<div id="pf1" class="pf w0 h0" data-page-no="1"><div class="pc pc1 w0 h0"><img class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bg1.png"><div class="t m0 x1 h1 y1 ff1 fs0 fc0 sc0 ls0 ws0">Análi<span class="_0 blank"></span>se <span class="_1 blank"></span>de i<span class="_0 blank"></span>n<span class="_2 blank"></span>v<span class="_3 blank"></span>es<span class="_2 blank"></span>tim<span class="_0 blank"></span>en<span class="_2 blank"></span>t<span class="_2 blank"></span>os<span class="_0 blank"></span> </div><div class="t m0 x2 h2 y2 ff1 fs1 fc0 sc0 ls0 ws0"> </div><div class="t m0 x3 h3 y3 ff2 fs2 fc1 sc0 ls0 ws0">MEGLIORIN<span class="_0 blank"> </span>I,<span class="_0 blank"> </span> <span class="_4 blank"></span>E.; <span class="_0 blank"> </span>V<span class="_1 blank"></span>ALLI<span class="_0 blank"> </span>M,<span class="_0 blank"> </span> M<span class="_0 blank"> </span>. <span class="_3 blank"></span>A. <span class="_0 blank"> </span>Admin<span class="_0 blank"> </span>i<span class="_3 blank"></span>st<span class="_3 blank"></span>r<span class="_3 blank"></span>açã<span class="_3 blank"></span>o </div><div class="t m0 x4 h4 y4 ff2 fs3 fc1 sc0 ls0 ws0">f<span class="_3 blank"></span>inance<span class="_0 blank"> </span>ir<span class="_2 blank"></span>a. <span class="_0 blank"> </span>Uma <span class="_0 blank"> </span>a<span class="_3 blank"></span>bor<span class="_0 blank"> </span>dage<span class="_0 blank"> </span>m <span class="_3 blank"></span>br<span class="_3 blank"></span>as<span class="_3 blank"></span>ileir<span class="_3 blank"></span>a<span class="_3 blank"></span>. <span class="_5 blank"> </span>P<span class="_3 blank"></span>earson<span class="_0 blank"> </span> </div><div class="t m0 x5 h5 y5 ff2 fs2 fc1 sc0 ls0 ws0">P<span class="_0 blank"> </span>re<span class="_0 blank"> </span>nt<span class="_3 blank"></span>ice<span class="_0 blank"> </span> <span class="_6 blank"></span>Hall<span class="_3 blank"></span>,<span class="_0 blank"> </span> <span class="_0 blank"> </span>200<span class="_0 blank"> </span>8.<span class="_0 blank"> </span><span class="ff1"> </span></div><div class="t m0 x6 h3 y6 ff2 fs2 fc1 sc0 ls0 ws0">GITMAN,<span class="_0 blank"> </span> <span class="_3 blank"></span>L. <span class="_3 blank"></span>J.<span class="_0 blank"> </span> <span class="_0 blank"> </span>P<span class="_0 blank"> </span>rincip<span class="_0 blank"> </span>i<span class="_3 blank"></span>o<span class="_0 blank"> </span>s <span class="_3 blank"></span>de<span class="_0 blank"> </span> <span class="_3 blank"></span>administ<span class="_3 blank"></span>r<span class="_3 blank"></span>a<span class="_3 blank"></span>ção </div><div class="t m0 x7 h5 y7 ff2 fs2 fc1 sc0 ls0 ws0">f<span class="_3 blank"></span>inance<span class="_0 blank"> </span>ir<span class="_2 blank"></span>a. <span class="_0 blank"> </span>São <span class="_0 blank"> </span>P<span class="_3 blank"></span>a<span class="_3 blank"></span>u<span class="_0 blank"> </span>l<span class="_3 blank"></span>o<span class="_0 blank"> </span>:<span class="_3 blank"></span> <span class="_5 blank"> </span>Ha<span class="_3 blank"></span>r<span class="_0 blank"> </span>br<span class="_2 blank"></span>a,<span class="_0 blank"> </span> <span class="_0 blank"> </span>199<span class="_0 blank"> </span>7.<span class="_0 blank"> </span><span class="ff1"> </span></div><div class="t m0 x2 h5 y8 ff1 fs2 fc1 sc0 ls0 ws0"> </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 x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bg2.png"><div class="t m0 x8 h6 y9 ff2 fs4 fc0 sc0 ls0 ws0">T<span class="_7 blank"></span>a<span class="_2 blank"></span>x<span class="_2 blank"></span>a <span class="_4 blank"></span>mí<span class="_3 blank"></span>nima <span class="_2 blank"></span>d<span class="_0 blank"></span>e a<span class="_4 blank"></span>tr<span class="_2 blank"></span>a<span class="_4 blank"></span>ti<span class="_2 blank"></span>vidade<span class="_0 blank"></span> <span class="ff1"> </span></div><div class="t m0 x9 h7 ya ff3 fs5 fc0 sc0 ls1">\u2022<span class="ff1 ls0 ws0">A <span class="_4 blank"></span>TMA <span class="_3 blank"></span>(T<span class="_6 blank"></span>ax<span class="_3 blank"></span>a<span class="_0 blank"> </span> <span class="_6 blank"></span>Mín<span class="_0 blank"> </span>im<span class="_3 blank"></span>a<span class="_0 blank"> </span> <span class="_1 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span> A<span class="_3 blank"></span>t<span class="_3 blank"></span>r<span class="_2 blank"></span>a<span class="_0 blank"> </span>t<span class="_3 blank"></span>iv<span class="_3 blank"></span>id<span class="_0 blank"> </span>ad<span class="_0 blank"> </span>e<span class="_3 blank"></span>) <span class="_6 blank"></span>con<span class="_0 blank"> </span>siste<span class="_3 blank"></span> </span></div><div class="t m0 xa h7 yb ff1 fs5 fc0 sc0 ls0 ws0">n<span class="_0 blank"></span>a <span class="_4 blank"></span>t<span class="_4 blank"></span>a<span class="_0 blank"> </span>x<span class="_3 blank"></span>a <span class="_4 blank"></span>mín<span class="_0 blank"></span>im<span class="_3 blank"></span>a <span class="_3 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span> <span class="_3 blank"></span>r<span class="_2 blank"></span>e<span class="_3 blank"></span>t<span class="_3 blank"></span>o<span class="_0 blank"> </span>rno<span class="_0 blank"> </span> <span class="_2 blank"></span>q<span class="_0 blank"> </span>ue <span class="_1 blank"></span>ca<span class="_0 blank"></span>da<span class="_0 blank"> </span> <span class="_1 blank"></span>p<span class="_0 blank"> </span>r<span class="_2 blank"></span>oje<span class="_3 blank"></span>to </div><div class="t m0 xa h7 yc ff1 fs5 fc0 sc0 ls0 ws0">d<span class="_0 blank"></span>e<span class="_3 blank"></span>v<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_4 blank"></span>p<span class="_0 blank"> </span>r<span class="_2 blank"></span>op<span class="_0 blank"> </span>or<span class="_2 blank"></span>cio<span class="_0 blank"></span>na<span class="_0 blank"> </span>r <span class="_7 blank"></span>p<span class="_0 blank"> </span>a<span class="_0 blank"></span>r<span class="_2 blank"></span>a <span class="_3 blank"></span>r<span class="_2 blank"></span>e<span class="_3 blank"></span>mun<span class="_0 blank"> </span>e<span class="_3 blank"></span>r<span class="_2 blank"></span>a<span class="_0 blank"></span>r <span class="_1 blank"></span>o<span class="_0 blank"></span> <span class="_2 blank"></span>cap<span class="_0 blank"> </span>it<span class="_4 blank"></span>a<span class="_0 blank"> </span>l </div><div class="t m0 xa h8 yd ff1 fs6 fc0 sc0 ls0 ws0">n<span class="_0 blank"></span>e<span class="_3 blank"></span>le<span class="_3 blank"></span> <span class="_4 blank"></span>in<span class="_3 blank"></span>ve<span class="_3 blank"></span>st<span class="_3 blank"></span>id<span class="_0 blank"> </span>o<span class="_0 blank"></span>. <span class="_4 blank"></span> </div><div class="t m0 x9 h8 ye ff3 fs6 fc0 sc0 ls2">\u2022<span class="ff1 ls0 ws0">V<span class="_6 blank"></span>er<span class="_7 blank"></span>, <span class="_3 blank"></span>n<span class="_0 blank"> </span>a <span class="_4 blank"></span>sequ<span class="_0 blank"> </span>e<span class="_3 blank"></span>n<span class="_0 blank"> </span>c<span class="_3 blank"></span>ia<span class="_0 blank"> </span>, <span class="_4 blank"></span>o<span class="_0 blank"> </span> <span class="_2 blank"></span>cu<span class="_0 blank"></span>st<span class="_3 blank"></span>o <span class="_6 blank"></span>mar<span class="_2 blank"></span>gin<span class="_0 blank"> </span>al </span></div><div class="t m0 xa h7 yf ff1 fs5 fc0 sc0 ls0 ws0">p<span class="_0 blank"></span>on<span class="_0 blank"> </span>der<span class="_2 blank"></span>ad<span class="_0 blank"> </span>o <span class="_8 blank"></span>d<span class="_0 blank"></span>e<span class="_3 blank"></span> <span class="_2 blank"></span>ca<span class="_0 blank"></span>pit<span class="_2 blank"></span>al.<span class="_0 blank"> </span> </div><div class="t m0 xa h7 y6 ff1 fs5 fc0 sc0 ls0 ws0"> </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"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bg3.png"><div class="t m0 xb h2 y10 ff2 fs1 fc0 sc0 ls0 ws0">F<span class="_2 blank"></span>ont<span class="_4 blank"></span>es <span class="_9 blank"> </span>d<span class="_3 blank"></span>e<span class="_0 blank"></span> r<span class="_2 blank"></span>ecu<span class="_3 blank"></span>r<span class="_2 blank"></span>so<span class="_0 blank"> </span>s<span class="ff1"> </span></div><div class="t m0 x2 h2 y11 ff1 fs1 fc0 sc0 ls0 ws0"> </div><div class="t m0 x9 h9 y12 ff3 fs7 fc0 sc0 ls3">\u2022<span class="ff1 ls0 ws0">As <span class="_2 blank"></span>f<span class="_2 blank"></span>ont<span class="_3 blank"></span>es <span class="_3 blank"></span>de r<span class="_2 blank"></span>ecur<span class="_2 blank"></span>sos<span class="_0 blank"> </span> que a<span class="_3 blank"></span>s empr<span class="_3 blank"></span>esas<span class="_0 blank"></span> <span class="_2 blank"></span>t<span class="_2 blank"></span>êm a </span></div><div class="t m0 xa ha y13 ff1 fs8 fc0 sc0 ls0 ws0">disposição <span class="_2 blank"></span>par<span class="_2 blank"></span>a<span class="_3 blank"></span> fina<span class="_3 blank"></span>nciar <span class="_0 blank"> </span>s<span class="_0 blank"> </span>eus <span class="_2 blank"></span>pr<span class="_2 blank"></span>oj<span class="_0 blank"> </span>et<span class="_3 blank"></span>os <span class="_2 blank"></span>de </div><div class="t m0 xa h9 y14 ff1 fs7 fc0 sc0 ls0 ws0">in<span class="_2 blank"></span>vest<span class="_3 blank"></span>iment<span class="_3 blank"></span>os <span class="_4 blank"></span>podem ser <span class="_2 blank"></span>oriunda<span class="_3 blank"></span>s<span class="_0 blank"> </span> <span class="_0 blank"> </span>de <span class="_2 blank"></span>capit<span class="_2 blank"></span>al </div><div class="t m0 xa h9 y15 ff1 fs7 fc0 sc0 ls0 ws0">pr<span class="_2 blank"></span>óprio <span class="_3 blank"></span>ou capi<span class="_3 blank"></span>t<span class="_3 blank"></span>al de t<span class="_3 blank"></span>er<span class="_2 blank"></span>ceir<span class="_2 blank"></span>os<span class="_0 blank"> </span> </div><div class="t m0 x9 ha y16 ff3 fs8 fc0 sc0 ls4">\u2022<span class="ff1 ls0 ws0">Ca<span class="_3 blank"></span>pit<span class="_3 blank"></span>al de T<span class="_7 blank"></span>er<span class="_3 blank"></span>ceir<span class="_2 blank"></span>os<span class="_0 blank"> </span> </span></div><div class="t m0 xc hb y17 ff3 fs9 fc0 sc0 ls5">\u2013<span class="ff1 ls0 ws0">Emp<span class="_3 blank"></span>ré<span class="_3 blank"></span>st<span class="_0 blank"> </span>imo<span class="_3 blank"></span>s <span class="_6 blank"></span>ban<span class="_3 blank"></span>cá<span class="_0 blank"> </span>r<span class="_3 blank"></span>io<span class="_3 blank"></span>s<span class="_0 blank"> </span> </span></div><div class="t m0 xc hc y18 ff3 fsa fc0 sc0 ls6">\u2013<span class="ff1 ls0 ws0">Emiss<span class="_0 blank"> </span>ão<span class="_3 blank"></span> <span class="_6 blank"></span>d<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_9 blank"> </span>tít<span class="_0 blank"> </span>u<span class="_3 blank"></span>lo<span class="_3 blank"></span>s <span class="_3 blank"></span>d<span class="_3 blank"></span>e<span class="_3 blank"></span> dívid<span class="_3 blank"></span>as<span class="_0 blank"> </span> <span class="_2 blank"></span>(de<span class="_3 blank"></span>b<span class="_3 blank"></span>ê<span class="_3 blank"></span>ntu<span class="_3 blank"></span>re<span class="_3 blank"></span>s)<span class="_5 blank"> </span> </span></div><div class="t m0 x9 h9 y19 ff3 fs7 fc0 sc0 ls3">\u2022<span class="ff1 ls0 ws0">C<span class="_3 blank"></span>apit<span class="_3 blank"></span>al<span class="_3 blank"></span> Pr<span class="_3 blank"></span>ópri<span class="_3 blank"></span>o </span></div><div class="t m0 xc hb y1a ff3 fs9 fc0 sc0 ls5">\u2013<span class="ff1 ls0 ws0">Emiss<span class="_0 blank"> </span>ão<span class="_3 blank"></span> <span class="_6 blank"></span>d<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_9 blank"> </span>no<span class="_3 blank"></span>v<span class="_2 blank"></span>a<span class="_0 blank"> </span>s <span class="_2 blank"></span>aç<span class="_0 blank"> </span>õ<span class="_3 blank"></span>e<span class="_3 blank"></span>s<span class="_0 blank"></span> <span class="_2 blank"></span>o<span class="_3 blank"></span>rd<span class="_3 blank"></span>in<span class="_3 blank"></span>árias<span class="_9 blank"> </span> </span></div><div class="t m0 xc hb y1b ff3 fs9 fc0 sc0 ls5">\u2013<span class="ff1 ls0 ws0">Emiss<span class="_0 blank"> </span>ão<span class="_3 blank"></span> <span class="_6 blank"></span>d<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_9 blank"> </span>no<span class="_3 blank"></span>v<span class="_2 blank"></span>a<span class="_0 blank"> </span>s <span class="_2 blank"></span>aç<span class="_0 blank"> </span>õ<span class="_3 blank"></span>e<span class="_3 blank"></span>s<span class="_0 blank"></span> <span class="_2 blank"></span>p<span class="_3 blank"></span>re<span class="_3 blank"></span>f<span class="_2 blank"></span>er<span class="_3 blank"></span>en<span class="_3 blank"></span>ciais<span class="_9 blank"> </span> </span></div><div class="t m0 xc hc y1c ff3 fsa fc0 sc0 ls6">\u2013<span class="ff1 ls0 ws0">Lucr<span class="_2 blank"></span>o<span class="_3 blank"></span>s <span class="_2 blank"></span>re<span class="_3 blank"></span>t<span class="_0 blank"> </span>id<span class="_2 blank"></span>os <span class="_2 blank"></span>(<span class="_0 blank"> </span>lu<span class="_3 blank"></span>cr<span class="_2 blank"></span>o<span class="_3 blank"></span>s <span class="_3 blank"></span>n<span class="_3 blank"></span>ão d<span class="_3 blank"></span>ist<span class="_0 blank"> </span>r<span class="_3 blank"></span>ib<span class="_3 blank"></span>uíd<span class="_2 blank"></span>os aos <span class="_2 blank"></span>a<span class="_0 blank"> </span>cio<span class="_3 blank"></span>n<span class="_3 blank"></span>ist<span class="_0 blank"> </span>as)<span class="_a blank"> </span> </span></div><div class="t m0 xa h9 y1d ff1 fs7 fc0 sc0 ls0 ws0"> </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 x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bg4.png"><div class="t m0 xd h2 y10 ff2 fs1 fc0 sc0 ls0 ws0">Emp<span class="_3 blank"></span>r<span class="_3 blank"></span>és<span class="_2 blank"></span>t<span class="_3 blank"></span>imo<span class="_0 blank"></span>s <span class="_5 blank"> </span>b<span class="_3 blank"></span>an<span class="_3 blank"></span>cá<span class="_3 blank"></span>rio<span class="_0 blank"> </span>s<span class="ff1"> </span></div><div class="t m0 x2 h2 y11 ff1 fs1 fc0 sc0 ls0 ws0"> </div><div class="t m0 x9 hd y1e ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">P<span class="_2 blank"></span>ar<span class="_2 blank"></span>a <span class="_0 blank"> </span>e<span class="_3 blank"></span>x<span class="_3 blank"></span>e<span class="_3 blank"></span>mp<span class="_3 blank"></span>l<span class="_0 blank"> </span>ifi<span class="_0 blank"> </span>c<span class="_3 blank"></span>ar<span class="_6 blank"></span>,<span class="_3 blank"></span> <span class="_5 blank"> </span>c<span class="_3 blank"></span>on<span class="_3 blank"></span>side<span class="_3 blank"></span>re<span class="_3 blank"></span>mo<span class="_3 blank"></span>s <span class="_b blank"> </span>qu<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_5 blank"> </span>u<span class="_3 blank"></span>ma <span class="_0 blank"> </span>e<span class="_3 blank"></span>mp<span class="_3 blank"></span>re<span class="_3 blank"></span>sa <span class="_a blank"> </span>e<span class="_3 blank"></span>f<span class="_3 blank"></span>e<span class="_3 blank"></span>tuou<span class="_3 blank"></span> <span class="_a blank"> </span>um </span></div><div class="t m0 xa he y1f ff1 fsc fc0 sc0 ls0 ws0">e<span class="_3 blank"></span>mp<span class="_3 blank"></span>ré<span class="_3 blank"></span>sti<span class="_0 blank"> </span>m<span class="_3 blank"></span>o <span class="_9 blank"> </span>junto<span class="_3 blank"></span> <span class="_0 blank"> </span>ao <span class="_9 blank"> </span>Banco<span class="_3 blank"></span> <span class="_0 blank"> </span>ABC<span class="_0 blank"> </span>D <span class="_3 blank"></span>no<span class="_3 blank"></span> <span class="_c blank"> </span>valor de<span class="_3 blank"></span> <span class="_0 blank"> </span>$ <span class="_0 blank"> </span>200<span class="_0 blank"> </span>.<span class="_3 blank"></span>00<span class="_0 blank"> </span>0,00, <span class="_3 blank"></span>s<span class="_3 blank"></span>ob<span class="_3 blank"></span>re<span class="_3 blank"></span> <span class="_d blank"> </span>o </div><div class="t m0 xa hd y20 ff1 fsb fc0 sc0 ls0 ws0">qu<span class="_3 blank"></span>al<span class="_0 blank"> </span> <span class="_2 blank"></span>i<span class="_0 blank"> </span>nc<span class="_3 blank"></span>ide<span class="_3 blank"></span> <span class="_c blank"> </span>juro<span class="_3 blank"></span>s de<span class="_3 blank"></span> <span class="_c blank"> </span>2<span class="_0 blank"> </span>0% ao<span class="_3 blank"></span> <span class="_c blank"> </span>ano.<span class="_3 blank"></span> <span class="_0 blank"> </span>A al<span class="_0 blank"> </span>íquo<span class="_3 blank"></span>ta<span class="_0 blank"> </span> de<span class="_3 blank"></span> <span class="_0 blank"> </span>I<span class="_3 blank"></span>mp<span class="_3 blank"></span>os<span class="_3 blank"></span>t<span class="_0 blank"> </span>o<span class="_3 blank"></span> <span class="_a blank"> </span>de<span class="_3 blank"></span> <span class="_c blank"> </span>R<span class="_3 blank"></span>e<span class="_3 blank"></span>nd<span class="_3 blank"></span>a </div><div class="t m0 xa hd y14 ff1 fsb fc0 sc0 ls0 ws0">de<span class="_3 blank"></span>s<span class="_3 blank"></span>t<span class="_0 blank"> </span>a <span class="_2 blank"></span>em<span class="_3 blank"></span>pre<span class="_3 blank"></span>s<span class="_3 blank"></span>a <span class="_d blank"> </span>é<span class="_3 blank"></span> <span class="_c blank"> </span>de<span class="_3 blank"></span> <span class="_0 blank"> </span>40<span class="_0 blank"> </span>%.<span class="_3 blank"></span> <span class="_0 blank"> </span>Ass<span class="_3 blank"></span>im, <span class="_9 blank"> </span>t<span class="_0 blank"> </span>e<span class="_3 blank"></span>mo<span class="_3 blank"></span>s:<span class="_0 blank"> </span> </div><div class="t m0 x9 hd y21 ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">Ju<span class="_3 blank"></span>ro<span class="_3 blank"></span>s pag<span class="_0 blank"> </span>o<span class="_3 blank"></span>s: 2<span class="_0 blank"> </span>00<span class="_0 blank"> </span>.<span class="_3 blank"></span>00<span class="_0 blank"> </span>0 <span class="_3 blank"></span>x<span class="_0 blank"> </span> <span class="_0 blank"> </span>20%<span class="_0 blank"> </span> <span class="_2 blank"></span>= 4<span class="_0 blank"> </span>0.000<span class="_0 blank"> </span>,<span class="_3 blank"></span>0<span class="_0 blank"> </span>0<span class="_9 blank"> </span> </span></div><div class="t m0 x9 hd y22 ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">Ju<span class="_3 blank"></span>ro<span class="_3 blank"></span>s l<span class="_0 blank"> </span>íquido<span class="_3 blank"></span>s <span class="_9 blank"> </span>= 4<span class="_0 blank"> </span>0.000<span class="_0 blank"> </span> <span class="_2 blank"></span>x<span class="_0 blank"> </span> <span class="_0 blank"> </span>(1 <span class="_0 blank"> </span><span class="ff4 ws1">\u2013<span class="_2 blank"></span><span class="ff1 ws0"> <span class="_0 blank"> </span>0<span class="_0 blank"> </span>,<span class="_3 blank"></span>40<span class="_0 blank"> </span>) </span></span></span></div><div class="t m0 x9 hd y23 ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">Ju<span class="_3 blank"></span>ro<span class="_3 blank"></span>s l<span class="_0 blank"> </span>íquido<span class="_3 blank"></span>s <span class="_9 blank"> </span>= 2<span class="_0 blank"> </span>4.000<span class="_0 blank"> </span> </span></div><div class="t m0 x9 hd y24 ff1 fsb fc0 sc0 ls0 ws0"> <span class="_3 blank"></span> </div><div class="t m0 x9 hd y25 ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">Ob<span class="_3 blank"></span>se<span class="_3 blank"></span>rv<span class="_3 blank"></span>a<span class="_0 blank"> </span>-s<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_d blank"> </span>qu<span class="_3 blank"></span>e <span class="_9 blank"> </span>a <span class="_0 blank"> </span>taxa <span class="_2 blank"></span>ef<span class="_2 blank"></span>e<span class="_3 blank"></span>ti<span class="_0 blank"> </span>va de<span class="_3 blank"></span> <span class="_0 blank"> </span>jur<span class="_3 blank"></span>os<span class="_3 blank"></span> <span class="_c blank"> </span>de<span class="_3 blank"></span>sta <span class="_0 blank"> </span>e<span class="_3 blank"></span>mp<span class="_3 blank"></span>re<span class="_3 blank"></span>sa <span class="_a blank"> </span>é<span class="_3 blank"></span> <span class="_c blank"> </span>de<span class="_3 blank"></span> <span class="_0 blank"> </span>12%<span class="_0 blank"> </span> ao </span></div><div class="t m0 xa hd y26 ff1 fsb fc0 sc0 ls0 ws0">ano<span class="_3 blank"></span> <span class="_3 blank"></span>(2<span class="_0 blank"> </span>4.00<span class="_0 blank"> </span>0 <span class="_3 blank"></span>/ 2<span class="_0 blank"> </span>00<span class="_0 blank"> </span>.<span class="_3 blank"></span>00<span class="_0 blank"> </span>0). <span class="_0 blank"> </span>E<span class="_3 blank"></span>ss<span class="_3 blank"></span>a <span class="_c blank"> </span>t<span class="_0 blank"> </span>ax<span class="_2 blank"></span>a c<span class="_3 blank"></span>or<span class="_3 blank"></span>re<span class="_3 blank"></span>sp<span class="_3 blank"></span>on<span class="_3 blank"></span>de<span class="_3 blank"></span> <span class="_e blank"> </span>ao cu<span class="_3 blank"></span>sto <span class="_9 blank"> </span>do </div><div class="t m0 xa hd y27 ff1 fsb fc0 sc0 ls0 ws0">e<span class="_3 blank"></span>mpr<span class="_3 blank"></span>és<span class="_3 blank"></span>ti<span class="_0 blank"> </span>m<span class="_3 blank"></span>o <span class="_9 blank"> </span>e <span class="_9 blank"> </span>pod<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_c blank"> </span>se<span class="_3 blank"></span>r <span class="_9 blank"> </span>cal<span class="_0 blank"> </span>c<span class="_3 blank"></span>ulada <span class="_0 blank"> </span>d<span class="_3 blank"></span>a <span class="_0 blank"> </span>s<span class="_3 blank"></span>e<span class="_3 blank"></span>g<span class="_0 blank"> </span>u<span class="_3 blank"></span>i<span class="_0 blank"> </span>n<span class="_3 blank"></span>t<span class="_0 blank"> </span>e<span class="_3 blank"></span> <span class="_9 blank"> </span>mane<span class="_3 blank"></span>i<span class="_0 blank"> </span>r<span class="_4 blank"></span>a:<span class="_5 blank"> </span> </div><div class="t m0 x9 he y28 ff3 fsc fc0 sc0 ls8">\u2022<span class="ff1 ls9 ws0"> <span class="lsb ws2">Ke </span><span class="ls0"> <span class="_0 blank"> </span>=<span class="_3 blank"></span> J <span class="_0 blank"> </span>x <span class="_0 blank"> </span>( <span class="_3 blank"></span>1<span class="_0 blank"> </span> <span class="_0 blank"> </span><span class="ff4 ws3">\u2013<span class="_2 blank"></span><span class="ff1 ws0"> <span class="_0 blank"> </span>IR) </span></span></span></span></div><div class="t m0 x9 hd y1b ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 lsa ws0"> <span class="lsc ws4">Ke </span><span class="ls0"> <span class="_0 blank"> </span>=<span class="_3 blank"></span> 2<span class="_0 blank"> </span>0%<span class="_0 blank"> </span> x<span class="_0 blank"> </span> <span class="_3 blank"></span>(1<span class="_0 blank"> </span> <span class="_3 blank"></span><span class="ff4 ws1">\u2013<span class="_3 blank"></span><span class="ff1 ws0"> <span class="_c blank"> </span>0<span class="_0 blank"> </span>,<span class="_3 blank"></span>4<span class="_0 blank"> </span>0)<span class="_0 blank"> </span> </span></span></span></span></div><div class="t m0 x9 he y29 ff3 fsc fc0 sc0 ls8">\u2022<span class="ff1 ls9 ws0"> <span class="lsb ws2">Ke </span><span class="ls0"> <span class="_0 blank"> </span>=<span class="_3 blank"></span> 1<span class="_0 blank"> </span>2%<span class="_0 blank"> </span> </span></span></div><div class="t m0 xa hd y2a ff1 fsb fc0 sc0 ls0 ws0"> </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 x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bg5.png"><div class="t m0 xe h6 y9 ff2 fs4 fc0 sc0 ls0 ws5">Debê n<span class="_2 blank"></span>t<span class="_3 blank"></span>ur<span class="_3 blank"></span>es <span class="ff1 ws0"> </span></div><div class="t m0 x9 h7 ya ff3 fs5 fc0 sc0 ls1">\u2022<span class="ff1 ls0 ws0">O<span class="_3 blank"></span>s <span class="_3 blank"></span>jur<span class="_2 blank"></span>o<span class="_0 blank"> </span>s <span class="_4 blank"></span>pa<span class="_0 blank"> </span>gos <span class="_4 blank"></span>à<span class="_0 blank"> </span>s <span class="_2 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span>b<span class="_0 blank"> </span>ê<span class="_3 blank"></span>n<span class="_0 blank"> </span>t<span class="_3 blank"></span>ur<span class="_2 blank"></span>es <span class="_4 blank"></span>sã<span class="_0 blank"> </span>o <span class="_4 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span>d<span class="_0 blank"></span>utív<span class="_3 blank"></span>e<span class="_3 blank"></span>is </span></div><div class="t m0 xa h7 yb ff1 fs5 fc0 sc0 ls0 ws0">d<span class="_0 blank"></span>a <span class="_4 blank"></span>b<span class="_0 blank"> </span>ase <span class="_1 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span> <span class="_3 blank"></span>cálcu<span class="_0 blank"></span>lo <span class="_4 blank"></span>d<span class="_0 blank"> </span>o <span class="_3 blank"></span>Im<span class="_3 blank"></span>p<span class="_0 blank"> </span>os<span class="_0 blank"></span>t<span class="_3 blank"></span>o <span class="_6 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span> <span class="_3 blank"></span>R<span class="_4 blank"></span>end<span class="_0 blank"> </span>a <span class="_3 blank"></span>d<span class="_0 blank"> </span>as </div><div class="t m0 xa h7 yc ff1 fs5 fc0 sc0 ls0 ws0">e<span class="_3 blank"></span>mpr<span class="_2 blank"></span>esas<span class="_0 blank"></span>, <span class="_6 blank"></span>da<span class="_0 blank"> </span> <span class="_2 blank"></span>me<span class="_3 blank"></span>sma <span class="_3 blank"></span>f<span class="_2 blank"></span>orma <span class="_3 blank"></span>q<span class="_0 blank"></span>ue <span class="_2 blank"></span>o </div><div class="t m0 xa h8 yd ff1 fs6 fc0 sc0 ls0 ws0">fin<span class="_0 blank"></span>an<span class="_0 blank"> </span>c<span class="_3 blank"></span>ia<span class="_0 blank"> </span>m<span class="_3 blank"></span>ento <span class="_8 blank"></span>ba<span class="_0 blank"> </span>n<span class="_0 blank"></span>c<span class="_3 blank"></span>á<span class="_0 blank"></span>rio.<span class="_9 blank"> </span> </div><div class="t m0 x9 h8 ye ff3 fs6 fc0 sc0 ls2">\u2022<span class="ff1 ls0 ws0">A <span class="_4 blank"></span>f<span class="_2 blank"></span>o<span class="_0 blank"></span>rm<span class="_3 blank"></span>a <span class="_3 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span> <span class="_2 blank"></span>s<span class="_0 blank"></span>e<span class="_3 blank"></span> calcu<span class="_0 blank"> </span>lar <span class="_6 blank"></span>o<span class="_0 blank"> </span> <span class="_2 blank"></span>cu<span class="_0 blank"></span>st<span class="_3 blank"></span>o<span class="_0 blank"></span> <span class="_1 blank"></span>d<span class="_0 blank"> </span>as <span class="_3 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span>b<span class="_0 blank"></span>ê<span class="_3 blank"></span>ntur<span class="_2 blank"></span>es </span></div><div class="t m0 xa h7 yf ff1 fs5 fc0 sc0 ls0 ws0">é<span class="_3 blank"></span> <span class="_3 blank"></span>sem<span class="_3 blank"></span>e<span class="_3 blank"></span>lh<span class="_0 blank"> </span>an<span class="_0 blank"> </span>t<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_4 blank"></span>a<span class="_0 blank"> </span>o <span class="_4 blank"></span>cálcu<span class="_0 blank"> </span>lo <span class="_4 blank"></span>d<span class="_0 blank"> </span>os<span class="_0 blank"> </span> <span class="_1 blank"></span>jur<span class="_2 blank"></span>o<span class="_0 blank"> </span>s.<span class="_0 blank"> </span> </div><div class="t m0 x9 h7 y6 ff3 fs5 fc0 sc0 ls1">\u2022<span class="ff1 ls0 ws0">V<span class="_6 blank"></span>a<span class="_0 blank"> </span>m<span class="_3 blank"></span>o<span class="_0 blank"> </span>s <span class="_6 blank"></span>cha<span class="_0 blank"> </span>m<span class="_3 blank"></span>ar <span class="_4 blank"></span>o<span class="_0 blank"> </span> cus<span class="_0 blank"> </span>t<span class="_3 blank"></span>o <span class="_6 blank"></span>d<span class="_0 blank"> </span>as<span class="_0 blank"></span> <span class="_2 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span>b<span class="_0 blank"></span>ê<span class="_3 blank"></span>ntur<span class="_2 blank"></span>es <span class="_1 blank"></span>d<span class="_0 blank"> </span>e<span class="_3 blank"></span> <span class="_0 blank"></span><span class="lsd ws6">Kd </span>. </span></div><div class="t m0 x9 h7 y2b ff1 fs5 fc0 sc0 ls0 ws0"> </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 x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bg6.png"><div class="t m0 xf hf y10 ff2 fs1 fc0 sc0 ls0 ws0">Cu<span class="_3 blank"></span>s<span class="_2 blank"></span>t<span class="_4 blank"></span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>de <span class="_9 blank"> </span>n<span class="_3 blank"></span>o<span class="_0 blank"> </span>v<span class="_2 blank"></span>as<span class="_3 blank"></span> <span class="_9 blank"> </span>açõe<span class="_0 blank"> </span>s or<span class="_3 blank"></span>d<span class="_3 blank"></span>in<span class="_3 blank"></span>árias<span class="_3 blank"></span> <span class="_e blank"> </span>e d<span class="_3 blank"></span>e </div><div class="t m0 x10 h2 y11 ff2 fs1 fc0 sc0 ls0 ws0">n<span class="_3 blank"></span>o<span class="_0 blank"> </span>v<span class="_2 blank"></span>as<span class="_3 blank"></span> açõe<span class="_0 blank"></span>s p<span class="_3 blank"></span>r<span class="_2 blank"></span>e<span class="_0 blank"></span>f<span class="_2 blank"></span>e<span class="_0 blank"></span>r<span class="_2 blank"></span>enc<span class="_3 blank"></span>iais<span class="ff1"> </span></div><div class="t m0 x9 h5 y2c ff3 fs2 fc0 sc0 lse">\u2022<span class="ff1 ls0 ws0">P<span class="_2 blank"></span>ar<span class="_3 blank"></span>a d<span class="_3 blank"></span>e<span class="_3 blank"></span>te<span class="_3 blank"></span>r<span class="_0 blank"> </span>m<span class="_3 blank"></span>i<span class="_0 blank"> </span>n<span class="_3 blank"></span>ar<span class="_0 blank"> </span> <span class="_c blank"> </span>o custo<span class="_3 blank"></span> <span class="_0 blank"> </span>das <span class="_0 blank"> </span>n<span class="_3 blank"></span>o<span class="_3 blank"></span>va<span class="_0 blank"> </span>s a<span class="_0 blank"> </span>çõ<span class="_3 blank"></span>e<span class="_3 blank"></span>s, <span class="_c blank"> </span>util<span class="_0 blank"> </span>iz<span class="_2 blank"></span>amo<span class="_3 blank"></span>s <span class="_c blank"> </span>a<span class="_0 blank"> </span> </span></div><div class="t m0 xa h5 y2d ff1 fs2 fc0 sc0 ls0 ws0">se<span class="_3 blank"></span>g<span class="_0 blank"> </span>u<span class="_3 blank"></span>i<span class="_0 blank"> </span>n<span class="_3 blank"></span>te<span class="_3 blank"></span> <span class="_0 blank"> </span>f<span class="_2 blank"></span>ó<span class="_3 blank"></span>r<span class="_0 blank"> </span>m<span class="_3 blank"></span>ula<span class="_0 blank"> </span> <span class="_9 blank"> </span>de<span class="_3 blank"></span>r<span class="_0 blank"> </span>iva<span class="_0 blank"> </span>d<span class="_3 blank"></span>a <span class="_0 blank"> </span>d<span class="_3 blank"></span>a <span class="_0 blank"> </span>e<span class="_2 blank"></span>x<span class="_3 blank"></span>pre<span class="_3 blank"></span>ss<span class="_0 blank"> </span>ão<span class="_3 blank"></span> <span class="_d blank"> </span>d<span class="_3 blank"></span>e <span class="_c blank"> </span>Gordo<span class="_3 blank"></span>n <span class="_c blank"> </span><span class="ls12">e </span></div><div class="t m0 xa h5 y2e ff1 fs2 fc0 sc0 ls0 ws0">Sh<span class="_3 blank"></span>apiro<span class="_3 blank"></span>: </div><div class="t m0 xa h5 y2f ff1 fs2 fc0 sc0 ls0 ws0"> </div><div class="t m0 xa h5 y30 ff1 fs2 fc0 sc0 ls0 ws0"> </div><div class="t m0 x9 h10 y31 ff3 fs3 fc0 sc0 lsf">\u2022<span class="ff1 ls0 ws0">o<span class="_3 blank"></span>nd<span class="_3 blank"></span>e<span class="_3 blank"></span>: </span></div><div class="t m0 x9 h5 y32 ff3 fs2 fc0 sc0 lse">\u2022<span class="ff5 ls0 ws7">K<span class="ff1 ws0"> <span class="_3 blank"></span>=<span class="_3 blank"></span> <span class="_0 blank"> </span>cu<span class="_3 blank"></span>sto das <span class="_0 blank"> </span>no<span class="_3 blank"></span>vas <span class="_0 blank"> </span>açõe<span class="_3 blank"></span>s <span class="_a blank"> </span> </span></span></div><div class="t m0 xc hd y33 ff3 fsb fc0 sc0 ls10">\u2013<span class="ff5 ls0 ws1">K<span class="fsd ls13 ws8 v1">nao</span><span class="ff1 ws0"> <span class="_3 blank"></span>=<span class="_3 blank"></span> <span class="_0 blank"> </span>c<span class="_3 blank"></span>us<span class="_3 blank"></span>t<span class="_0 blank"> </span>o<span class="_3 blank"></span> <span class="_0 blank"> </span>d<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_c blank"> </span>nov<span class="_3 blank"></span>as <span class="_c blank"> </span>açõ<span class="_3 blank"></span>e<span class="_3 blank"></span>s <span class="_9 blank"> </span>ord<span class="_3 blank"></span>i<span class="_0 blank"> </span>n<span class="_3 blank"></span>ári<span class="_0 blank"> </span>as </span></span></div><div class="t m0 xc hd y34 ff3 fsb fc0 sc0 ls10">\u2013<span class="ff5 ls0 ws1">K<span class="fsd ls13 ws8 v1">nap</span><span class="ff1 ws0"> <span class="_3 blank"></span>=<span class="_3 blank"></span> <span class="_0 blank"> </span>c<span class="_3 blank"></span>us<span class="_3 blank"></span>t<span class="_0 blank"> </span>o<span class="_3 blank"></span> <span class="_0 blank"> </span>d<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_c blank"> </span>nov<span class="_3 blank"></span>as <span class="_c blank"> </span>açõ<span class="_3 blank"></span>e<span class="_3 blank"></span>s <span class="_9 blank"> </span>pre<span class="_3 blank"></span>f<span class="_2 blank"></span>er<span class="_3 blank"></span>en<span class="_3 blank"></span>ciai<span class="_0 blank"> </span>s </span></span></div><div class="t m0 x9 h5 y35 ff3 fs2 fc0 sc0 lse">\u2022<span class="ff5 ls0 ws7">D<span class="fse ws9 v2">1<span class="_3 blank"></span><span class="ff1 fs2 ws0 v3"> <span class="_3 blank"></span>= divi<span class="_0 blank"> </span>de<span class="_3 blank"></span>n<span class="_3 blank"></span>do<span class="_3 blank"></span> <span class="_a blank"> </span>po<span class="_3 blank"></span>r<span class="_0 blank"> </span> <span class="_c blank"> </span>açã<span class="_0 blank"> </span>o<span class="_3 blank"></span> <span class="_0 blank"> </span>e<span class="_2 blank"></span>spe<span class="_3 blank"></span>r<span class="_3 blank"></span>a<span class="_0 blank"> </span>d<span class="_3 blank"></span>o<span class="_3 blank"></span> <span class="_d blank"> </span>ao fi<span class="_0 blank"> </span>n<span class="_3 blank"></span>al<span class="_0 blank"> </span> <span class="_3 blank"></span>do<span class="_3 blank"></span> <span class="_c blank"> </span>ano<span class="_3 blank"></span> <span class="_0 blank"> </span>1<span class="_c blank"> </span> </span></span></span></div><div class="t m0 x9 h10 y36 ff3 fs3 fc0 sc0 lsf">\u2022<span class="ff5 ls14 wsa">VL</span><span class="ff1 ls0 ws0"> <span class="_4 blank"></span>=<span class="_3 blank"></span> <span class="_0 blank"> </span>val<span class="_0 blank"> </span>o<span class="_3 blank"></span>r<span class="_0 blank"> </span> <span class="_3 blank"></span>l<span class="_0 blank"> </span>íqu<span class="_3 blank"></span>ido<span class="_3 blank"></span> <span class="_c blank"> </span>r<span class="_0 blank"> </span>e<span class="_3 blank"></span>ce<span class="_3 blank"></span>bido<span class="_3 blank"></span> <span class="_c blank"> </span>pe<span class="_3 blank"></span>la<span class="_0 blank"> </span> <span class="_9 blank"> </span>ven<span class="_3 blank"></span>da da <span class="_0 blank"> </span>n<span class="_3 blank"></span>ova <span class="_0 blank"> </span>ação<span class="_9 blank"> </span> </span></div><div class="t m0 x9 h5 y37 ff3 fs2 fc0 sc0 lse">\u2022<span class="ff1 ls0 ws7">-<span class="ff5 ls11">g</span><span class="ws0"> <span class="_3 blank"></span>=<span class="_3 blank"></span> <span class="_0 blank"> </span>tax<span class="_2 blank"></span>a <span class="_0 blank"> </span>an<span class="_3 blank"></span>ual <span class="_0 blank"> </span>esp<span class="_3 blank"></span>e<span class="_3 blank"></span>r<span class="_3 blank"></span>ada <span class="_d blank"> </span>de<span class="_2 blank"></span> <span class="_0 blank"> </span>cr<span class="_0 blank"> </span>e<span class="_3 blank"></span>sci<span class="_0 blank"> </span>m<span class="_3 blank"></span>e<span class="_3 blank"></span>nto<span class="_3 blank"></span> <span class="_a blank"> </span>do<span class="_3 blank"></span>s <span class="_0 blank"> </span>divi<span class="_0 blank"> </span>d<span class="_3 blank"></span>e<span class="_3 blank"></span>nd<span class="_3 blank"></span>os<span class="_9 blank"> </span> </span></span></div><div class="t m0 xa h5 y38 ff1 fs2 fc0 sc0 ls0 ws0"> </div><div class="t m0 xa h10 y39 ff1 fs3 fc0 sc0 ls0 ws0"> </div><div class="t m0 xa h5 y3a ff1 fs2 fc0 sc0 ls0 ws0"> </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 x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bg7.png"><div class="t m0 xf hf y10 ff2 fs1 fc0 sc0 ls0 ws0">Cu<span class="_3 blank"></span>s<span class="_2 blank"></span>t<span class="_4 blank"></span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>de <span class="_9 blank"> </span>n<span class="_3 blank"></span>o<span class="_0 blank"> </span>v<span class="_2 blank"></span>as<span class="_3 blank"></span> <span class="_9 blank"> </span>açõe<span class="_0 blank"> </span>s or<span class="_3 blank"></span>d<span class="_3 blank"></span>in<span class="_3 blank"></span>árias<span class="_3 blank"></span> <span class="_e blank"> </span>e d<span class="_3 blank"></span>e </div><div class="t m0 x10 h2 y11 ff2 fs1 fc0 sc0 ls0 ws0">n<span class="_3 blank"></span>o<span class="_0 blank"> </span>v<span class="_2 blank"></span>as<span class="_3 blank"></span> açõe<span class="_0 blank"></span>s p<span class="_3 blank"></span>r<span class="_2 blank"></span>e<span class="_0 blank"></span>f<span class="_2 blank"></span>e<span class="_0 blank"></span>r<span class="_2 blank"></span>enc<span class="_3 blank"></span>iais<span class="ff1"> </span></div><div class="t m0 x9 h11 y3b ff3 fsf fc0 sc0 ls15">\u2022<span class="ff1 ls0 ws0">V<span class="_1 blank"></span>a<span class="_3 blank"></span>m<span class="_0 blank"> </span>os<span class="_0 blank"> </span> <span class="_4 blank"></span>c<span class="_0 blank"> </span>ons<span class="_0 blank"> </span>ider<span class="_2 blank"></span>a<span class="_3 blank"></span>r <span class="_4 blank"></span>q<span class="_0 blank"> </span>ue a<span class="_3 blank"></span> <span class="_0 blank"> </span>em<span class="_0 blank"> </span>pres<span class="_0 blank"> </span>a<span class="_3 blank"></span> <span class="_2 blank"></span>R<span class="_3 blank"></span>i<span class="_3 blank"></span>o <span class="_0 blank"> </span>Pequeno<span class="_0 blank"> </span> <span class="_4 blank"></span>S<span class="_0 blank"> </span>.A. pretend<span class="_0 blank"> </span>a<span class="_3 blank"></span> </span></div><div class="t m0 xa h11 y3c ff1 fsf fc0 sc0 ls0 ws0">l<span class="_3 blank"></span>anç<span class="_0 blank"> </span>a<span class="_3 blank"></span>r <span class="_4 blank"></span>n<span class="_0 blank"> </span>ov<span class="_3 blank"></span>a<span class="_3 blank"></span>s<span class="_0 blank"> </span> a<span class="_3 blank"></span>ç<span class="_0 blank"> </span>ões<span class="_0 blank"> </span> <span class="_4 blank"></span>ordiná<span class="_3 blank"></span>ria<span class="_3 blank"></span>s<span class="_0 blank"> </span>, <span class="_3 blank"></span>qu<span class="_0 blank"> </span>e <span class="_3 blank"></span>ter<span class="_2 blank"></span>ão v<span class="_3 blank"></span>a<span class="_3 blank"></span>lor<span class="_3 blank"></span> <span class="_0 blank"> </span>d<span class="_0 blank"> </span>e <span class="_3 blank"></span>em<span class="_0 blank"> </span>i<span class="_3 blank"></span>s<span class="_0 blank"> </span>s<span class="_0 blank"> </span>ã<span class="_3 blank"></span>o <span class="_2 blank"></span>de </div><div class="t m0 xa h12 y3d ff1 fs10 fc0 sc0 ls0 ws0">R<span class="_3 blank"></span>$ <span class="_3 blank"></span>20,0<span class="_3 blank"></span>0 <span class="_3 blank"></span>c<span class="_0 blank"> </span>a<span class="_3 blank"></span>da. <span class="_3 blank"></span>O <span class="_0 blank"> </span>di<span class="_3 blank"></span>vi<span class="_3 blank"></span>dend<span class="_0 blank"> </span>o <span class="_3 blank"></span>prev<span class="_3 blank"></span>ist<span class="_0 blank"> </span>o <span class="_4 blank"></span>p<span class="_0 blank"> </span>a<span class="_3 blank"></span>r<span class="_2 blank"></span>a<span class="_3 blank"></span> <span class="_0 blank"> </span>o pr<span class="_2 blank"></span>ó<span class="_2 blank"></span>ximo <span class="_0 blank"> </span>ano é de </div><div class="t m0 xa h11 y3e ff1 fsf fc0 sc0 ls0 ws0">R<span class="_3 blank"></span>$ 3<span class="_3 blank"></span>,00<span class="_3 blank"></span> por a<span class="_3 blank"></span>ç<span class="_0 blank"> </span>ã<span class="_3 blank"></span>o. O<span class="_3 blank"></span>s<span class="_0 blank"> </span> <span class="_3 blank"></span>d<span class="_0 blank"> </span>i<span class="_3 blank"></span>v<span class="_3 blank"></span>idendos<span class="_0 blank"> </span> dist<span class="_0 blank"> </span>r<span class="_3 blank"></span>ibuídos<span class="_0 blank"> </span> <span class="_4 blank"></span>p<span class="_0 blank"> </span>el<span class="_3 blank"></span>a<span class="_3 blank"></span> <span class="_0 blank"> </span>em<span class="_0 blank"> </span>pres<span class="_0 blank"> </span>a<span class="_3 blank"></span> </div><div class="t m0 xa h11 y3f ff1 fsf fc0 sc0 ls0 ws0">têm<span class="_0 blank"> </span> <span class="_1 blank"></span>cres<span class="_0 blank"> </span>c<span class="_0 blank"> </span>i<span class="_3 blank"></span>do <span class="_1 blank"></span>à <span class="_0 blank"> </span>tax<span class="_2 blank"></span>a<span class="_3 blank"></span> méd<span class="_0 blank"> </span>i<span class="_3 blank"></span>a <span class="_3 blank"></span>anual<span class="_3 blank"></span> <span class="_0 blank"> </span>de 3,5<span class="_3 blank"></span>% nos<span class="_0 blank"> </span> úl<span class="_3 blank"></span>tim<span class="_0 blank"> </span>os <span class="_2 blank"></span>anos<span class="_0 blank"> </span> <span class="ff4 ls16">\u2013</span> </div><div class="t m0 xa h11 y40 ff1 fsf fc0 sc0 ls0 ws0">es<span class="_0 blank"> </span>per<span class="_2 blank"></span>a-s<span class="_0 blank"> </span>e <span class="_4 blank"></span>q<span class="_0 blank"> </span>ue ess<span class="_0 blank"> </span>a<span class="_3 blank"></span> <span class="_2 blank"></span>tax<span class="_2 blank"></span>a <span class="_3 blank"></span>de c<span class="_0 blank"> </span>r<span class="_3 blank"></span>es<span class="_0 blank"> </span>c<span class="_0 blank"> </span>i<span class="_3 blank"></span>m<span class="_0 blank"> </span>ento <span class="_6 blank"></span>con<span class="_0 blank"> </span>ti<span class="_3 blank"></span>n<span class="_0 blank"> </span>ue <span class="_1 blank"></span>pelos </div><div class="t m0 xa h11 y41 ff1 fsf fc0 sc0 ls0 ws0">pr<span class="_2 blank"></span>ó<span class="_2 blank"></span>xim<span class="_0 blank"> </span>os <span class="_2 blank"></span>anos<span class="_0 blank"> </span>. </div><div class="t m0 x9 h12 yf ff3 fs10 fc0 sc0 ls17">\u2022<span class="ff1 ls0 ws0">Em<span class="_0 blank"> </span>preg<span class="_2 blank"></span>a<span class="_3 blank"></span>n<span class="_0 blank"> </span>do <span class="_6 blank"></span>a <span class="_0 blank"> </span>f<span class="_2 blank"></span>ó<span class="_0 blank"> </span>r<span class="_3 blank"></span>m<span class="_0 blank"> </span>ul<span class="_3 blank"></span>a, <span class="_3 blank"></span>t<span class="_0 blank"> </span>em<span class="_0 blank"> </span>-<span class="_0 blank"> </span><span class="ls18 wsb">se<span class="_2 blank"></span><span class="ls0 ws0">:<span class="_0 blank"> </span> </span></span></span></div><div class="t m0 xa h7 y42 ff1 fs5 fc0 sc0 ls0 ws0"> </div><div class="t m0 xa h8 y43 ff1 fs6 fc0 sc0 ls0 ws0"> </div><div class="t m0 xa h7 y44 ff1 fs5 fc0 sc0 ls0 ws0"> </div><div class="t m0 xa h7 y45 ff1 fs5 fc0 sc0 ls0 ws0"> </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 x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bg8.png"><div class="t m0 x11 h2 y10 ff2 fs1 fc0 sc0 ls0 ws0">Cu<span class="_3 blank"></span>s<span class="_2 blank"></span>t<span class="_4 blank"></span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>dos <span class="_9 blank"> </span>lu<span class="_3 blank"></span>cr<span class="_2 blank"></span>o<span class="_0 blank"> </span>s <span class="_0 blank"> </span>r<span class="_2 blank"></span>e<span class="_0 blank"> </span>t<span class="_3 blank"></span>id<span class="_3 blank"></span>o<span class="_0 blank"> </span>s<span class="_0 blank"></span><span class="ff1"> </span></div><div class="t m0 x2 h2 y11 ff1 fs1 fc0 sc0 ls0 ws0"> </div><div class="t m0 x9 h9 y12 ff3 fs7 fc0 sc0 ls3">\u2022<span class="ff1 ls0 ws0">O<span class="_3 blank"></span>s<span class="_0 blank"></span> <span class="_2 blank"></span><span class="ff5">l<span class="_3 blank"></span>u<span class="_0 blank"> </span>cr<span class="_0 blank"></span>os<span class="_0 blank"> </span> <span class="_1 blank"></span>ret<span class="_3 blank"></span>ido<span class="_0 blank"> </span>s<span class="_9 blank"> </span><span class="ff1"> <span class="_2 blank"></span>consti<span class="_3 blank"></span>tuem <span class="_2 blank"></span>a<span class="_3 blank"></span> <span class="_9 blank"> </span>par<span class="_2 blank"></span>cela<span class="_3 blank"></span> do l<span class="_3 blank"></span>ucr<span class="_2 blank"></span>o <span class="_9 blank"> </span>da </span></span></span></div><div class="t m0 xa ha y13 ff1 fs8 fc0 sc0 ls0 ws0">empr<span class="_2 blank"></span>es<span class="_0 blank"> </span>a <span class="_2 blank"></span>nã<span class="_3 blank"></span>o dist<span class="_3 blank"></span>ribuída<span class="_3 blank"></span> <span class="_9 blank"> </span>aos acioni<span class="_3 blank"></span>stas.<span class="_0 blank"> </span> </div><div class="t m0 x9 h9 y46 ff3 fs7 fc0 sc0 ls3">\u2022<span class="ff1 ls0 ws0">O<span class="_3 blank"></span>s<span class="_0 blank"></span> <span class="_2 blank"></span>l<span class="_3 blank"></span>ucr<span class="_2 blank"></span>os<span class="_0 blank"> </span> r<span class="_2 blank"></span>et<span class="_3 blank"></span>ido<span class="_3 blank"></span>s<span class="_0 blank"> </span> <span class="_0 blank"> </span>não são <span class="_3 blank"></span>gr<span class="_2 blank"></span>atui<span class="_3 blank"></span>t<span class="_3 blank"></span>os par<span class="_2 blank"></span>a <span class="_0 blank"> </span>a </span></div><div class="t m0 xa h9 y47 ff1 fs7 fc0 sc0 ls0 ws0">empr<span class="_2 blank"></span>es<span class="_0 blank"> </span>a<span class="_3 blank"></span> <span class="_2 blank"></span>e, por iss<span class="_0 blank"></span>o<span class="_4 blank"></span>, devem <span class="_2 blank"></span>s<span class="_0 blank"> </span>er <span class="_2 blank"></span>r<span class="_2 blank"></span>emuner<span class="_2 blank"></span>ados. </div><div class="t m0 xa h9 y16 ff1 fs7 fc0 sc0 ls0 ws0">Nes<span class="_0 blank"> </span>se <span class="_1 blank"></span>s<span class="_0 blank"> </span>ent<span class="_3 blank"></span>ido<span class="_2 blank"></span>, el<span class="_3 blank"></span>es<span class="_0 blank"> </span> <span class="_2 blank"></span>são t<span class="_2 blank"></span>r<span class="_3 blank"></span>at<span class="_2 blank"></span>ados <span class="_9 blank"> </span>como </div><div class="t m0 xa ha y48 ff1 fs8 fc0 sc0 ls0 ws0">equiv<span class="_2 blank"></span>a<span class="_3 blank"></span>lentes <span class="_2 blank"></span>ao i<span class="_3 blank"></span>ngr<span class="_2 blank"></span>es<span class="_0 blank"> </span>so de r<span class="_2 blank"></span>ecur<span class="_3 blank"></span>sos<span class="_0 blank"> </span> medi<span class="_3 blank"></span>ant<span class="_3 blank"></span>e <span class="_2 blank"></span>a </div><div class="t m0 xa h9 y49 ff1 fs7 fc0 sc0 ls0 ws0">emiss<span class="_0 blank"> </span>ã<span class="_3 blank"></span>o <span class="_2 blank"></span>de <span class="_2 blank"></span>nov<span class="_2 blank"></span>a<span class="_3 blank"></span>s<span class="_0 blank"> </span> <span class="_0 blank"> </span>ações, <span class="_2 blank"></span>mas s<span class="_0 blank"> </span>em <span class="_2 blank"></span>incorr<span class="_4 blank"></span>er <span class="_9 blank"> </span>em </div><div class="t m0 xa ha y4a ff1 fs8 fc0 sc0 ls0 ws0">g<span class="_2 blank"></span>as<span class="_0 blank"></span>t<span class="_3 blank"></span>os <span class="_1 blank"></span>como t<span class="_3 blank"></span>ax<span class="_2 blank"></span>a<span class="_3 blank"></span>s<span class="_0 blank"> </span>, comi<span class="_3 blank"></span>s<span class="_0 blank"> </span>sões<span class="_0 blank"> </span>, <span class="_2 blank"></span>corr<span class="_2 blank"></span>et<span class="_3 blank"></span>agens<span class="_0 blank"> </span> <span class="_2 blank"></span>et<span class="_3 blank"></span>c. </div><div class="t m0 x9 h9 y4b ff3 fs7 fc0 sc0 ls3">\u2022<span class="ff1 ls0 ws0">No <span class="_2 blank"></span>cálcul<span class="_3 blank"></span>o do cust<span class="_3 blank"></span>o <span class="_2 blank"></span>dos lucr<span class="_2 blank"></span>os r<span class="_2 blank"></span>eti<span class="_3 blank"></span>dos,<span class="_9 blank"> </span><span class="ff5"> <span class="_9 blank"> </span>K<span class="fs11 ls1a wsc v4">lr</span></span>, é </span></div><div class="t m0 xa h9 y4c ff1 fs7 fc0 sc0 ls0 ws0">ut<span class="_3 blank"></span>ili<span class="_3 blank"></span>z<span class="_2 blank"></span>ado a mesma equa<span class="_3 blank"></span>ção da<span class="_3 blank"></span>s<span class="_0 blank"> </span> a<span class="_3 blank"></span>ções<span class="_0 blank"> </span> <span class="_2 blank"></span>or<span class="_2 blank"></span>di<span class="_3 blank"></span>nária<span class="_3 blank"></span>s<span class="_0 blank"></span> </div><div class="t m0 xa ha y4d ff1 fs8 fc0 sc0 ls0 ws0">e<span class="_2 blank"></span>xi<span class="_3 blank"></span>s<span class="_0 blank"> </span>t<span class="_3 blank"></span>entes, <span class="_1 blank"></span>de modo que <span class="ff5 ls19">K<span class="fs11 ls1a wsc v4">lr</span><span class="ls0"> <span class="ls1b">= </span>K</span></span></div><div class="t m0 x12 h13 y4e ff5 fs11 fc0 sc0 ls1c wsd">ao<span class="ff1 fs8 ls0 ws0 v5">. </span></div><div class="t m0 xa h9 y4f ff1 fs7 fc0 sc0 ls0 ws0"> </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 x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bg9.png"><div class="t m0 xf h7 y50 ff2 fs5 fc0 sc0 ls0 ws0">Custo <span class="_6 blank"></span>ma<span class="_3 blank"></span>rg<span class="_3 blank"></span>i<span class="_0 blank"></span>na<span class="_3 blank"></span>l <span class="_4 blank"></span>ponder<span class="_2 blank"></span>ado<span class="_3 blank"></span> <span class="_3 blank"></span>de <span class="_3 blank"></span>capital <span class="_6 blank"></span>(CM<span class="_0 blank"> </span>g<span class="_3 blank"></span>PC<span class="_0 blank"> </span>)<span class="_3 blank"></span><span class="ff1"> </span></div><div class="t m0 x13 he y51 ff3 fsc fc0 sc0 ls8">\u2022<span class="ff1 ls1d ws0">O <span class="_3 blank"></span><span class="ls0">C<span class="_0 blank"> </span>Mg<span class="_0 blank"> </span>PC<span class="_0 blank"> </span> <span class="_2 blank"></span><span class="ls1e">é <span class="_9 blank"> </span><span class="ls0">o <span class="_9 blank"> </span>cus<span class="_3 blank"></span>t<span class="_0 blank"> </span>o<span class="_3 blank"></span> <span class="_0 blank"> </span>total<span class="_0 blank"> </span> <span class="_2 blank"></span>asso<span class="_3 blank"></span>ciado<span class="_3 blank"></span> <span class="_d blank"> </span>aos<span class="_3 blank"></span> <span class="_c blank"> </span>no<span class="_3 blank"></span>vos<span class="_3 blank"></span> <span class="_c blank"> </span>fi<span class="_0 blank"> </span>n<span class="_3 blank"></span>anciame<span class="_3 blank"></span>ntos<span class="_3 blank"></span> <span class="_d blank"> </span>ob<span class="_3 blank"></span>ti<span class="_0 blank"> </span>do<span class="_3 blank"></span> </span></span></span></span></div><div class="t m0 x14 hd y52 ff1 fsb fc0 sc0 ls0 ws0">pe<span class="_3 blank"></span>la<span class="_0 blank"> </span> <span class="_2 blank"></span>em<span class="_3 blank"></span>pre<span class="_3 blank"></span>sa.<span class="_3 blank"></span> <span class="_e blank"> </span>Es<span class="_3 blank"></span>se<span class="_3 blank"></span> <span class="_c blank"> </span>cu<span class="_3 blank"></span>sto <span class="_c blank"> </span>é<span class="_3 blank"></span> <span class="_0 blank"> </span>re<span class="_3 blank"></span>levan<span class="_3 blank"></span>t<span class="_0 blank"> </span>e<span class="_3 blank"></span> <span class="_c blank"> </span>nas de<span class="_3 blank"></span>cisõ<span class="_3 blank"></span>e<span class="_3 blank"></span>s <span class="_e blank"> </span>de<span class="_2 blank"></span> <span class="_5 blank"> </span>i<span class="_0 blank"> </span>n<span class="_3 blank"></span>ve<span class="_3 blank"></span>sti<span class="_0 blank"> </span>m<span class="_3 blank"></span>en<span class="_3 blank"></span>t<span class="_0 blank"> </span>o<span class="_3 blank"></span>s <span class="_9 blank"> </span>uma </div><div class="t m0 x14 hd y53 ff1 fsb fc0 sc0 ls0 ws0">ve<span class="_3 blank"></span>z<span class="_3 blank"></span> <span class="_0 blank"> </span>qu<span class="_3 blank"></span>e <span class="_9 blank"> </span>se<span class="_3 blank"></span> <span class="_0 blank"> </span>e<span class="_3 blank"></span>s<span class="_3 blank"></span>pe<span class="_3 blank"></span>r<span class="_2 blank"></span>a <span class="_e blank"> </span>que<span class="_3 blank"></span> <span class="_9 blank"> </span>a<span class="_0 blank"> </span> <span class="_2 blank"></span>em<span class="_3 blank"></span>pre<span class="_3 blank"></span>sa <span class="_e blank"> </span>invista <span class="_2 blank"></span>e<span class="_3 blank"></span>m <span class="_9 blank"> </span>at<span class="_0 blank"> </span>ivos<span class="_3 blank"></span> <span class="_0 blank"> </span>qu<span class="_3 blank"></span>e<span class="_3 blank"></span> <span class="_c blank"> </span>prop<span class="_3 blank"></span>orc<span class="_3 blank"></span>i<span class="_0 blank"> </span>o<span class="_3 blank"></span>ne<span class="_3 blank"></span>m </div><div class="t m0 x14 hd y54 ff1 fsb fc0 sc0 ls0 ws0">ta<span class="_0 blank"> </span>x<span class="_2 blank"></span>as <span class="_3 blank"></span>de<span class="_3 blank"></span> <span class="_0 blank"> </span>r<span class="_3 blank"></span>etorn<span class="_3 blank"></span>os<span class="_3 blank"></span> <span class="_d blank"> </span>acima <span class="_0 blank"> </span>d<span class="_3 blank"></span>e <span class="_9 blank"> </span>se<span class="_3 blank"></span>u <span class="_9 blank"> </span>cus<span class="_3 blank"></span>t<span class="_0 blank"> </span>o<span class="_3 blank"></span> <span class="_0 blank"> </span>m<span class="_3 blank"></span>arg<span class="_0 blank"> </span>inal<span class="_0 blank"> </span> pon<span class="_3 blank"></span>de<span class="_3 blank"></span>r<span class="_2 blank"></span>ado<span class="_3 blank"></span> <span class="_e blank"> </span>de<span class="_3 blank"></span> <span class="_c blank"> </span>capit<span class="_0 blank"> </span>al.<span class="_3 blank"></span> </div><div class="t m0 x13 hd y55 ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">C<span class="_0 blank"> </span>o<span class="_3 blank"></span>ns<span class="_3 blank"></span>i<span class="_0 blank"> </span>de<span class="_2 blank"></span>rem<span class="_3 blank"></span>os<span class="_3 blank"></span> <span class="_d blank"> </span>qu<span class="_3 blank"></span>e <span class="_9 blank"> </span>a <span class="_0 blank"> </span>e<span class="_3 blank"></span>mpre<span class="_3 blank"></span>s<span class="_3 blank"></span>a <span class="_d blank"> </span>Ri<span class="_0 blank"> </span>o P<span class="_2 blank"></span>eq<span class="_3 blank"></span>ue<span class="_3 blank"></span>no<span class="_3 blank"></span> <span class="_e blank"> </span>S.<span class="_3 blank"></span>A<span class="_0 blank"> </span>.<span class="_3 blank"></span> <span class="_c blank"> </span>t<span class="_0 blank"> </span>e<span class="_3 blank"></span>m <span class="_9 blank"> </span>a p<span class="_3 blank"></span>os<span class="_3 blank"></span>sibil<span class="_0 blank"> </span>idade<span class="_3 blank"></span> <span class="_a blank"> </span>de<span class="_3 blank"></span> </span></div><div class="t m0 x14 hd y56 ff1 fsb fc0 sc0 ls0 ws0">e<span class="_3 blank"></span>x<span class="_0 blank"> </span>pan<span class="_3 blank"></span>dir <span class="_3 blank"></span>suas<span class="_3 blank"></span> <span class="_c blank"> </span>ope<span class="_2 blank"></span>r<span class="_2 blank"></span>a<span class="_0 blank"> </span>ç<span class="_3 blank"></span>õe<span class="_3 blank"></span>s<span class="_3 blank"></span> <span class="_f blank"> </span>e<span class="_3 blank"></span>, <span class="_c blank"> </span>par<span class="_2 blank"></span>a <span class="_0 blank"> </span>iss<span class="_3 blank"></span>o<span class="_2 blank"></span>,<span class="_3 blank"></span> <span class="_d blank"> </span>pr<span class="_3 blank"></span>ec<span class="_3 blank"></span>i<span class="_0 blank"> </span>s<span class="_3 blank"></span>a <span class="_c blank"> </span>i<span class="_0 blank"> </span>n<span class="_3 blank"></span>ves<span class="_3 blank"></span>ti<span class="_0 blank"> </span>r <span class="_3 blank"></span>n<span class="_3 blank"></span>a <span class="_0 blank"> </span>aquisição <span class="_9 blank"> </span>de<span class="_3 blank"></span> </div><div class="t m0 x14 hd y57 ff1 fsb fc0 sc0 ls0 ws0">no<span class="_3 blank"></span>vas máquinas<span class="_3 blank"></span>, <span class="_c blank"> </span>na <span class="_0 blank"> </span>am<span class="_3 blank"></span>pli<span class="_0 blank"> </span>ação<span class="_3 blank"></span> <span class="_c blank"> </span>do pré<span class="_3 blank"></span>dio <span class="_c blank"> </span>i<span class="_0 blank"> </span>n<span class="_3 blank"></span>dus<span class="_3 blank"></span>tri<span class="_0 blank"> </span>al <span class="_0 blank"> </span>e<span class="_3 blank"></span>t<span class="_0 blank"> </span>c<span class="_3 blank"></span>. Os <span class="_9 blank"> </span>rec<span class="_3 blank"></span>urs<span class="_3 blank"></span>os<span class="_3 blank"></span> </div><div class="t m0 x14 hd y58 ff1 fsb fc0 sc0 ls0 ws0">ne<span class="_3 blank"></span>ce<span class="_2 blank"></span>ss<span class="_3 blank"></span>ári<span class="_0 blank"> </span>o<span class="_3 blank"></span>s <span class="_a blank"> </span>se<span class="_3 blank"></span>r<span class="_2 blank"></span>ão <span class="_a blank"> </span>ob<span class="_3 blank"></span>t<span class="_0 blank"> </span>ido<span class="_3 blank"></span>s <span class="_a blank"> </span>por<span class="_3 blank"></span> <span class="_0 blank"> </span>me<span class="_3 blank"></span>io <span class="_c blank"> </span>de<span class="_3 blank"></span> <span class="_c blank"> </span>e<span class="_3 blank"></span>mpré<span class="_3 blank"></span>s<span class="_3 blank"></span>t<span class="_0 blank"> </span>imos<span class="_3 blank"></span> <span class="_e blank"> </span>e<span class="_3 blank"></span> <span class="_0 blank"> </span>d<span class="_3 blank"></span>a <span class="_0 blank"> </span>em<span class="_3 blank"></span>i<span class="_0 blank"> </span>s<span class="_3 blank"></span>são<span class="_3 blank"></span> <span class="_d blank"> </span>de<span class="_3 blank"></span> </div><div class="t m0 x14 hd y59 ff1 fsb fc0 sc0 ls0 ws0">no<span class="_3 blank"></span>vas açõe<span class="_3 blank"></span>s<span class="_3 blank"></span> <span class="_c blank"> </span><span class="ff4 ws1">\u2014</span> <span class="_0 blank"> </span>o<span class="_3 blank"></span>rdinárias <span class="_c blank"> </span>e<span class="_3 blank"></span> <span class="_0 blank"> </span>pre<span class="_2 blank"></span>f<span class="_3 blank"></span>e<span class="_3 blank"></span>ren<span class="_3 blank"></span>ciai<span class="_0 blank"> </span>s<span class="_3 blank"></span> <span class="_a blank"> </span><span class="ff4 ws1">\u2014</span>,<span class="_3 blank"></span> <span class="_c blank"> </span>cuja <span class="_0 blank"> </span>c<span class="_3 blank"></span>apta<span class="_0 blank"> </span>ç<span class="_3 blank"></span>ão<span class="_2 blank"></span>,<span class="_3 blank"></span> <span class="_c blank"> </span>se<span class="_3 blank"></span>g<span class="_0 blank"> </span>u<span class="_3 blank"></span>ndo<span class="_3 blank"></span> </div><div class="t m0 x14 hd y5a ff1 fsb fc0 sc0 ls0 ws0">de<span class="_3 blank"></span>fi<span class="_0 blank"> </span>n<span class="_3 blank"></span>i<span class="_0 blank"> </span>ç<span class="_3 blank"></span>õe<span class="_3 blank"></span>s <span class="_9 blank"> </span>da <span class="_0 blank"> </span>d<span class="_3 blank"></span>i<span class="_0 blank"> </span>re<span class="_3 blank"></span>toria <span class="_0 blank"> </span>da <span class="_0 blank"> </span>e<span class="_2 blank"></span>mpre<span class="_3 blank"></span>sa,<span class="_3 blank"></span> <span class="_d blank"> </span>s<span class="_3 blank"></span>er<span class="_2 blank"></span>á <span class="_a blank"> </span>f<span class="_2 blank"></span>eit<span class="_0 blank"> </span>a <span class="_3 blank"></span>da se<span class="_3 blank"></span>g<span class="_0 blank"> </span>u<span class="_3 blank"></span>i<span class="_0 blank"> </span>n<span class="_3 blank"></span>t<span class="_0 blank"> </span>e<span class="_3 blank"></span> <span class="_c blank"> </span>f<span class="_2 blank"></span>orma:<span class="_3 blank"></span> </div><div class="t m0 x13 he y5b ff3 fsc fc0 sc0 ls8">\u2022<span class="ff1 ls0 ws0">e<span class="_3 blank"></span>mpr<span class="_3 blank"></span>és<span class="_3 blank"></span>ti<span class="_0 blank"> </span>mo<span class="_3 blank"></span>s <span class="_a blank"> </span>=<span class="_3 blank"></span> <span class="_0 blank"> </span>35<span class="_0 blank"> </span>% <span class="_3 blank"></span>do<span class="_3 blank"></span> <span class="_c blank"> </span>mo<span class="_3 blank"></span>ntante de<span class="_3 blank"></span> <span class="_c blank"> </span>rec<span class="_3 blank"></span>urs<span class="_3 blank"></span>os<span class="_3 blank"></span> <span class="_a blank"> </span>ne<span class="_3 blank"></span>ce<span class="_3 blank"></span>s<span class="_3 blank"></span>sários<span class="_3 blank"></span>;<span class="_0 blank"> </span> <span class="_d blank"> </span> </span></div><div class="t m0 x13 hd y5c ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">açõ<span class="_3 blank"></span>es<span class="_3 blank"></span> <span class="_0 blank"> </span>o<span class="_3 blank"></span>rdinárias <span class="_c blank"> </span>=<span class="_3 blank"></span> <span class="_0 blank"> </span>45<span class="_0 blank"> </span>% <span class="_0 blank"> </span>do<span class="_3 blank"></span> <span class="_0 blank"> </span>mo<span class="_3 blank"></span>ntante <span class="_9 blank"> </span>de<span class="_3 blank"></span> <span class="_0 blank"> </span>re<span class="_3 blank"></span>cu<span class="_3 blank"></span>rso<span class="_3 blank"></span>s <span class="_a blank"> </span>ne<span class="_3 blank"></span>ce<span class="_2 blank"></span>ss<span class="_3 blank"></span>ári<span class="_0 blank"> </span>o<span class="_3 blank"></span>s;<span class="_3 blank"></span> </span></div><div class="t m0 x13 hd y5d ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">açõ<span class="_3 blank"></span>es<span class="_3 blank"></span> <span class="_0 blank"> </span>p<span class="_3 blank"></span>re<span class="_3 blank"></span>f<span class="_3 blank"></span>e<span class="_3 blank"></span>re<span class="_3 blank"></span>nciai<span class="_0 blank"> </span>s<span class="_3 blank"></span> <span class="_a blank"> </span>= <span class="_9 blank"> </span>2<span class="_0 blank"> </span>0%<span class="_0 blank"> </span> <span class="_2 blank"></span>do <span class="_9 blank"> </span>mon<span class="_3 blank"></span>t<span class="_0 blank"> </span>ante<span class="_3 blank"></span> <span class="_0 blank"> </span>de<span class="_3 blank"></span> <span class="_c blank"> </span>re<span class="_3 blank"></span>cu<span class="_3 blank"></span>rso<span class="_3 blank"></span>s <span class="_a blank"> </span>ne<span class="_3 blank"></span>ce<span class="_2 blank"></span>ssários<span class="_3 blank"></span>.<span class="_2 blank"></span> </span></div><div class="t m0 x13 hd y5e ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">C<span class="_0 blank"> </span>álculos<span class="_3 blank"></span> <span class="_3 blank"></span>ef<span class="_2 blank"></span>e<span class="_3 blank"></span>t<span class="_0 blank"> </span>u<span class="_3 blank"></span>ados<span class="_3 blank"></span> <span class="_e blank"> </span>(con<span class="_3 blank"></span>f<span class="_2 blank"></span>orme<span class="_3 blank"></span> <span class="_a blank"> </span>de<span class="_3 blank"></span>sc<span class="_3 blank"></span>rit<span class="_0 blank"> </span>o <span class="_a blank"> </span>anter<span class="_3 blank"></span>i<span class="_0 blank"> </span>o<span class="_3 blank"></span>rme<span class="_3 blank"></span>nte) <span class="_c blank"> </span>de<span class="_3 blank"></span>term<span class="_3 blank"></span>i<span class="_0 blank"> </span>n<span class="_3 blank"></span>ar<span class="_2 blank"></span>am <span class="_e blank"> </span>os<span class="_3 blank"></span> </span></div><div class="t m0 x14 hd y5f ff1 fsb fc0 sc0 ls0 ws0">se<span class="_2 blank"></span>g<span class="_0 blank"> </span>uintes<span class="_3 blank"></span> <span class="_0 blank"> </span>c<span class="_3 blank"></span>us<span class="_3 blank"></span>t<span class="_0 blank"> </span>o<span class="_3 blank"></span>s <span class="_9 blank"> </span>par<span class="_2 blank"></span>a <span class="_c blank"> </span>cada <span class="_0 blank"> </span>u<span class="_3 blank"></span>ma <span class="_c blank"> </span>de<span class="_3 blank"></span>ss<span class="_3 blank"></span>as <span class="_a blank"> </span>f<span class="_2 blank"></span>onte<span class="_3 blank"></span>s: </div><div class="t m0 x13 he y60 ff3 fsc fc0 sc0 ls8">\u2022<span class="ff1 ls0 ws0">e<span class="_3 blank"></span>mpr<span class="_3 blank"></span>és<span class="_3 blank"></span>ti<span class="_0 blank"> </span>mo<span class="_3 blank"></span>s <span class="_a blank"> </span>=<span class="_3 blank"></span> <span class="_0 blank"> </span>15<span class="_0 blank"> </span>,<span class="_3 blank"></span>5<span class="_0 blank"> </span>% </span></div><div class="t m0 x13 hd y61 ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">açõ<span class="_3 blank"></span>es<span class="_3 blank"></span> <span class="_0 blank"> </span>o<span class="_3 blank"></span>rdinárias <span class="_c blank"> </span>=<span class="_3 blank"></span> <span class="_0 blank"> </span>20<span class="_0 blank"> </span>% </span></div><div class="t m0 x13 hd y62 ff3 fsb fc0 sc0 ls7">\u2022<span class="ff1 ls0 ws0">açõ<span class="_3 blank"></span>es<span class="_3 blank"></span> <span class="_0 blank"> </span>p<span class="_3 blank"></span>re<span class="_3 blank"></span>f<span class="_3 blank"></span>e<span class="_3 blank"></span>re<span class="_3 blank"></span>nciai<span class="_0 blank"> </span>s<span class="_3 blank"></span> <span class="_a blank"> </span>= <span class="_9 blank"> </span>1<span class="_0 blank"> </span>7% </span></div><div class="t m0 x14 h14 y63 ff1 fs12 fc0 sc0 ls0 ws0"> </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 x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/3b33f2d9-40c9-49dc-ab70-43a062e8c248/bga.png"><div class="t m0 xf h7 y64 ff2 fs5 fc0 sc0 ls0 ws0">Custo <span class="_6 blank"></span>ma<span class="_3 blank"></span>rg<span class="_3 blank"></span>inal <span class="_4 blank"></span>pond<span class="_3 blank"></span>e<span class="_0 blank"> </span>r<span class="_4 blank"></span>ado <span class="_2 blank"></span>de <span class="_3 blank"></span>capital <span class="_6 blank"></span>(<span class="_0 blank"> </span>CM<span class="_0 blank"> </span>g<span class="_3 blank"></span>PC<span class="_0 blank"> </span>)<span class="_3 blank"></span><span class="ff1"> </span></div><div class="t m0 x9 h15 y65 ff3 fs13 fc0 sc0 ls1f">\u2022<span class="ff1 ls0 ws0">O<span class="_0 blank"> </span> <span class="_4 blank"></span>c<span class="_0 blank"> </span>u<span class="_3 blank"></span>s<span class="_3 blank"></span>t<span class="_3 blank"></span>o<span class="_0 blank"> </span> <span class="_0 blank"> </span>m<span class="_0 blank"></span>ar<span class="_2 blank"></span>g<span class="_3 blank"></span>i<span class="_3 blank"></span>nal<span class="_3 blank"></span> <span class="_d blank"> </span>p<span class="_3 blank"></span>o<span class="_0 blank"> </span>n<span class="_3 blank"></span>de<span class="_2 blank"></span>r<span class="_3 blank"></span>ado <span class="_d blank"> </span>de<span class="_2 blank"></span> <span class="_5 blank"> </span>c<span class="_0 blank"> </span>ap<span class="_3 blank"></span>i<span class="_3 blank"></span>tal<span class="_3 blank"></span> <span class="_0 blank"> </span>s<span class="_3 blank"></span>er<span class="_2 blank"></span>á <span class="_c blank"> </span>2<span class="_0 blank"> </span>0,30<span class="_5 blank"> </span><span class="ls21 wse">%.</span> </span></div><div class="t m0 x9 h16 y66 ff3 fs14 fc0 sc0 ls20">\u2022<span class="ff1 ls0 ws0">Pr<span class="_2 blank"></span>o<span class="_0 blank"> </span>je<span class="_3 blank"></span>t<span class="_3 blank"></span>o<span class="_0 blank"> </span>s<span class="_3 blank"></span> <span class="_0 blank"> </span>q<span class="_3 blank"></span>ue<span class="_2 blank"></span> <span class="_5 blank"> </span>pr<span class="_2 blank"></span>opor<span class="_3 blank"></span>cione<span class="_2 blank"></span>m<span class="_0 blank"> </span> <span class="_d blank"> </span>re<span class="_3 blank"></span>tornos <span class="_0 blank"> </span>ab<span class="_3 blank"></span>aix<span class="_2 blank"></span>o <span class="_0 blank"> </span>de<span class="_3 blank"></span> </span></div><div class="t m0 xa h16 y67 ff1 fs14 fc0 sc0 ls0 ws0">20<span class="_0 blank"> </span>,<span class="_3 blank"></span>30<span class="_0 blank"> </span>%<span class="_3 blank"></span>,<span class="_3 blank"></span> <span class="_0 blank"> </span>a<span class="_0 blank"></span> <span class="_3 blank"></span>p<span class="_3 blank"></span>ri<span class="_3 blank"></span>ncí<span class="_3 blank"></span>p<span class="_3 blank"></span>io<span class="_2 blank"></span>, <span class="_e blank"> </span>n<span class="_3 blank"></span>ã<span class="_0 blank"> </span>o <span class="_0 blank"> </span>de<span class="_3 blank"></span>ve<span class="_3 blank"></span>riam<span class="_0 blank"> </span> <span class="_9 blank"> </span>se<span class="_3 blank"></span>r </div><div class="t m0 xa h16 y68 ff1 fs14 fc0 sc0 ls0 ws0">i<span class="_3 blank"></span>m<span class="_0 blank"> </span>p<span class="_3 blank"></span>l<span class="_3 blank"></span>e<span class="_3 blank"></span>m<span class="_0 blank"> </span>e<span class="_3 blank"></span>n<span class="_3 blank"></span>tad<span class="_3 blank"></span>o<span class="_0 blank"> </span>s<span class="_3 blank"></span>. </div><div class="c x15 y69 w1 h17"><div class="t m0 x16 h18 y6a ff2 fs15 fc2 sc0 ls0 ws0"> <span class="_2 blank"></span><span class="ff6"> </span></div></div><div class="c x17 y6b w2 h19"><div class="t m0 x16 h1a y6c ff2 fs10 fc2 sc0 ls0 ws0"> <span class="_2 blank"></span><span class="ff6"> </span></div></div><div class="c x18 y6d w3 h1b"><div class="t m0 x19 h1a y6e ff2 fs10 fc2 sc0 ls0 wsf">Pr<span class="_3 blank"></span>opo<span class="_3 blank"></span>rç<span class="_3 blank"></span>ão<span class="ff6 ws0"> </span></div></div><div class="c x1a y6f w4 h1c"><div class="t m0 x1b h1d y70 ff2 fsf fc2 sc0 ls0 ws0">Custo <span class="_4 blank"></span><span class="ls22 ws10">de<span class="_0 blank"> </span><span class="ls0 ws0"> </span></span></div><div class="t m0 x1c h1d y71 ff2 fsf fc2 sc0 ls0 ws0">Cada </div><div class="t m0 x1d h1e y72 ff2 fsf fc2 sc0 ls0 ws11">fo<span class="_3 blank"></span>nte<span class="ff6 ws0"> </span></div></div><div class="c x1e y73 w5 h1f"><div class="t m0 x1c h1d y74 ff2 fsf fc2 sc0 ls0 ws0">Custo </div><div class="t m0 x1f h1d y75 ff2 fsf fc2 sc0 ls0 ws11">P<span class="_2 blank"></span>on<span class="_3 blank"></span>der<span class="_4 blank"></span>ad</div><div class="t m0 x20 h1e y76 ff2 fsf fc2 sc0 ls0 ws11">o<span class="ff6 ws0"> </span></div></div><div class="c x17 y77 w2 h20"><div class="t m0 x16 h21 y78 ff1 fsf fc0 sc0 ls0 ws12">Em p rés timos<span class="_9 blank"> </span><span class="ff7 ws0"> </span></div></div><div class="c x18 y79 w3 h22"><div class="t m0 x21 h21 y7a ff1 fsf fc0 sc0 ls0 ws11">35<span class="_3 blank"></span>,00%<span class="ff7 ws0"> </span></div></div><div class="c x1a y79 w6 h22"><div class="t m0 x22 h21 y7a ff1 fsf fc0 sc0 ls0 ws11">17<span class="_3 blank"></span>,00<span class="_3 blank"></span>%<span class="_0 blank"> </span><span class="ff7 ws0"> </span></div></div><div class="c x1e y7b w5 h23"><div class="t m0 x1d h21 y7c ff1 fsf fc0 sc0 ls0 ws11">5,9<span class="_3 blank"></span>5%<span class="ff7 ws0"> </span></div></div><div class="c x17 y7d w2 h24"><div class="t m0 x16 h21 y7e ff1 fsf fc0 sc0 ls0 ws0">A<span class="_0 blank"> </span>ções<span class="_0 blank"> </span> <span class="_6 blank"></span>ordi<span class="_3 blank"></span>nári<span class="_3 blank"></span>a<span class="_3 blank"></span>s<span class="_0 blank"> </span> <span class="_0 blank"> </span><span class="ff7"> </span></div></div><div class="c x18 y7f w3 h22"><div class="t m0 x21 h21 y80 ff1 fsf fc0 sc0 ls0 ws11">45<span class="_3 blank"></span>,00%<span class="ff7 ws0"> </span></div></div><div class="c x1a y7f w6 h22"><div class="t m0 x22 h21 y80 ff1 fsf fc0 sc0 ls0 ws11">23<span class="_3 blank"></span>,00<span class="_3 blank"></span>%<span class="_0 blank"> </span><span class="ff7 ws0"> </span></div></div><div class="c x1e y7f w5 h22"><div class="t m0 x23 h21 y80 ff1 fsf fc0 sc0 ls0 ws11">10<span class="_3 blank"></span>,35<span class="_3 blank"></span>%<span class="_0 blank"> </span><span class="ff7 ws0"> </span></div></div><div class="c x17 y81 w2 h25"><div class="t m0 x16 h26 y82 ff1 fs10 fc0 sc0 ls0 ws0">A<span class="_0 blank"> </span>ções<span class="_0 blank"> </span> <span class="_10 blank"></span>pref<span class="_2 blank"></span>erenc<span class="_0 blank"> </span>i<span class="_3 blank"></span>ai<span class="_3 blank"></span>s<span class="_0 blank"> </span> <span class="_2 blank"></span><span class="ff7"> </span></div></div><div class="c x18 y83 w3 h27"><div class="t m0 x21 h26 y84 ff1 fs10 fc0 sc0 ls0 wsf">20<span class="_3 blank"></span>,00<span class="_3 blank"></span>%<span class="ff7 ws0"> </span></div></div><div class="c x1a y83 w6 h27"><div class="t m0 x22 h26 y84 ff1 fs10 fc0 sc0 ls0 wsf">20<span class="_3 blank"></span>,00<span class="_3 blank"></span>%<span class="ff7 ws0"> </span></div></div><div class="c x1e y85 w5 h28"><div class="t m0 x1d h26 y86 ff1 fs10 fc0 sc0 ls0 wsf">4,0<span class="_3 blank"></span>0%<span class="ff7 ws0"> </span></div></div><div class="c x1e y87 w5 h29"><div class="t m0 x24 h21 y88 ff1 fsf fc0 sc0 ls0 ws0"> <span class="_2 blank"></span><span class="ff7"> </span></div></div><div class="c x15 y0 w7 h2a"><div class="t m0 x16 h1e y89 ff2 fsf fc2 sc0 ls0 ws0">T<span class="_2 blank"></span>O<span class="_3 blank"></span>T<span class="_6 blank"></span>AIS <span class="_2 blank"></span>e <span class="_0 blank"> </span>CMgPC<span class="ff6"> </span></div></div><div class="c x18 y0 w3 h2b"><div class="t m0 x25 h21 y89 ff1 fsf fc0 sc0 ls0 ws11">10<span class="_3 blank"></span>0,00<span class="_3 blank"></span>%<span class="ff7 ws0"> </span></div></div><div class="c x1a y8a w6 h29"><div class="t m0 x26 h21 y8b ff1 fsf fc0 sc0 ls0 ws0"> <span class="_2 blank"></span><span class="ff7"> </span></div></div><div class="c x1e y8c w5 h27"><div class="t m0 x23 h21 y8d ff1 fsf fc0 sc0 ls0 ws11">20<span class="_3 blank"></span>,30<span class="_3 blank"></span>%<span class="_0 blank"> </span><span class="ff7 ws0"> </span></div></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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