Prova Matematica financeira

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Questão 1
	Dados do investimento:
	Custo do investimento	R$ 120,000,000.00
	Redução de Custos (receita)	R$ 20,000,000.00
	Custo Oportunidade:	9%
	Taxa (reajuste da receita):	5.5%
	Vida Util do Equipamento (anos):	* 10.00
	Periodo de avaliacao do projeto (20)	* 20.00
	Num.Periodos (anos):	12
	Prestacao anual Fixa (12 anos):	R$ 20,000,000.00
	Aliquota de Imposto de Renda	34%
	Anos	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032
	Capex (Investimento)	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00
	Receita	R$ 20,000,000.00	R$ 21,100,000.00	R$ 22,260,500.00	R$ 23,484,827.50	R$ 24,776,493.01	R$ 26,139,200.13	R$ 27,576,856.14	R$ 29,093,583.22	R$ 30,693,730.30	R$ 32,381,885.47	R$ 34,162,889.17	R$ 36,041,848.07	R$ 38,024,149.72	R$ 40,115,477.95	R$ 42,321,829.24	R$ 44,649,529.84	R$ 47,105,253.99	R$ 49,696,042.96	R$ 52,429,325.32	R$ 55,312,938.21
	Depreciação	-R$ 12,000,000.00	-R$ 12,000,000.00	-R$ 12,000,000.00	-R$ 12,000,000.00	-R$ 12,000,000.00	-R$ 12,000,000.00	-R$ 12,000,000.00	-R$ 12,000,000.00	-R$ 12,000,000.00	-R$ 12,000,000.00
	Imposto de Renda	-R$ 6,800,000.00	-R$ 7,174,000.00	-R$ 7,568,570.00	-R$ 7,984,841.35	-R$ 8,424,007.62	-R$ 8,887,328.04	-R$ 9,376,131.09	-R$ 9,891,818.30	-R$ 10,435,868.30	-R$ 11,009,841.06	-R$ 11,615,382.32	-R$ 12,254,228.34	-R$ 12,928,210.90	-R$ 13,639,262.50	-R$ 14,389,421.94	-R$ 15,180,840.15	-R$ 16,015,786.36	-R$ 16,896,654.60	-R$ 17,825,970.61	-R$ 18,806,398.99
	Benefício Fiscal	R$ 4,080,000.00	R$ 4,080,000.00	R$ 4,080,000.00	R$ 4,080,000.00	R$ 4,080,000.00	R$ 4,080,000.00	R$ 4,080,000.00	R$ 4,080,000.00	R$ 4,080,000.00	R$ 4,080,000.00
	Total	-R$ 14,720,000.00	-R$ 13,994,000.00	-R$ 13,228,070.00	-R$ 12,420,013.85	-R$ 11,567,514.61	-R$ 10,668,127.92	-R$ 9,719,274.95	-R$ 8,718,235.07	-R$ 7,662,138.00	-R$ 6,547,955.59	R$ 2,547,506.85	R$ 3,787,619.73	R$ 25,095,938.81	R$ 26,476,215.45	R$ 27,932,407.30	R$ 29,468,689.70	R$ 31,089,467.63	R$ 32,799,388.35	R$ 34,603,354.71	R$ 36,506,539.22
	VPL	-14,439,101.36
	TIR	7%	Avaliação: O projeto é inviável porque o VPL<0 e a TIR<custo de oportunidade
	Curva do VPL:	Taxa	VPL
	-10%	R$ 1,172,310,723.70
	-9%	R$ 960,654,204.52
	-8%	R$ 786,862,452.12
	-7%	R$ 643,855,609.85
	-6%	R$ 525,941,295.99
	-5%	R$ 428,530,247.07
	-4%	R$ 347,912,721.14
	-3%	R$ 281,082,164.99
	-2%	R$ 225,595,757.32
	-1%	R$ 179,463,807.34
	0%	R$ 141,061,797.74
	1%	R$ 109,060,248.13
	2%	R$ 82,368,641.02
	3%	R$ 60,090,475.47
	4%	R$ 41,487,148.98
	5%	R$ 25,948,861.82
	6%	R$ 12,971,121.64
	7%	R$ 2,135,725.17
	8%	-R$ 6,904,671.70
	9%	-R$ 14,439,101.36
	10%	-R$ 20,708,510.46
	11%	-R$ 25,914,112.47
	12%	-R$ 30,224,224.35
	13%	-R$ 33,779,874.51
	14%	-R$ 36,699,412.18
	15%	-R$ 39,082,303.63
Questão 2
	Dados do investimento:
	Custo do investimento	R$ 200,000,000.00
	Redução de Custos (receita)	R$ 20,000,000.00
	Custo Oportunidade:	11%
	Taxa de juros	6.5%
	Taxa (reajuste da receita):	6.0%
	Depreciação do Equipamento (anos):	* 10.00
	Periodo de avaliacao do projeto:	* 30.00
	Imposto de Renda:	34%
	Num.Periodos (anos):	15
	Prestacao anual Fixa:	-R$ 21,270,556.59
	Anos	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042
	Capex (Investimento)	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59	-R$ 21,270,556.59
	Receita	R$ 20,000,000.00	R$ 21,200,000.00	R$ 22,472,000.00	R$ 23,820,320.00	R$ 25,249,539.20	R$ 26,764,511.55	R$ 28,370,382.25	R$ 30,072,605.18	R$ 31,876,961.49	R$ 33,789,579.18	R$ 35,816,953.93	R$ 37,965,971.17	R$ 40,243,929.44	R$ 42,658,565.20	R$ 45,218,079.12	R$ 47,931,163.86	R$ 50,807,033.69	R$ 53,855,455.72	R$ 57,086,783.06	R$ 60,511,990.04	R$ 64,142,709.44	R$ 67,991,272.01	R$ 72,070,748.33	R$ 76,394,993.23	R$ 80,978,692.83	R$ 85,837,414.39	R$ 90,987,659.26	R$ 96,446,918.81	R$ 102,233,733.94	R$ 108,367,757.98
	Depreciação	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00
	Imposto de Renda	-R$ 6,800,000.00	-R$ 7,208,000.00	-R$ 7,640,480.00	-R$ 8,098,908.80	-R$ 8,584,843.33	-R$ 9,099,933.93	-R$ 9,645,929.96	-R$ 10,224,685.76	-R$ 10,838,166.91	-R$ 11,488,456.92	-R$ 12,177,764.34	-R$ 12,908,430.20	-R$ 13,682,936.01	-R$ 14,503,912.17	-R$ 15,374,146.90	-R$ 16,296,595.71	-R$ 17,274,391.46	-R$ 18,310,854.94	-R$ 19,409,506.24	-R$ 20,574,076.61	-R$ 21,808,521.21	-R$ 23,117,032.48	-R$ 24,504,054.43	-R$ 25,974,297.70	-R$ 27,532,755.56	-R$ 29,184,720.89	-R$ 30,935,804.15	-R$ 32,791,952.40	-R$ 34,759,469.54	-R$ 36,845,037.71
	Benefício Fiscal	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00
	Total	-R$ 21,270,556.59	-R$ 20,478,556.59	-R$ 19,639,036.59	-R$ 18,749,145.39	-R$ 17,805,860.72	-R$ 16,805,978.97	-R$ 15,746,104.31	-R$ 14,622,637.17	-R$ 13,431,762.01	-R$ 12,169,434.33	R$ 2,368,633.00	R$ 3,786,984.38	R$ 5,290,436.84	R$ 6,884,096.44	R$ 8,573,375.62	R$ 31,634,568.15	R$ 33,532,642.24	R$ 35,544,600.77	R$ 37,677,276.82	R$ 39,937,913.43	R$ 42,334,188.23	R$ 44,874,239.53	R$ 47,566,693.90	R$ 50,420,695.53	R$ 53,445,937.26	R$ 56,652,693.50	R$ 60,051,855.11	R$ 63,654,966.42	R$ 67,474,264.40	R$ 71,522,720.27
	Payback	10.00
	VPL	-36,549,098.08
	TIR	10%
	Curva do VPL:	Taxa	VPL
	-10%	R$ 9,025,462,753.95
	-9%	R$ 6,829,272,028.52
	-8%	R$ 5,184,013,828.06
	-7%	R$ 3,945,988,412.08
	-6%	R$ 3,010,347,871.59
	-5%	R$ 2,300,245,060.45
	-4%	R$ 1,759,104,048.30
	-3%	R$ 1,345,089,426.63
	-2%	R$ 1,027,131,468.83
	-1%	R$ 782,057,030.57
	0%	R$ 592,509,709.15
	1%	R$ 445,435,771.66
	2%	R$ 330,977,355.15
	3%	R$ 241,660,060.55
	4%	R$ 171,794,218.19
	5%	R$ 117,031,861.86
	6%	R$ 74,037,623.73
	7%	R$ 40,243,304.22
	8%	R$ 13,664,138.82
	9%	-R$ 7,239,269.12
	10%	-R$ 23,665,088.14
	11%	-R$ 36,549,098.08
	12%	-R$ 46,624,593.12
	13%	-R$ 54,468,060.47
	14%	-R$ 60,534,135.65
	15%	-R$ 65,182,445.38
	Avaliação: o projeto é inviável porque o VPL<0 e a TIR<custo de oportunidade
Questão 3.1
	Dados do investimento:
	Custo do investimento	R$ 160,000,000.00
	Redução de Custos (receita)	R$ 20,000,000.00
	Custo Oportunidade:	11%
	Taxa de juros	6.5%
	Taxa (reajuste da receita):	6.0%
	Depreciação do Equipamento (anos):	* 10.00
	Periodo de avaliacao do projeto:	* 30.00
	Imposto de Renda:	34%
	Num.Periodos (anos):	20
	Prestacao anual Fixa (12 anos):	-R$ 14,521,023.26
	Anos	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031
2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042
	Capex (Investimento)	-R$ 54,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-R$ 14,521,023.26	-14521023.257328723	-14521023.257328723	-14521023.257328723	-14521023.257328723	-14521023.257328723
	Receita	R$ 20,000,000.00	R$ 21,200,000.00	R$ 22,472,000.00	R$ 23,820,320.00	R$ 25,249,539.20	R$ 26,764,511.55	R$ 28,370,382.25	R$ 30,072,605.18	R$ 31,876,961.49	R$ 33,789,579.18	R$ 35,816,953.93	R$ 37,965,971.17	R$ 40,243,929.44	R$ 42,658,565.20	R$ 45,218,079.12	R$ 47,931,163.86	R$ 50,807,033.69	R$ 53,855,455.72	R$ 57,086,783.06	R$ 60,511,990.04	R$ 64,142,709.44	R$ 67,991,272.01	R$ 72,070,748.33	R$ 76,394,993.23	R$ 80,978,692.83	R$ 85,837,414.39	R$ 90,987,659.26	R$ 96,446,918.81	R$ 102,233,733.94	R$ 108,367,757.98
	Depreciação	-R$ 16,000,000.00	-R$ 16,000,000.00	-R$ 16,000,000.00	-R$ 16,000,000.00	-R$ 16,000,000.00	-R$ 16,000,000.00	-R$ 16,000,000.00	-R$ 16,000,000.00	-R$ 16,000,000.00	-R$ 16,000,000.00
	Imposto de Renda	-R$ 6,800,000.00	-R$ 7,208,000.00	-R$ 7,640,480.00	-R$ 8,098,908.80	-R$ 8,584,843.33	-R$ 9,099,933.93	-R$ 9,645,929.96	-R$ 10,224,685.76	-R$ 10,838,166.91	-R$ 11,488,456.92	-R$ 12,177,764.34	-R$ 12,908,430.20	-R$ 13,682,936.01	-R$ 14,503,912.17	-R$ 15,374,146.90	-R$ 16,296,595.71	-R$ 17,274,391.46	-R$ 18,310,854.94	-R$ 19,409,506.24	-R$ 20,574,076.61	-R$ 21,808,521.21	-R$ 23,117,032.48	-R$ 24,504,054.43	-R$ 25,974,297.70	-R$ 27,532,755.56	-R$ 29,184,720.89	-R$ 30,935,804.15	-R$ 32,791,952.40	-R$ 34,759,469.54	-R$ 36,845,037.71
	Benefício Fiscal	R$ 5,440,000.00	R$ 5,440,000.00	R$ 5,440,000.00	R$ 5,440,000.00	R$ 5,440,000.00	R$ 5,440,000.00	R$ 5,440,000.00	R$ 5,440,000.00	R$ 5,440,000.00	R$ 5,440,000.00
	Total	-R$ 51,881,023.26	-R$ 11,089,023.26	-R$ 10,249,503.26	-R$ 9,359,612.06	-R$ 8,416,327.39	-R$ 7,416,445.63	-R$ 6,356,570.98	-R$ 5,233,103.84	-R$ 4,042,228.67	-R$ 2,779,901.00	R$ 9,118,166.34	R$ 10,536,517.71	R$ 12,039,970.17	R$ 13,633,629.78	R$ 15,322,908.96	R$ 17,113,544.89	R$ 19,011,618.98	R$ 21,023,577.51	R$ 23,156,253.56	R$ 25,416,890.17	R$ 42,334,188.23	R$ 44,874,239.53	R$ 47,566,693.90	R$ 50,420,695.53	R$ 53,445,937.26	R$ 56,652,693.50	R$ 60,051,855.11	R$ 63,654,966.42	R$ 67,474,264.40	R$ 71,522,720.27
	VPL	-17,868,173.32
	TIR	10%
	Curva do VPL:	Taxa	VPL
	-10%	R$ 8,823,934,346.69
	-9%	R$ 6,679,701,071.81
	-8%	R$ 5,075,331,400.85
	-7%	R$ 3,869,403,469.05
	-6%	R$ 2,958,872,485.72
	-5%	R$ 2,268,321,197.21
	-4%	R$ 1,742,309,500.05
	-3%	R$ 1,339,905,619.30
	-2%	R$ 1,030,759,745.69
	-1%	R$ 792,273,006.88
	0%	R$ 607,547,592.89
	1%	R$ 463,896,322.88
	2%	R$ 351,754,531.48
	3%	R$ 263,882,464.47
	4%	R$ 194,778,291.58
	5%	R$ 140,244,421.45
	6%	R$ 97,065,837.24
	7%	R$ 62,770,603.51
	8%	R$ 35,450,878.21
	9%	R$ 13,628,643.63
	10%	-R$ 3,845,388.67
	11%	-R$ 17,868,173.32
	12%	-R$ 29,142,270.01
	13%	-R$ 38,219,941.74
	14%	-R$ 45,536,837.19
	15%	-R$ 51,437,807.33
Questão 3.2
	Dados do investimento:
	Custo do investimento	R$ 200,000,000.00
	Redução de Custos (receita)	R$ 20,000,000.00
	Custo Oportunidade:	11%
	Taxa de juros	6.5%
	Taxa (reajuste da receita):	6.0%
	Depreciação do Equipamento (anos):	* 10.00
	Periodo de avaliacao do projeto:	* 30.00
	Imposto de Renda:	34%
	Num.Periodos (anos):	15
	Data 	Prestação	Juros	Amortização	Dívida
	0	200,000,000.00
	1	26,333,333.33	13,000,000.00	13,333,333.33	186,666,666.67
	2	25,466,666.67	12,133,333.33	13,333,333.33	173,333,333.33
	3	24,600,000.00	11,266,666.67	13,333,333.33	160,000,000.00
	4	23,733,333.33	10,400,000.00	13,333,333.33	146,666,666.67
	5	22,866,666.67	9,533,333.33	13,333,333.33	133,333,333.33
	6	22,000,000.00	8,666,666.67	13,333,333.33	120,000,000.00
	7	21,133,333.33	7,800,000.00	13,333,333.33	106,666,666.67
	8	20,266,666.67	6,933,333.33	13,333,333.33	93,333,333.33
	9	19,400,000.00	6,066,666.67	13,333,333.33	80,000,000.00
	10	18,533,333.33	5,200,000.00	13,333,333.33	66,666,666.67
	11	17,666,666.67	4,333,333.33	13,333,333.33	53,333,333.33
	12	16,800,000.00	3,466,666.67	13,333,333.33	40,000,000.00
	13	15,933,333.33	2,600,000.00	13,333,333.33	26,666,666.67
	14	15,066,666.67	1,733,333.33	13,333,333.33	13,333,333.33
	15	14,200,000.00	866,666.67	13,333,333.33	-0.00
	-1
	Anos	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042
	Capex (Investimento)	-26,333,333.33	-25,466,666.67	-24,600,000.00	-23,733,333.33	-22,866,666.67	-22,000,000.00	-21,133,333.33	-20,266,666.67	-19,400,000.00	-18,533,333.33	-17,666,666.67	-16,800,000.00	-15,933,333.33	-15,066,666.67	-14,200,000.00
	Receita	R$ 20,000,000.00	R$ 21,200,000.00	R$ 22,472,000.00	R$ 23,820,320.00	R$ 25,249,539.20	R$ 26,764,511.55	R$ 28,370,382.25	R$ 30,072,605.18	R$ 31,876,961.49	R$ 33,789,579.18	R$ 35,816,953.93	R$ 37,965,971.17	R$ 40,243,929.44	R$ 42,658,565.20	R$ 45,218,079.12	R$ 47,931,163.86	R$ 50,807,033.69	R$ 53,855,455.72	R$ 57,086,783.06	R$ 60,511,990.04	R$ 64,142,709.44	R$ 67,991,272.01	R$ 72,070,748.33	R$ 76,394,993.23	R$ 80,978,692.83	R$ 85,837,414.39	R$ 90,987,659.26	R$ 96,446,918.81	R$ 102,233,733.94	R$ 108,367,757.98
	Depreciação	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00	-R$ 20,000,000.00
	Imposto de Renda	-R$ 6,800,000.00	-R$ 7,208,000.00	-R$ 7,640,480.00	-R$ 8,098,908.80	-R$ 8,584,843.33	-R$ 9,099,933.93	-R$ 9,645,929.96	-R$ 10,224,685.76	-R$ 10,838,166.91	-R$ 11,488,456.92	-R$ 12,177,764.34	-R$ 12,908,430.20	-R$ 13,682,936.01	-R$ 14,503,912.17	-R$ 15,374,146.90	-R$ 16,296,595.71	-R$ 17,274,391.46	-R$ 18,310,854.94	-R$ 19,409,506.24	-R$ 20,574,076.61	-R$ 21,808,521.21	-R$ 23,117,032.48	-R$ 24,504,054.43	-R$ 25,974,297.70	-R$ 27,532,755.56	-R$ 29,184,720.89	-R$ 30,935,804.15	-R$ 32,791,952.40	-R$ 34,759,469.54	-R$ 36,845,037.71
	Benefício Fiscal	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00	R$ 6,800,000.00
	Total	-R$ 26,333,333.33	-R$ 24,674,666.67	-R$ 22,968,480.00	-R$ 21,211,922.13	-R$ 19,401,970.79	-R$ 17,535,422.38	-R$ 15,608,881.05	-R$ 13,618,747.25	-R$ 11,561,205.42	-R$ 9,432,211.07	R$ 5,972,522.93	R$ 8,257,540.97	R$ 10,627,660.09	R$ 13,087,986.37	R$ 15,643,932.22	R$ 31,634,568.15	R$ 33,532,642.24	R$ 35,544,600.77	R$ 37,677,276.82	R$ 39,937,913.43	R$ 42,334,188.23	R$ 44,874,239.53	R$ 47,566,693.90	R$ 50,420,695.53	R$ 53,445,937.26	R$ 56,652,693.50	R$ 60,051,855.11	R$ 63,654,966.42	R$ 67,474,264.40	R$ 71,522,720.27
	TIR	9%
	VPL	-R$ 41,489,646.89
	Avaliação: O projeto é inviável,pois o VPL<0 e a TIR<Custo de oportunidade
Questão 3.3
	As condições mínimas de financiamento seriam o VPL>0 ou a TIR>Custo de oportunidade. Porém em nenhum dos casos essas condições aconteceram, inviabilizando o projeto.
Questão 4
	Uma industria precisa adquirir um equipamento por um valor de 70 milhões de reais a fim de obter melhor resultado produtivo.
	A aquisição do equipamento trará potencial de redução de custos da ordem de 10 milhões de reais ano.
	Para fazer o negocio a industria obteve um emprestimo do valor do ativo. O pagamento do emprestimo será em 5 parcelas anuais fixas no valor de 20 milhões.
	Considerando que o equipamento tem uma vida útil
de 10 anos, avaliar se o negócio é viável considerando:
	- Valor do Ativo	70,000,000.00
	-Receita Anual	10,000,000.00
	- Custo de Oportunidade (% aa)	8%
	- Inflação prevista em % aa (utilizar no reajuste do ganho)	5%
	- Depreciação em anos	10
	- Aliquota de IR % aa	25%
	- Período	15 anos
	EVTE - Estudo de Viabilidade Tecnico e Economica
	Anos	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027
	Capex (Investimento)	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00	-20,000,000.00
	Receita	10,000,000.00	10,500,000.00	11,025,000.00	11,576,250.00	12,155,062.50	12,762,815.63	13,400,956.41	14,071,004.23	14,774,554.44	15,513,282.16	16,288,946.27	17,103,393.58	17,958,563.26	18,856,491.42	19,799,315.99
	Depreciação	-7,000,000.00	-7,000,000.00	-7,000,000.00	-7,000,000.00	-7,000,000.00	-7,000,000.00	-7,000,000.00	-7,000,000.00	-7,000,000.00	-7,000,000.00
	Imposto de Renda	-3,400,000.00	-3,570,000.00	-3,748,500.00	-3,935,925.00	-4,132,721.25	-4,339,357.31	-4,556,325.18	-4,784,141.44	-5,023,348.51	-5,274,515.93	-5,538,241.73	-5,815,153.82	-6,105,911.51	-6,411,207.08	-6,731,767.44
	Benefício Fiscal	2,380,000.00	2,380,000.00	2,380,000.00	2,380,000.00	2,380,000.00	2,380,000.00	2,380,000.00	2,380,000.00	2,380,000.00	2,380,000.00
	Total (saldo)	-18,020,000.00	-17,690,000.00	-17,343,500.00	-16,979,675.00	-16,597,658.75	3,803,458.31	4,224,631.23	4,666,862.79	5,131,205.93	5,618,766.23	10,750,704.54	11,288,239.76	11,852,651.75	12,445,284.34	13,067,548.56
	VPL	-37,837,850.58
	TIR	-0.51%
	Fazendo o Grafico do VPL
	Taxa	VPL
	-15.00%	390,617,541.45
	-14.50%	358,339,006.27
	-14.00%	328,517,661.07
	-13.50%	300,954,164.47
	-13.00%	275,466,489.70
	-12.50%	251,888,321.74
	-12.00%	230,067,611.79
	-11.50%	209,865,272.73
	-11.00%	191,154,001.09
	-10.50%	173,817,212.59
	-10.00%	157,748,079.65
	-9.50%	142,848,660.63
	-9.00%	129,029,111.46
	-8.50%	116,206,971.54
	-8.00%	104,306,516.46
	-7.50%	93,258,170.94
	-7.00%	82,997,976.09
	-6.50%	73,467,105.63
	-6.00%	64,611,426.45
	-5.50%	56,381,099.01
	-5.00%	48,730,213.93
	-4.50%	41,616,461.26
	-4.00%	35,000,829.28
	-3.50%	28,847,330.09
	-3.00%	23,122,749.48
	-2.50%	17,796,418.73
	-2.00%	12,840,006.41
	-1.50%	8,227,328.27
	-1.00%	3,934,173.53
	-0.50%	-61,853.84
	0.00%	-3,781,480.32
	0.50%	-7,243,895.63
	1.00%	-10,466,874.37
	1.50%	-13,466,887.35
	2.00%	-16,259,203.64
	2.50%	-18,857,984.11
	3.00%	-21,276,367.25
	3.50%	-23,526,547.93
	4.00%	-25,619,849.62
	4.50%	-27,566,790.86
	5.00%	-29,377,146.22
	5.50%	-31,060,002.46
	6.00%	-32,623,810.06
	6.50%	-34,076,430.72
	7.00%	-35,425,181.09
	7.50%	-36,676,873.00
	8.00%	-37,837,850.58
	8.50%	-38,914,024.43
	9.00%	-39,910,903.14
	9.50%	-40,833,622.42
	10.00%	-41,686,971.95
	10.50%	-42,475,420.14
	11.00%	-43,203,137.05
	11.50%	-43,874,015.58
	12.00%	-44,491,691.02
	12.50%	-45,059,559.15
	13.00%	-45,580,792.97
	13.50%	-46,058,358.24
	14.00%	-46,495,027.82
	14.50%	-46,893,394.93
	15.00%	-47,255,885.52
	15.50%	-47,584,769.68
	16.00%	-47,882,172.21
	16.50%	-48,150,082.48
	17.00%	-48,390,363.52
	17.50%	-48,604,760.53
	18.00%	-48,794,908.68
	18.50%	-48,962,340.49
	19.00%	-49,108,492.56
	19.50%	-49,234,711.95
	20.00%	-49,342,261.97
	20.50%	-49,432,327.70
	21.00%	-49,506,021.09
	21.50%	-49,564,385.63
	22.00%	-49,608,400.82
	22.50%	-49,638,986.23
	23.00%	-49,657,005.38
	23.50%	-49,663,269.25
	24.00%	-49,658,539.68
	24.50%	-49,643,532.38
	25.00%	-49,618,919.92
	25.50%	-49,585,334.38
	26.00%	-49,543,369.88
	26.50%	-49,493,584.96
	27.00%	-49,436,504.77