>í<span class="_1 blank"></span>odo<span class="_0 blank"> </span> <span class="_9 blank"> </span>em <span class="_0 blank"> </span>qu<span class="_0 blank"> </span>e <span class="_0 blank"> </span>o<span class="_0 blank"> </span>c<span class="_1 blank"></span>orre <span class="_9 blank"> </span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>primeiro </div><div class="t m0 x2 h4 y131 ff3 fs1 fc0 sc0 ls4 ws5">pagamen<span class="_1 blank"></span>to<span class="_0 blank"> </span>, m<span class="_0 blank"> </span>a<span class="_1 blank"></span>s <span class="_0 blank"> </span>s<span class="_1 blank"></span>im o<span class="_0 blank"> </span> período anterior). </div><div class="t m0 x2 h4 y33 ff3 fs1 fc0 sc0 ls4 ws5">2 <span class="_2 blank"> </span>(Bueno <span class="_0 blank"> </span>et al., 2011<span class="_0 blank"> </span>, e<span class="_0 blank"> </span>x.2.11, ad<span class="_0 blank"> </span>apta<span class="_1 blank"></span>do<span class="_0 blank"> </span>) Um au<span class="_0 blank"> </span>t<span class="_1 blank"></span>o<span class="_0 blank"> </span>móve<span class="_1 blank"></span>l <span class="_0 blank"> </span>foi co<span class="_0 blank"> </span>locado<span class="_0 blank"> </span> à ven<span class="_1 blank"></span>d<span class="_0 blank"> </span>a p<span class="_0 blank"> </span>el<span class="_1 blank"></span>o<span class="_0 blank"> </span> </div><div class="t m0 x2 h4 y132 ff3 fs1 fc0 sc0 ls4 ws5">preço <span class="_b blank"> </span>à <span class="_c blank"> </span>vi<span class="_1 blank"></span>sta <span class="_c blank"> </span>d<span class="_0 blank"> </span>e <span class="_c blank"> </span>$14<span class="_0 blank"> </span>.490,00 <span class="_d blank"> </span>o<span class="_0 blank"> </span>u, <span class="_c blank"> </span>então,<span class="_0 blank"> </span> <span class="_d blank"> </span>2<span class="_0 blank"> </span> <span class="_d blank"> </span>p<span class="_0 blank"> </span>lan<span class="_1 blank"></span>os <span class="_b blank"> </span>de <span class="_c blank"> </span>p<span class="_0 blank"> </span>ag<span class="_1 blank"></span>amento <span class="_c blank"> </span>a <span class="_c blank"> </span>p<span class="_0 blank"> </span>r<span class="_0 blank"> </span>az<span class="_12 blank"></span>o<span class="_0 blank"> </span>: <span class="_c blank"> </span>48<span class="_0 blank"> </span> <span class="_d blank"> </span>p<span class="_0 blank"> </span>a<span class="_1 blank"></span>rcelas </div><div class="t m0 x2 h4 y133 ff3 fs1 fc0 sc0 ls4 ws5">[mensais]<span class="_1 blank"></span> <span class="_e blank"> </span>de <span class="_a blank"> </span>$414<span class="_0 blank"> </span>, <span class="_e blank"> </span>mai<span class="_1 blank"></span>s <span class="_a blank"> </span>u<span class="_0 blank"> </span>ma <span class="_a blank"> </span>entrada d<span class="_0 blank"> </span>e <span class="_e blank"> </span>$<span class="_1 blank"></span>2<span class="_0 blank"> </span>.5<span class="_1 blank"></span>80,00<span class="_0 blank"> </span>; o<span class="_0 blank"> </span>u <span class="_a blank"> </span>48<span class="_0 blank"> </span> pa<span class="_0 blank"> </span>rcela<span class="_1 blank"></span>s <span class="_a blank"> </span>[<span class="_0 blank"> </span>men<span class="_1 blank"></span>sa<span class="_0 blank"> </span>is]<span class="_1 blank"></span> <span class="_a blank"> </span>d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y134 ff3 fs1 fc0 sc0 ls4 ws5">$<span class="_1 blank"></span>5<span class="_0 blank"> </span>05,00 <span class="_b blank"> </span>[sem <span class="_c blank"> </span>entrada]. <span class="_b blank"> </span>[Assuma <span class="_b blank"> </span>uma <span class="_c blank"> </span>taxa <span class="_c blank"> </span>d<span class="_0 blank"> </span>e <span class="_c blank"> </span>ju<span class="_0 blank"> </span>ro <span class="_c blank"> </span>me<span class="_0 blank"> </span>n<span class="_12 blank"></span>sal <span class="_b blank"> </span>de<span class="_0 blank"> </span> <span class="_c blank"> </span>2,3<span class="_0 blank"> </span>%]<span class="_1 blank"></span>.<span class="_0 blank"> </span> <span class="_c blank"> </span>Qual <span class="_c blank"> </span>do<span class="_0 blank"> </span>s <span class="_c blank"> </span>dois </div><div class="t m0 x2 h4 y135 ff3 fs1 fc0 sc0 ls4 ws5">planos [a pr<span class="_0 blank"> </span>az<span class="_1 blank"></span>o] d<span class="_0 blank"> </span>ev<span class="_1 blank"></span>e ser <span class="_0 blank"> </span>esc<span class="_1 blank"></span>o<span class="_0 blank"> </span>lh<span class="_1 blank"></span>ido<span class="_0 blank"> </span>? </div><div class="t m0 x2 h4 y136 ff3 fs1 fc0 sc0 ls4 ws5">R:<span class="_1 blank"></span> <span class="_9 blank"> </span>É <span class="_8 blank"> </span>p<span class="_0 blank"> </span>reci<span class="_1 blank"></span>so<span class="_0 blank"> </span> <span class="_9 blank"> </span>c<span class="_1 blank"></span>o<span class="_0 blank"> </span>m<span class="_1 blank"></span>p<span class="_0 blank"> </span>arar <span class="_0 blank"> </span>o<span class="_0 blank"> </span>s <span class="_0 blank"> </span>do<span class="_0 blank"> </span>is <span class="_0 blank"> </span>p<span class="_0 blank"> </span>lan<span class="_1 blank"></span>os <span class="_9 blank"> </span>a <span class="_8 blank"> </span>prazo <span class="_9 blank"> </span>tomando<span class="_0 blank"> </span> <span class="_0 blank"> </span>por <span class="_9 blank"> </span>base <span class="_9 blank"> </span>o <span class="_8 blank"> </span>mesmo <span class="_8 blank"> </span>in<span class="_12 blank"></span>d<span class="_0 blank"> </span>icador <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e </div><div class="t m0 x2 h4 y137 ff3 fs1 fc0 sc0 ls4 ws5">performance <span class="_a blank"> </span>f<span class="_0 blank"> </span>inan<span class="_1 blank"></span>ce<span class="_0 blank"> </span>ira <span class="_a blank"> </span>e<span class="_0 blank"> </span> <span class="_a blank"> </span>será<span class="_0 blank"> </span> <span class="_a blank"> </span>co<span class="_0 blank"> </span>nsiderado <span class="_e blank"> </span>o <span class="_e blank"> </span>val<span class="_1 blank"></span>or<span class="_0 blank"> </span> <span class="_e blank"> </span>presen<span class="_1 blank"></span>te, <span class="_e blank"> </span>co<span class="_0 blank"> </span>nforme <span class="_e blank"> </span>escl<span class="_1 blank"></span>arecid<span class="_0 blank"> </span>o </div><div class="t m0 x2 h4 y138 ff3 fs1 fc0 sc0 ls4 ws5">abaix<span class="_1 blank"></span>o<span class="_0 blank"> </span>. </div><div class="t m0 x2 h3 ydd ff2 fs1 fc0 sc0 ls4 ws5">Neste <span class="_9 blank"> </span>cur<span class="_0 blank"> </span>s<span class="_1 blank"></span>o<span class="_0 blank"> </span>, <span class="_9 blank"> </span>o<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_9 blank"> </span>p<span class="_0 blank"> </span>roblema<span class="_0 blank"> </span>s <span class="_9 blank"> </span>de <span class="_9 blank"> </span>fina<span class="_0 blank"> </span>nci<span class="_1 blank"></span>a<span class="_0 blank"> </span>mento, <span class="_9 blank"> </span>i.e., <span class="_8 blank"> </span>opera<span class="_0 blank"> </span>ções <span class="_9 blank"> </span>de <span class="_9 blank"> </span>t<span class="_0 blank"> </span>omada <span class="_9 blank"> </span>d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>cr<span class="_0 blank"> </span>édito, </div><div class="t m0 x2 h3 y139 ff2 fs1 fc0 sc0 ls4 ws5">serão<span class="_0 blank"> </span> g<span class="_0 blank"> </span>eralmente <span class="_9 blank"> </span>res<span class="_1 blank"></span>ol<span class="_0 blank"> </span>v<span class="_1 blank"></span>idos <span class="_9 blank"> </span>com <span class="_9 blank"> </span>base <span class="_0 blank"> </span>no <span class="_9 blank"> </span>crit<span class="_0 blank"> </span>é<span class="_1 blank"></span>rio<span class="_0 blank"> </span> de <span class="_9 blank"> </span>valor <span class="_9 blank"> </span>presente, <span class="_9 blank"> </span>como <span class="_0 blank"> </span>é <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>c<span class="_1 blank"></span>a<span class="_0 blank"> </span>so, </div><div class="t m0 x2 h3 y13a ff2 fs1 fc0 sc0 ls4 ws5">em <span class="_e blank"> </span>g<span class="_0 blank"> </span>e<span class="_1 blank"></span>ra<span class="_0 blank"> </span>l, <span class="_e blank"> </span>nos <span class="_e blank"> </span>li<span class="_0 blank"> </span>v<span class="_1 blank"></span>ros-texto<span class="_0 blank"> </span>. <span class="_e blank"> </span>Este <span class="_e blank"> </span>permite <span class="_e blank"> </span>u<span class="_0 blank"> </span>ma <span class="_e blank"> </span>interpreta<span class="_0 blank"> </span>ç<span class="_1 blank"></span>ão<span class="_0 blank"> </span> <span class="_e blank"> </span>mais <span class="_e blank"> </span>in<span class="_0 blank"> </span>tuitiva <span class="_e blank"> </span>d<span class="_1 blank"></span>o </div><div class="t m0 x2 h3 ye0 ff2 fs1 fc0 sc0 ls4 ws5">prob<span class="_0 blank"> </span>lema<span class="_1 blank"></span> <span class="_0 blank"> </span>de fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>nciamento do que o critério de valor f<span class="_0 blank"> </span>u<span class="_1 blank"></span>tu<span class="_0 blank"> </span>r<span class="_1 blank"></span>o<span class="_0 blank"> </span>. </div><div class="t m0 x2 h4 y13b ff3 fs1 fc0 sc0 ls4 ws5">Dev<span class="_1 blank"></span>e-se <span class="_9 blank"> </span>con<span class="_0 blank"> </span>siderar<span class="_0 blank"> </span> <span class="_0 blank"> </span>qu<span class="_0 blank"> </span>e o<span class="_0 blank"> </span> <span class="_9 blank"> </span>tomador <span class="_9 blank"> </span>de <span class="_0 blank"> </span>d<span class="_0 blank"> </span>ecis<span class="_1 blank"></span>ão<span class="_0 blank"> </span> <span class="_0 blank"> </span>está<span class="_0 blank"> </span> <span class="_0 blank"> </span>co<span class="_0 blank"> </span>ntra<span class="_1 blank"></span>indo<span class="_0 blank"> </span> <span class="_9 blank"> </span>uma <span class="_0 blank"> </span>d<span class="_0 blank"> </span>ívi<span class="_1 blank"></span>d<span class="_0 blank"> </span>a <span class="_0 blank"> </span>e, <span class="_9 blank"> </span>po<span class="_0 blank"> </span>rtanto,<span class="_0 blank"> </span> <span class="_0 blank"> </span>a </div><div class="t m0 x2 h4 y13c ff3 fs1 fc0 sc0 ls4 ws5">melhor <span class="_9 blank"> </span>alternativa <span class="_9 blank"> </span>de <span class="_8 blank"> </span>fin<span class="_1 blank"></span>anc<span class="_0 blank"> </span>i<span class="_1 blank"></span>amento <span class="_8 blank"> </span>é <span class="_9 blank"> </span>a <span class="_0 blank"> </span>q<span class="_0 blank"> </span>ue <span class="_9 blank"> </span>po<span class="_0 blank"> </span>ssui<span class="_1 blank"></span> <span class="_9 blank"> </span>m<span class="_0 blank"> </span>en<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_9 blank"> </span>val<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_9 blank"> </span>presen<span class="_1 blank"></span>te. <span class="_9 blank"> </span>A<span class="_0 blank"> </span> <span class="_9 blank"> </span>razão<span class="_0 blank"> </span> <span class="_0 blank"> </span>p<span class="_0 blank"> </span>ara<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y13d ff3 fs1 fc0 sc0 ls4 ws5">isso <span class="_c blank"> </span>está <span class="_b blank"> </span>em <span class="_b blank"> </span>qu<span class="_0 blank"> </span>e, <span class="_d blank"> </span>d<span class="_0 blank"> </span>a <span class="_c blank"> </span>p<span class="_0 blank"> </span>erspectiv<span class="_1 blank"></span>a<span class="_0 blank"> </span> <span class="_c blank"> </span>d<span class="_0 blank"> </span>o <span class="_b blank"> </span>tomad<span class="_1 blank"></span>o<span class="_0 blank"> </span>r, <span class="_c blank"> </span>o <span class="_b blank"> </span>pagame<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> <span class="_d blank"> </span>d<span class="_0 blank"> </span>as <span class="_c blank"> </span>p<span class="_0 blank"> </span>restaçõe<span class="_0 blank"> </span>s<span class="_1 blank"></span> <span class="_c blank"> </span>p<span class="_0 blank"> </span>ode <span class="_c blank"> </span>ser </div><div class="t m0 x2 h4 y3a ff3 fs1 fc0 sc0 ls4 ws5">realiz<span class="_1 blank"></span>ad<span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_8 blank"> </span>com <span class="_8 blank"> </span>au<span class="_0 blank"> </span>x<span class="_1 blank"></span>ílio <span class="_7 blank"> </span>d<span class="_0 blank"> </span>e<span class="_1 blank"></span> <span class="_8 blank"> </span>u<span class="_0 blank"> </span>ma <span class="_8 blank"> </span>sequencia<span class="_1 blank"></span> <span class="_7 blank"> </span>d<span class="_0 blank"> </span>e <span class="_8 blank"> </span>aplicaçõ<span class="_0 blank"> </span>es <span class="_8 blank"> </span>fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>nceiras. <span class="_7 blank"> </span>Seja <span class="_8 blank"> </span>co<span class="_0 blank"> </span>n<span class="_1 blank"></span>siderad<span class="_0 blank"> </span>o <span class="_8 blank"> </span>o </div><div class="t m0 x2 h4 y13e ff3 fs1 fc0 sc0 ls4 ws5">fluxo de <span class="_0 blank"> </span>ca<span class="_1 blank"></span>ixa de um<span class="_0 blank"> </span> fi<span class="_1 blank"></span>nanciame<span class="_0 blank"> </span>n<span class="_1 blank"></span>to<span class="_0 blank"> </span> g<span class="_1 blank"></span>en<span class="_0 blank"> </span>é<span class="_1 blank"></span>rico<span class="_0 blank"> </span> como segue. </div><div class="t m0 x63 h4 y13f ff3 fs1 fc0 sc0 ls4 ws5"> </div><div class="t m0 x2 h4 y4e ff3 fs1 fc0 sc0 ls4 ws5">O <span class="_b blank"> </span>agente contrai, <span class="_b blank"> </span>em t = 0<span class="_1 blank"></span>,<span class="_0 blank"> </span> <span class="_c blank"> </span>u<span class="_0 blank"> </span>ma dívi<span class="_1 blank"></span>da de v<span class="_1 blank"></span>alor<span class="_0 blank"> </span> D<span class="_1 blank"></span>, <span class="_b blank"> </span>por<span class="_0 blank"> </span> ex<span class="_12 blank"></span>e<span class="_0 blank"> </span>mplo, a<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_b blank"> </span>adqu<span class="_0 blank"> </span>irir <span class="_c blank"> </span>u<span class="_0 blank"> </span>m </div><div class="t m0 x2 h4 y140 ff3 fs1 fc0 sc0 ls4 ws5">auto<span class="_0 blank"> </span>m<span class="_1 blank"></span>ó<span class="_0 blank"> </span>v<span class="_1 blank"></span>el, tal co<span class="_0 blank"> </span>mo p<span class="_0 blank"> </span>ropõe o e<span class="_0 blank"> </span>n<span class="_1 blank"></span>u<span class="_0 blank"> </span>n<span class="_1 blank"></span>ciado<span class="_0 blank"> </span>. <span class="_a blank"> </span>Para<span class="_1 blank"></span> <span class="_a blank"> </span>honrar esta d<span class="_9 blank"> </span>ív<span class="_1 blank"></span>ida <span class="_a blank"> </span>el<span class="_1 blank"></span>e d<span class="_0 blank"> </span>eve<span class="_1 blank"></span>,<span class="_0 blank"> </span> co<span class="_0 blank"> </span>mo<span class="_1 blank"></span> </div><div class="t m0 x2 h4 y141 ff3 fs1 fc0 sc0 ls4 ws5">primeiro <span class="_9 blank"> </span>passo, <span class="_0 blank"> </span>p<span class="_0 blank"> </span>agar <span class="_0 blank"> </span>um<span class="_0 blank"> </span>a <span class="_0 blank"> </span>prestação<span class="_0 blank"> </span> <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_9 blank"> </span>v<span class="_1 blank"></span>alor <span class="_9 blank"> </span>R <span class="_0 blank"> </span>e<span class="_0 blank"> </span>m <span class="_0 blank"> </span>t <span class="_9 blank"> </span>=<span class="_0 blank"> </span> <span class="_0 blank"> </span>1. <span class="_9 blank"> </span>Isso<span class="_0 blank"> </span> <span class="_0 blank"> </span>pode<span class="_0 blank"> </span> <span class="_0 blank"> </span>ser <span class="_9 blank"> </span>fei<span class="_1 blank"></span>to<span class="_0 blank"> </span> <span class="_0 blank"> </span>a<span class="_0 blank"> </span>plic<span class="_1 blank"></span>and<span class="_0 blank"> </span>o </div><div class="t m0 x2 h4 y142 ff3 fs1 fc0 sc0 ls4 ws5">fin<span class="_1 blank"></span>a<span class="_0 blank"> </span>nc<span class="_1 blank"></span>e<span class="_0 blank"> </span>iramente <span class="_7 blank"> </span>u<span class="_0 blank"> </span>m <span class="_7 blank"> </span>valor <span class="_d blank"> </span>C<span class="fs2 ls0 v1">0</span> <span class="_7 blank"> </span>em <span class="_7 blank"> </span>t <span class="_7 blank"> </span>=<span class="_0 blank"> </span> <span class="_8 blank"> </span>0<span class="_0 blank"> </span>, <span class="_7 blank"> </span>sacan<span class="_1 blank"></span>d<span class="_0 blank"> </span>o <span class="_7 blank"> </span>o<span class="_0 blank"> </span> <span class="_d blank"> </span>m<span class="_1 blank"></span>o<span class="_0 blank"> </span>n<span class="_1 blank"></span>tante<span class="_1 blank"></span> <span class="_d blank"> </span>em <span class="_7 blank"> </span>t <span class="_d blank"> </span>= <span class="_7 blank"> </span>1 <span class="_d blank"> </span>e <span class="_7 blank"> </span>utilizando<span class="_0 blank"> </span> <span class="_7 blank"> </span>tal </div><div class="t m0 x2 h4 y143 ff3 fs1 fc0 sc0 ls4 ws5">v<span class="_1 blank"></span>a<span class="_0 blank"> </span>l<span class="_1 blank"></span>o<span class="_0 blank"> </span>r <span class="_0 blank"> </span>pa<span class="_0 blank"> </span>ra <span class="_0 blank"> </span>real<span class="_1 blank"></span>izar <span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>pagamento. <span class="_0 blank"> </span>Qu<span class="_0 blank"> </span>al<span class="_1 blank"></span> <span class="_0 blank"> </span>d<span class="_0 blank"> </span>eve<span class="_1 blank"></span> <span class="_9 blank"> </span>ser o<span class="_0 blank"> </span> <span class="_0 blank"> </span>valor<span class="_0 blank"> </span> d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>C<span class="fs2 ls0 v1">0</span> p<span class="_0 blank"> </span>ara, <span class="_0 blank"> </span>co<span class="_0 blank"> </span>m b<span class="_0 blank"> </span>as<span class="_1 blank"></span>e <span class="_0 blank"> </span>nele,<span class="_0 blank"> </span> <span class="_0 blank"> </span>obter </div><div class="t m0 x2 h4 y144 ff3 fs1 fc0 sc0 ls4 ws5">um <span class="_0 blank"> </span>montan<span class="_12 blank"></span>te<span class="_0 blank"> </span> d<span class="_0 blank"> </span>e <span class="_0 blank"> </span>R em t <span class="_0 blank"> </span>= <span class="_0 blank"> </span>1<span class="_0 blank"> </span>, a re<span class="_0 blank"> </span>s<span class="_1 blank"></span>p<span class="_0 blank"> </span>osta é<span class="_0 blank"> </span> C<span class="fs2 ls0 v1">0</span> =<span class="_0 blank"> </span> R/(1+<span class="_0 blank"> </span>i). O <span class="_0 blank"> </span>mesmo<span class="_0 blank"> </span> pro<span class="_0 blank"> </span>ce<span class="_12 blank"></span>d<span class="_0 blank"> </span>imento p<span class="_0 blank"> </span>ode<span class="_0 blank"> </span> se<span class="_1 blank"></span>r </div><div class="t m0 x2 h4 ye6 ff3 fs1 fc0 sc0 ls4 ws5">realiz<span class="_1 blank"></span>ad<span class="_0 blank"> </span>o<span class="_0 blank"> </span> <span class="_a blank"> </span>p<span class="_0 blank"> </span>a<span class="_1 blank"></span>ra <span class="_a blank"> </span>p<span class="_0 blank"> </span>agar <span class="_e blank"> </span>a <span class="_a blank"> </span>segunda <span class="_e blank"> </span>p<span class="_0 blank"> </span>res<span class="_1 blank"></span>t<span class="_0 blank"> </span>ação, <span class="_e blank"> </span>o <span class="_e blank"> </span>que <span class="_e blank"> </span>requer<span class="_0 blank"> </span>e<span class="_1 blank"></span>ria <span class="_e blank"> </span>um <span class="_e blank"> </span>capital <span class="_a blank"> </span>inicial <span class="_a blank"> </span>d<span class="_0 blank"> </span>e </div><div class="t m0 x2 ha y145 ff3 fs1 fc0 sc0 ls4 ws0">R/(1+ i<span class="_1 blank"></span>)<span class="fs2 ls0 v3">2</span><span class="ws5">. <span class="_c blank"> </span>Par<span class="_0 blank"> </span>a <span class="_d blank"> </span>p<span class="_0 blank"> </span>ag<span class="_1 blank"></span>ar <span class="_c blank"> </span>a <span class="_b blank"> </span>terceira <span class="_d blank"> </span>p<span class="_0 blank"> </span>r<span class="_0 blank"> </span>es<span class="_1 blank"></span>t<span class="_0 blank"> </span>ação, <span class="_c blank"> </span>seria<span class="_1 blank"></span> <span class="_c blank"> </span>n<span class="_0 blank"> </span>eces<span class="_1 blank"></span>sár<span class="_0 blank"> </span>i<span class="_1 blank"></span>o<span class="_0 blank"> </span> <span class="_c blank"> </span>aplicar <span class="_c blank"> </span>R/(1+<span class="_0 blank"> </span>i)<span class="fs2 v3">3</span></span></div><div class="t m0 x64 h4 y145 ff3 fs1 fc0 sc0 ls4 ws5">. <span class="_b blank"> </span>S<span class="_1 blank"></span>o<span class="_0 blank"> </span>mando </div><div class="t m9 xf h3d y146 ff3 fs20 fc0 sc0 ls4">D</div><div class="t m9 x37 h3e y147 ff5 fs21 fc0 sc0 ls4">\u2191</div><div class="t m9 x65 h3f y148 ff1 fs22 fc0 sc0 ls3a ws33">...</div><div class="t m9 x5d h40 y149 ff2 fs22 fc0 sc0 ls4 ws5">0 <span class="_1 blank"></span> 1<span class="_27 blank"> </span>2<span class="_14 blank"> </span>3<span class="_1f blank"> </span>4<span class="_36 blank"> </span>5<span class="_37 blank"> </span>6</div><div class="t m9 x66 h3e y122 ff5 fs21 fc0 sc0 ls4 ws34">\u2193 \u2193 \u2193 \u2193<span class="_38 blank"> </span>\u2193<span class="_39 blank"> </span>\u2193</div><div class="t m9 x32 h3d y14a ff3 fs20 fc0 sc0 ls4 ws35">R R R R<span class="_3a blank"> </span>R<span class="_37 blank"> </span>R</div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div>
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