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Série 9 MAT. FIN. SOLUCOES EXERCICIOS
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Série 09 (Ex.01) Ano Fluxos Projeto A ($) "Pay-back" VPLA "Pay-back" descontado A Fluxos Projeto B ($) "Pay-back" VPLB "Pay-back" descontado A TMA 0 -100,000 -100,000 0 -100,000 -100,000 -100,000 0 -100,000 10% 1 40,000 -60,000 36,364 -63,636 30,000 -70,000 27,273 -72,727 2 30,000 -30,000 24,793 -38,843 40,000 -30,000 33,058 -39,669 3 30,000 0 22,539 -16,304 30,000 0 22,539 -17,130 4 20,000 20,000 13,660 -2,643 30,000 30,000 20,490 3,360 5 20,000 40,000 12,418 9,775 20,000 50,000 12,418 6 20,000 60,000 11,289 10,000 60,000 5,645 7 20,000 80,000 10,263 10,000 70,000 5,132 8 20,000 100,000 9,330 10,000 80,000 4,665 9 20,000 120,000 8,482 10,000 90,000 4,241 10 20,000 140,000 7,711 10,000 100,000 3,855 VPLA 56,851 VPLB 39,317 R.: O método do “pay-back” não leva em conta o valor do dinheiro no tempo e considera indiferente a distribuição dos fluxos de caixa no. Além disto, despreza os fluxos de caixa que ocorrem após o tempo de retorno do investimento. O método do “pay-back” descontado, embora leve em conta o valor do dinheiro no tempo no prazo de retorno do investimento, também despreza o efeito dos fluxos de caixa que ocorrem após o tempo de retorno do investimento. O método do VPL é mais adequado e preciso pois considera o valor do dinheiro no tempo e absorve os efeitos dos fluxos de caixa de todo o horizonte de tempo dos projetos. Série 09 (Ex.02) Taxa de Atratividade (TMA) = 8% ao ano Alternativa A Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (200,000.00) 0.0 0.0 * (200,000.00) 1 0.0 * 40,000.00 0.0 * 40,000.00 VPLA = * 68,403.26 2 0.0 * 40,000.00 0.0 * 40,000.00 3 0.0 * 40,000.00 0.0 * 40,000.00 4 0.0 * 40,000.00 0.0 * 40,000.00 5 0.0 * 40,000.00 0.0 * 40,000.00 6 0.0 * 40,000.00 0.0 * 40,000.00 7 0.0 * 40,000.00 0.0 * 40,000.00 8 0.0 * 40,000.00 0.0 * 40,000.00 9 0.0 * 40,000.00 0.0 * 40,000.00 10 0.0 * 40,000.00 0.0 * 40,000.00 Alternativa B Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (700,000.00) 0.0 * 100,000.00 * (600,000.00) 1 0.0 * 94,000.00 0.0 * 94,000.00 2 0.0 * 94,000.00 0.0 * 94,000.00 3 0.0 * 94,000.00 0.0 * 94,000.00 4 0.0 * 94,000.00 0.0 * 94,000.00 5 0.0 * 94,000.00 0.0 * 94,000.00 VPLB = * 129,917.38 6 0.0 * 94,000.00 0.0 * 94,000.00 7 0.0 * 94,000.00 0.0 * 94,000.00 8 0.0 * 94,000.00 0.0 * 94,000.00 9 0.0 * 94,000.00 0.0 * 94,000.00 10 0.0 * 94,000.00 * 214,100.00 * 308,100.00 Conclusões: 1) Os dois projetos são viáveis pois VPLA > 0 e VPLB > 0 2) O projeto B deve ser escolhido pois VPLB > VPLA Série 09 (Ex.03 e 05) Taxa de Atratividade (TMA) = 9% ao ano Alternativa A Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (120,000.00) 0.0 0.0 * (120,000.00) 1 0.0 * 20,000.00 0.0 * 20,000.00 VPLA = * (9,303.62) 2 0.0 * 20,000.00 0.0 * 20,000.00 3 0.0 * 20,000.00 0.0 * 20,000.00 4 0.0 * 20,000.00 0.0 * 20,000.00 TIRA = 6.88% 5 0.0 * 20,000.00 0.0 * 20,000.00 6 0.0 * 20,000.00 0.0 * 20,000.00 7 0.0 * 20,000.00 0.0 * 20,000.00 8 0.0 * 20,000.00 0.0 * 20,000.00 9 0.0 0.0 0.0 0.0 10 0.0 0.0 0.0 0.0 Alternativa B Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (140,000.00) 0.0 0.0 * (140,000.00) 1 0.0 * 24,000.00 0.0 * 24,000.00 2 0.0 * 24,000.00 0.0 * 24,000.00 3 0.0 * 24,000.00 0.0 * 24,000.00 4 0.0 * 24,000.00 0.0 * 24,000.00 5 0.0 * 24,000.00 0.0 * 24,000.00 VPLB = * (7,164.34) 6 0.0 * 24,000.00 0.0 * 24,000.00 7 0.0 * 24,000.00 0.0 * 24,000.00 8 0.0 * 24,000.00 0.0 * 24,000.00 TIRB = 7.61% 9 0.0 0.0 0.0 0.0 10 0.0 0.0 0.0 0.0 Conclusões: 1) Os dois projetos são inviáveis e devem ser desprezados pois: VPLA < 0 e VPLB < 0 e também TIRA < TMA e TIRB < TMA Série 09 (Ex.04 e 06) Taxa de Atratividade (TMA) = 15% ao ano Alternativa A Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (840,000.00) 0.0 0.0 * (840,000.00) 1 0.0 * 138,000.00 0.0 * 138,000.00 VPLA = * 30,563.06 2 0.0 * 138,000.00 0.0 * 138,000.00 3 0.0 * 138,000.00 0.0 * 138,000.00 4 0.0 * 138,000.00 0.0 * 138,000.00 TIRA = 15.75% 5 0.0 * 138,000.00 0.0 * 138,000.00 6 0.0 * 138,000.00 0.0 * 138,000.00 7 0.0 * 138,000.00 0.0 * 138,000.00 8 0.0 * 138,000.00 0.0 * 138,000.00 9 0.0 * 138,000.00 0.0 * 138,000.00 10 0.0 * 138,000.00 * 720,000.00 * 858,000.00 Alternativa B Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (1,020,000.00) 0.0 0.0 * (1,020,000.00) 1 0.0 * 168,000.00 0.0 * 168,000.00 VPLB = * 30,788.28 2 0.0 * 168,000.00 0.0 * 168,000.00 3 0.0 * 168,000.00 0.0 * 168,000.00 4 0.0 * 168,000.00 0.0 * 168,000.00 TIRB = 15.63% 5 0.0 * 168,000.00 0.0 * 168,000.00 6 0.0 * 168,000.00 0.0 * 168,000.00 7 0.0 * 168,000.00 0.0 * 168,000.00 8 0.0 * 168,000.00 0.0 * 168,000.00 9 0.0 * 168,000.00 0.0 * 168,000.00 10 0.0 * 168,000.00 * 840,000.00 * 1,008,000.00 Alternativa C Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (1,140,000.00) 0.0 0.0 * (1,140,000.00) 1 0.0 * 186,000.00 0.0 * 186,000.00 VPLC = * 23,372.74 2 0.0 * 186,000.00 0.0 * 186,000.00 3 0.0 * 186,000.00 0.0 * 186,000.00 4 0.0 * 186,000.00 0.0 * 186,000.00 TIRC = 15.43% 5 0.0 * 186,000.00 0.0 * 186,000.00 6 0.0 * 186,000.00 0.0 * 186,000.00 7 0.0 * 186,000.00 0.0 * 186,000.00 8 0.0 * 186,000.00 0.0 * 186,000.00 9 0.0 * 186,000.00 0.0 * 186,000.00 10 0.0 * 186,000.00 * 930,000.00 * 1,116,000.00 Alternativa D Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (1,320,000.00) 0.0 0.0 * (1,320,000.00) 1 0.0 * 216,000.00 0.0 * 216,000.00 VPLD = * 23,597.96 2 0.0 * 216,000.00 0.0 * 216,000.00 3 0.0 * 216,000.00 0.0 * 216,000.00 4 0.0 * 216,000.00 0.0 * 216,000.00 TIRD = 15.37% 5 0.0 * 216,000.00 0.0 * 216,000.00 6 0.0 * 216,000.00 0.0 * 216,000.00 7 0.0 * 216,000.00 0.0 * 216,000.00 8 0.0 * 216,000.00 0.0 * 216,000.00 9 0.0 * 216,000.00 0.0 * 216,000.00 10 0.0 * 216,000.00 * 1,050,000.00 * 1,266,000.00 Conclusões: 1) Todos projetos são viáveis pois apresentam VPL > 0 2) O projeto B deve ser escolhido pois apresenta o maior VPL 3) Todos projetos são viáveis pois apresentam VAUE > 0 4) O projeto B deve ser escolhido pois apresenta o maior VAUE Série 09 (Ex.06-compl.) Taxa de Atratividade (TMA) = 15% ao ano Investimento incremental (A para B) Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (180,000.00) 0.0 0.0 * (180,000.00) 1 0.0 * 30,000.00 0.0 * 30,000.00 TIRB-A = 15.03% 2 0.0 * 30,000.00 0.0 * 30,000.00 3 0.0 * 30,000.00 0.0 * 30,000.00 B é melhor que A 4 0.0 * 30,000.00 0.0 * 30,000.00 A é desprezada 5 0.0 * 30,000.00 0.0 * 30,000.00 6 0.0 * 30,000.00 0.0 * 30,000.00 7 0.0 * 30,000.00 0.0 * 30,000.00 8 0.0 * 30,000.00 0.0 * 30,000.00 9 0.0 * 30,000.00 0.0 * 30,000.00 10 0.0 * 30,000.00 * 120,000.00 * 150,000.00 Investimento incremental (B para C) Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (120,000.00) 0.0 0.0 * (120,000.00) 1 0.0 * 18,000.00 0.0 * 18,000.00 TIRC-B = 13.69% 2 0.0 * 18,000.00 0.0 * 18,000.00 3 0.0 * 18,000.00 0.0 * 18,000.00 B é melhor que C 4 0.0 * 18,000.00 0.0 * 18,000.00 C é desprezada 5 0.0 * 18,000.00 0.0 * 18,000.00 6 0.0 * 18,000.00 0.0 * 18,000.00 7 0.0 * 18,000.00 0.0 * 18,000.00 8 0.0 * 18,000.00 0.0 * 18,000.00 9 0.0 * 18,000.00 0.0 * 18,000.00 10 0.0 * 18,000.00 * 90,000.00 * 108,000.00 Investimento incremental (B para D) Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (300,000.00) 0.0 0.0 * (300,000.00) 1 0.0 * 48,000.00 0.0 * 48,000.00 TIRD-B = 14.48% 2 0.0 * 48,000.00 0.0 * 48,000.00 3 0.0 * 48,000.00 0.0 * 48,000.00 B é melhor que D 4 0.0 * 48,000.00 0.0 * 48,000.00 D é desprezada 5 0.0 * 48,000.00 0.0 * 48,000.00 6 0.0 * 48,000.00 0.0 * 48,000.00 7 0.0 * 48,000.00 0.0 * 48,000.00 8 0.0 * 48,000.00 0.0 * 48,000.00 9 0.0 * 48,000.00 0.0 * 48,000.00 10 0.0 * 48,000.00 * 210,000.00 * 258,000.00 Conclusões: 1) Todos projetos são viáveis pois apresentam TIR > TMA 2) O projeto B deve ser escolhido pois os investimentos adicionais que seriam necessários nos projetos C e D gerariam uma TIR inferior À TMA e, portanto, não se justificariam VPLA VPLB VPLC VPLD Taxa * 34,766 * 35,826 * 28,950 * 30,010 14.90% * 32,871 * 33,554 * 26,435 * 27,119 14.95% * 30,982 * 31,290 * 23,929 * 24,237 14.99% * 29,099 * 29,034 * 21,430 * 21,365 15.04% * 27,223 * 26,785 * 18,940 * 18,502 15.08% * 25,353 * 24,543 * 16,459 * 15,649 15.13% * 23,489 * 22,309 * 13,985 * 12,805 15.17% * 21,632 * 20,082 * 11,520 * 9,970 15.22% * 19,780 * 17,863 * 9,062 * 7,145 15.26% * 17,935 * 15,651 * 6,613 * 4,329 15.31% * 16,096 * 13,446 * 4,172 * 1,523 15.35% * 14,263 * 11,248 * 1,739 * (1,275) 15.40% * 12,436 * 9,058 * (686) * (4,063) 15.44% * 10,615 * 6,875 * (3,102) * (6,842) 15.49% * 8,800 * 4,699 * (5,511) * (9,612) 15.53% * 6,991 * 2,531 * (7,912) * (12,372) 15.58% * 5,188 * 369 * (10,306) * (15,124) 15.62% * 3,391 * (1,785) * (12,691) * (17,867) 15.67% * 1,600 * (3,933) * (15,068) * (20,601) 15.71% * (186) * (6,073) * (17,438) * (23,325) 15.76% 0.04% Série 09 (Ex.07) Taxa de Atratividade (TMA) = 10% ao ano Alternativa A Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (700,000.00) 0.0 0.0 * (700,000.00) 1 0.0 * 140,000.00 0.0 * 140,000.00 VPLA = * 193,540.93 2 0.0 * 140,000.00 0.0 * 140,000.00 3 0.0 * 140,000.00 0.0 * 140,000.00 4 0.0 * 140,000.00 0.0 * 140,000.00 TIRA = 15.67% 5 0.0 * 100,000.00 0.0 * 100,000.00 6 0.0 * 100,000.00 0.0 * 100,000.00 7 0.0 * 100,000.00 0.0 * 100,000.00 8 0.0 * 100,000.00 0.0 * 100,000.00 9 0.0 * 100,000.00 * 450,000.00 * 550,000.00 Alternativa B Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (1,200,000.00) 0.0 0.0 * (1,200,000.00) 1 0.0 * 280,000.00 0.0 * 280,000.00 2 0.0 * 280,000.00 0.0 * 280,000.00 3 0.0 * 280,000.00 0.0 * 280,000.00 4 0.0 * 280,000.00 0.0 * 280,000.00 5 0.0 * 140,000.00 0.0 * 140,000.00 VPLB = * 211,201.59 6 0.0 * 140,000.00 0.0 * 140,000.00 7 0.0 * 140,000.00 0.0 * 140,000.00 8 0.0 * 140,000.00 0.0 * 140,000.00 TIRB = 14.41% 9 0.0 * 140,000.00 * 380,000.00 * 520,000.00 Fluxo incremental (B-A) Data Investimentos Reduções de custo Valor da venda Fluxo Total 0 * (500,000.00) 0.0 0.0 * (500,000.00) 1 0.0 * 140,000.00 0.0 * 140,000.00 2 0.0 * 140,000.00 0.0 * 140,000.00 3 0.0 * 140,000.00 0.0 * 140,000.00 4 0.0 * 140,000.00 0.0 * 140,000.00 5 0.0 * 40,000.00 0.0 * 40,000.00 VPLB-A = * 17,660.66 6 0.0 * 40,000.00 0.0 * 40,000.00 7 0.0 * 40,000.00 0.0 * 40,000.00 8 0.0 * 40,000.00 0.0 * 40,000.00 TIRB-A = 11.34% 9 0.0 * 40,000.00 * (70,000.00) * (30,000.00) Conclusões pelo Método VPL 1) Os dois projetos são viáveis pois apresentam VPL > 0 2) O projeto B deve ser escolhido pois apresenta o maior VPL Conclusões pelo Método TIR 1) Os dois projetos são viáveis pois apresentam TIR > 10% 2) Embora a TIR do projeto A seja maior que a TIR do projeto B, deve-se calcular a TIR do investimento incremental de A para B 3) Como a TIR do investimento incremental é maior que 10%, vale a pena fazer este investimento e, portanto, a alternativa B deve ser a escolhida VPL x Taxa de Oportunidade VPLA VPLB Taxa * 236,306 * 267,858 9.0% * 218,830 * 244,752 9.4% * 201,850 * 222,241 9.8% * 185,349 * 200,304 10.2% * 169,311 * 178,923 10.6% * 153,719 * 158,080 11.0% * 138,558 * 137,759 11.4% * 123,814 * 117,941 11.8% * 109,472 * 98,611 12.2% * 95,519 * 79,754 12.6% * 81,943 * 61,354 13.0% * 68,729 * 43,398 13.4% * 55,867 * 25,871 13.8% * 43,345 * 8,761 14.2% * 31,151 * (7,946) 14.6% * 19,276 * (24,262) 15.0% * 7,708 * (40,198) 15.4% * (3,563) * (55,767) 15.8% * (14,545) * (70,978) 16.2% * (25,249) * (85,844) 16.6% * (35,682) * (100,374) 17.0% 0.40% Série 09 (Ex.08) Taxa de Atratividade (TMA) = 15% ao ano a) Taxa Interna de Retorno (TIR) Data Investimentos Reduções de custo Fluxo Total 0 * (1,400,000.00) 0.0 * (1,400,000.00) 1 0.0 * 280,000.00 * 280,000.00 2 0.0 * 400,000.00 * 400,000.00 TIR = 16.78% 3 0.0 * 500,000.00 * 500,000.00 4 0.0 * 600,000.00 * 600,000.00 5 0.0 * 500,000.00 * 500,000.00 Taxa Reaplicação b) Taxa Interna de Retorno Modificada (TIRM) 16.78% João Domiraci Paccez: Item a = TIR Item b = 13% Item c = 11% Data Investimentos Reduções de custo Fluxo Total VF 0 * (1,400,000.00) 0.0 * (1,400,000.00) 1 0.0 * 280,000.00 * 280,000.00 520,678.44 2 0.0 * 400,000.00 * 400,000.00 636,969.54 VFL = 3,040,132.34 3 0.0 * 500,000.00 * 500,000.00 681,829.50 TIRM = 16.776% 4 0.0 * 600,000.00 * 600,000.00 700,654.86 0.167758106 5 0.0 * 500,000.00 * 500,000.00 500,000.00 c) Taxa Interna de Retorno Modificada (TIRM) Data Investimentos Reduções de custo Fluxo Total VF 0 * (1,400,000.00) 0.0 * (1,400,000.00) 1 0.0 * 280,000.00 * 280,000.00 258,263.08 2 0.0 * 400,000.00 * 400,000.00 376,476.80 VFL = 2,202,939.88 3 0.0 * 500,000.00 * 500,000.00 480,200.00 TIRM = 9.490% 4 0.0 * 600,000.00 * 600,000.00 588,000.00 0.0949011756 5 0.0 * 500,000.00 * 500,000.00 500,000.00 Conclusões: a) O projeto é viável pois apresenta TIR > 15% (16,78%a.a.) b) Com a taxa de reaplicação de 13%a.a., o projeto ainda é viável pois apresenta TIR > 15% (15,278%a.a.). Há, contudo, uma redução no retorno do projeto pois sua TIR original é superior à taxa de reaplicação da empresa. c) Com a taxa de reaplicação de 11%a.a., o projeto torna-se inviável pois apresenta TIR < 15% (14,491%a.a.). Série 09 (Ex.09) Taxa de Atratividade (TMA) = 15% ao ano a) Taxa Interna de Retorno (TIR) Data Investimentos Reduções de custo Fluxo Total 0 * (1,000,000.00) 0.0 * (1,000,000.00) 1 * (1,800,000.00) 0.0 * (1,800,000.00) 2 0.0 * 600,000.00 * 600,000.00 TIR = 16.065% 3 0.0 * 900,000.00 * 900,000.00 4 0.0 * 1,000,000.00 * 1,000,000.00 5 0.0 * 1,200,000.00 * 1,200,000.00 6 0.0 * 1,000,000.00 * 1,000,000.00 b) Taxa Interna de Retorno Modificada (TIRM) Data Investimentos Reduções de custo Fluxo Total VP ou VF 0 * (1,000,000.00) 0.0 * (1,000,000.00) 0.14 1 * (1,800,000.00) 0.0 * (1,800,000.00) * (1,578,947.37) 0.13 2 0.0 * 600,000.00 * 600,000.00 * 978,284.17 3 0.0 * 900,000.00 * 900,000.00 * 1,298,607.30 VPL = * (2,578,947.37) 4 0.0 * 1,000,000.00 * 1,000,000.00 * 1,276,900.00 VFL = 5,909,791.47 5 0.0 * 1,200,000.00 * 1,200,000.00 * 1,356,000.00 TIRM = 14.821% 6 0.0 * 1,000,000.00 * 1,000,000.00 * 1,000,000.00 0.1482107614 Conclusões: a) O projeto é, em princípio, viável, pois apresenta TIR > 15% (16,065%a.a.) b) Com a taxa de reaplicação de 13%a.a. e taxa de financiamento de 14%a.a. o projeto torna-se inviável pois apresenta TIR < 15% (14,821%a.a.). Série 09 (Ex.10) Taxa de Atratividade (TMA) = 12% ao ano Alternativa A Data Investimentos Custo operacional Valor da venda Fluxo Total 0 * (12,000.00) 0.0 0.0 * (12,000.00) 1 0.0 * (1,600.00) 0.0 * (1,600.00) VPLA = * (25,700.65) 2 0.0 * (1,600.00) 0.0 * (1,600.00) 3 0.0 * (1,600.00) 0.0 * (1,600.00) 4 0.0 * (1,600.00) 0.0 * (1,600.00) 5 0.0 * (1,600.00) 0.0 * (1,600.00) 6 * (12,000.00) * (1,600.00) * 3,000.00 * (10,600.00) 7 0.0 * (1,600.00) 0.0 * (1,600.00) 8 0.0 * (1,600.00) 0.0 * (1,600.00) 9 0.0 * (1,600.00) 0.0 * (1,600.00) 10 0.0 * (1,600.00) 0.0 * (1,600.00) 11 0.0 * (1,600.00) 0.0 * (1,600.00) 12 0.0 * (1,600.00) * 3,000.00 * 1,400.00 Alternativa B Data Investimentos Custo operacional Valor da venda Fluxo Total 0 * (20,000.00) 0.0 0.0 * (20,000.00) 1 0.0 * (900.00) 0.0 * (900.00) 2 0.0 * (900.00) 0.0 * (900.00) 3 0.0 * (900.00) 0.0 * (900.00) 4 0.0 * (900.00) 0.0 * (900.00) 5 0.0 * (900.00) 0.0 * (900.00) VPLB = * (25,061.59) 6 0.0 * (900.00) 0.0 * (900.00) 7 0.0 * (900.00) 0.0 * (900.00) 8 0.0 * (900.00) 0.0 * (900.00) 9 0.0 * (900.00) 0.0 * (900.00) 10 0.0 * (900.00) 0.0 * (900.00) 11 0.0 * (900.00) 0.0 * (900.00) 12 0.0 * (900.00) * 2,000.00 * 1,100.00 Conclusões: 1) Como os dois projetos têm vidas úteis diferentes, a análise deve considerar o mínimo múltiplo comum dos dois prazos. 2) Os projetos devem ser "repetidos" até que os prazos das duas alternativas se igualem. 3) Os dois projetos caracterizam-se pela geração de custos. Como VPLB < VPLA, a alternativa B deve ser escolhida pois gera menor custo que a alternativa A. Série 09 (Ex.11) Taxa de Atratividade (TMA) = 8% ao ano Departamento X Data Investimentos Benefícios Esperados Valor da venda Fluxo Total 0 * (500,000.00) 0.0 0.0 * (500,000.00) 1 0.0 * 78,000.00 0.0 * 78,000.00 VPLX = * 28,018.28 2 0.0 * 78,000.00 0.0 * 78,000.00 3 0.0 * 78,000.00 0.0 * 78,000.00 4 0.0 * 78,000.00 0.0 * 78,000.00 TIRX = 9.22% 5 0.0 * 78,000.00 0.0 * 78,000.00 6 0.0 * 78,000.00 0.0 * 78,000.00 7 0.0 * 78,000.00 0.0 * 78,000.00 8 0.0 * 78,000.00 0.0 * 78,000.00 9 0.0 * 78,000.00 0.0 * 78,000.00 10 0.0 * 78,000.00 * 10,000.00 * 88,000.00 Departamento Y Data Investimentos Benefícios Esperados Valor da venda Fluxo Total 0 * (300,000.00) 0.0 0.0 * (300,000.00) 1 0.0 * 50,000.00 0.0 * 50,000.00 2 0.0 * 50,000.00 0.0 * 50,000.00 3 0.0 * 50,000.00 0.0 * 50,000.00 4 0.0 * 50,000.00 0.0 * 50,000.00 5 0.0 * 50,000.00 0.0 * 50,000.00 VPLY = * 35,504.07 6 0.0 * 50,000.00 0.0 * 50,000.00 7 0.0 * 50,000.00 0.0 * 50,000.00 8 0.0 * 50,000.00 0.0 * 50,000.00 TIRY = 10.56% 9 0.0 * 50,000.00 0.0 * 50,000.00 10 0.0 * 50,000.00 0.0 * 50,000.00 Departamento Z Data Investimentos Benefícios Esperados Valor da venda Fluxo Total 0 * (600,000.00) 0.0 0.0 * (600,000.00) 1 0.0 * 104,000.00 0.0 * 104,000.00 2 0.0 * 104,000.00 0.0 * 104,000.00 3 0.0 * 104,000.00 0.0 * 104,000.00 4 0.0 * 104,000.00 0.0 * 104,000.00 5 0.0 * 104,000.00 0.0 * 104,000.00 VPLZ = * 97,848.47 6 0.0 * 104,000.00 0.0 * 104,000.00 7 0.0 * 104,000.00 0.0 * 104,000.00 8 0.0 * 104,000.00 0.0 * 104,000.00 TIRZ = 11.49% 9 0.0 * 104,000.00 0.0 * 104,000.00 10 0.0 * 104,000.00 0.0 * 104,000.00 Conclusões: 1) Todos projetos são viáveis pois apresentam VPL > 0 2) Os projetos X e Z devem ser implementados pois maximizam os resultados da empresa Série 09 (Ex.12) Variável Financiamento Leasing Valor da operação * 500,000.00 * 500,000.00 Taxa de juros (%a.a.) 10.00% 12.00% Taxa de juros (%a.m.) 0.797414% 0.948879% Prazo do projeto 10 10 Prazo da operação 7 9 Carência 2 0 Periodicidade Juros 6 0 Nº de parcelas 60 108 Entrada 30% 0% Valor das parcelas * 7,362.45 * 6,617.45 Taxa de Depreciação 10% 100% Alíquota de Impostos 25% 25% V.Residual (leasing) 0.0 30% Valor da venda 1% 1% Receitas do projeto 8,400.00 Opção: Financiamento (Fluxo de Caixa) Financiamento: Cálculos Financiamento: Apuração do Resultado Data Receitas (Reduções de Custo) Pagto. Entrada e Parcelas do Financiamento Recebimento do valor da venda Imposto de Renda Fluxo Total Data Amortização Juros do mês Pagamento Saldo Devedor Receitas Despesa de Juros Depreciação Resultado na venda Resultado antes IR (-) Imposto de Renda Resultado Líquido 0 0.0 * (150,000.00) 0.0 0.0 * (150,000.00) 0 0.0 0.0 0.0 * 350,000.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 * 8,400.00 0.0 0.0 0.0 * 8,400.00 1 * 2,790.95 * (2,790.95) 0.0 * 352,790.95 * 8,400.00 * (2,790.95) * (4,166.67) 0.0 * 1,442.38 * (360.60) * 1,081.79 2 * 8,400.00 0.0 0.0 * (360.60) * 8,039.40 2 * 2,813.20 * (2,813.20) 0.0 * 355,604.15 * 8,400.00 * (2,813.20) * (4,166.67) 0.0 * 1,420.13 * (355.03) * 1,065.10 3 * 8,400.00 0.0 0.0 * (355.03) * 8,044.97 3 * 2,835.64 * (2,835.64) 0.0 * 358,439.79 * 8,400.00 * (2,835.64) * (4,166.67) 0.0 * 1,397.70 * (349.42) * 1,048.27 4 * 8,400.00 0.0 0.0 * (349.42) * 8,050.58 4 * 2,858.25 * (2,858.25) 0.0 * 361,298.04 * 8,400.00 * (2,858.25) * (4,166.67) 0.0 * 1,375.08 * (343.77) * 1,031.31 5 * 8,400.00 0.0 0.0 * (343.77) * 8,056.23 5 * 2,881.04 * (2,881.04) 0.0 * 364,179.08 * 8,400.00 * (2,881.04) * (4,166.67) 0.0 * 1,352.29 * (338.07) * 1,014.22 6 * 8,400.00 * (17,083.10) 0.0 * (338.07) * (9,021.17) 6 * (14,179.08) * (2,904.02) * (17,083.10) * 350,000.00 * 8,400.00 * (2,904.02) * (4,166.67) 0.0 * 1,329.32 * (332.33) * 996.99 7 * 8,400.00 0.0 0.0 * (332.33) * 8,067.67 7 * 2,790.95 * (2,790.95) 0.0 * 352,790.95 * 8,400.00 * (2,790.95) * (4,166.67) 0.0 * 1,442.38 * (360.60) * 1,081.79 8 * 8,400.00 0.0 0.0 * (360.60) * 8,039.40 8 * 2,813.20 * (2,813.20) 0.0 * 355,604.15 * 8,400.00 * (2,813.20) * (4,166.67) 0.0 * 1,420.13 * (355.03) * 1,065.10 9 * 8,400.00 0.0 0.0 * (355.03) * 8,044.97 9 * 2,835.64 * (2,835.64) 0.0 * 358,439.79 * 8,400.00 * (2,835.64) * (4,166.67) 0.0 * 1,397.70 * (349.42) * 1,048.27 10 * 8,400.00 0.0 0.0 * (349.42) * 8,050.58 10 * 2,858.25 * (2,858.25) 0.0 * 361,298.04 * 8,400.00 * (2,858.25) * (4,166.67) 0.0 * 1,375.08 * (343.77) * 1,031.31 11 * 8,400.00 0.0 0.0 * (343.77) * 8,056.23 11 * 2,881.04 * (2,881.04) 0.0 * 364,179.08 * 8,400.00 * (2,881.04) * (4,166.67) 0.0 * 1,352.29 * (338.07) * 1,014.22 12 * 8,400.00 * (17,083.10) 0.0 * (338.07) * (9,021.17) 12 * (14,179.08) * (2,904.02) * (17,083.10) * 350,000.00 * 8,400.00 * (2,904.02) * (4,166.67) 0.0 * 1,329.32 * (332.33) * 996.99 13 * 8,400.00 0.0 0.0 * (332.33) * 8,067.67 13 * 2,790.95 * (2,790.95) 0.0 * 352,790.95 * 8,400.00 * (2,790.95) * (4,166.67) 0.0 * 1,442.38 * (360.60) * 1,081.79 14 * 8,400.00 0.0 0.0 * (360.60) * 8,039.40 14 * 2,813.20 * (2,813.20) 0.0 * 355,604.15 * 8,400.00 * (2,813.20) * (4,166.67) 0.0 * 1,420.13 * (355.03) * 1,065.10 15 * 8,400.00 0.0 0.0 * (355.03) * 8,044.97 15 * 2,835.64 * (2,835.64) 0.0 * 358,439.79 * 8,400.00 * (2,835.64) * (4,166.67) 0.0 * 1,397.70 * (349.42) * 1,048.27 16 * 8,400.00 0.0 0.0 * (349.42) * 8,050.58 16 * 2,858.25 * (2,858.25) 0.0 * 361,298.04 * 8,400.00 * (2,858.25) * (4,166.67) 0.0 * 1,375.08 * (343.77) * 1,031.31 17 * 8,400.00 0.0 0.0 * (343.77) * 8,056.23 17 * 2,881.04 * (2,881.04) 0.0 * 364,179.08 * 8,400.00 * (2,881.04) * (4,166.67) 0.0 * 1,352.29 * (338.07) * 1,014.22 18 * 8,400.00 * (17,083.10) 0.0 * (338.07) * (9,021.17) 18 * (14,179.08) * (2,904.02) * (17,083.10) * 350,000.00 * 8,400.00 * (2,904.02) * (4,166.67) 0.0 * 1,329.32 * (332.33) * 996.99 19 * 8,400.00 0.0 0.0 * (332.33) * 8,067.67 19 * 2,790.95 * (2,790.95) 0.0 * 352,790.95 * 8,400.00 * (2,790.95) * (4,166.67) 0.0 * 1,442.38 * (360.60) * 1,081.79 20 * 8,400.00 0.0 0.0 * (360.60) * 8,039.40 20 * 2,813.20 * (2,813.20) 0.0 * 355,604.15 * 8,400.00 * (2,813.20) * (4,166.67) 0.0 * 1,420.13 * (355.03) * 1,065.10 21 * 8,400.00 0.0 0.0 * (355.03) * 8,044.97 21 * 2,835.64 * (2,835.64) 0.0 * 358,439.79 * 8,400.00 * (2,835.64) * (4,166.67) 0.0 * 1,397.70 * (349.42) * 1,048.27 22 * 8,400.00 0.0 0.0 * (349.42) * 8,050.58 22 * 2,858.25 * (2,858.25) 0.0 * 361,298.04 * 8,400.00 * (2,858.25) * (4,166.67) 0.0 * 1,375.08 * (343.77) * 1,031.31 23 * 8,400.00 0.0 0.0 * (343.77) * 8,056.23 23 * 2,881.04 * (2,881.04) 0.0 * 364,179.08 * 8,400.00 * (2,881.04) * (4,166.67) 0.0 * 1,352.29 * (338.07) * 1,014.22 24 * 8,400.00 * (17,083.10) 0.0 * (338.07) * (9,021.17) 24 * (14,179.08) * (2,904.02) * (17,083.10) * 350,000.00 * 8,400.00 * (2,904.02) * (4,166.67) 0.0 * 1,329.32 * (332.33) * 996.99 25 * 8,400.00 * (7,362.45) 0.0 * (332.33) * 705.22 25 * (4,571.50) * (2,790.95) * (7,362.45) * 345,428.50 * 8,400.00 * (2,790.95) * (4,166.67) 0.0 * 1,442.38 * (360.60) * 1,081.79 26 * 8,400.00 * (7,362.45) 0.0 * (360.60) * 676.95 26 * (4,607.96) * (2,754.50) * (7,362.45) * 340,820.54 * 8,400.00 * (2,754.50) * (4,166.67) 0.0 * 1,478.84 * (369.71) * 1,109.13 27 * 8,400.00 * (7,362.45) 0.0 * (369.71) * 667.84 27 * (4,644.70) * (2,717.75) * (7,362.45) * 336,175.83 * 8,400.00 * (2,717.75) * (4,166.67) 0.0 * 1,515.58 * (378.90) * 1,136.69 28 * 8,400.00 * (7,362.45) 0.0 * (378.90) * 658.65 28 * (4,681.74) * (2,680.71) * (7,362.45) * 331,494.09 * 8,400.00 * (2,680.71) * (4,166.67) 0.0 * 1,552.62 * (388.16) * 1,164.47 29 * 8,400.00 * (7,362.45) 0.0 * (388.16) * 649.39 29 * (4,719.07) * (2,643.38) * (7,362.45) * 326,775.02 * 8,400.00 * (2,643.38) * (4,166.67) 0.0 * 1,589.95 * (397.49) * 1,192.46 30 * 8,400.00 * (7,362.45) 0.0 * (397.49) * 640.06 30 * (4,756.70) * (2,605.75) * (7,362.45) * 322,018.32 * 8,400.00 * (2,605.75) * (4,166.67) 0.0 * 1,627.58 * (406.90) * 1,220.69 31 * 8,400.00 * (7,362.45) 0.0 * (406.90) * 630.65 31 * (4,794.63) * (2,567.82) * (7,362.45) * 317,223.68 * 8,400.00 * (2,567.82) * (4,166.67) 0.0 * 1,665.51 * (416.38) * 1,249.14 32 * 8,400.00 * (7,362.45) 0.0 * (416.38) * 621.17 32 * (4,832.87) * (2,529.59) * (7,362.45) * 312,390.82 * 8,400.00 * (2,529.59) * (4,166.67) 0.0 * 1,703.75 * (425.94) * 1,277.81 33 * 8,400.00 * (7,362.45) 0.0 * (425.94) * 611.61 33 * (4,871.41) * (2,491.05) * (7,362.45) * 307,519.41 * 8,400.00 * (2,491.05) * (4,166.67) 0.0 * 1,742.29 * (435.57) * 1,306.71 34 * 8,400.00 * (7,362.45) 0.0 * (435.57) * 601.98 34 * (4,910.25) * (2,452.20) * (7,362.45) * 302,609.16 * 8,400.00 * (2,452.20) * (4,166.67) 0.0 * 1,781.13 * (445.28) * 1,335.85 35 * 8,400.00 * (7,362.45) 0.0 * (445.28) * 592.26 35 * (4,949.41) * (2,413.05) * (7,362.45) * 297,659.75 * 8,400.00 * (2,413.05) * (4,166.67) 0.0 * 1,820.29 * (455.07) * 1,365.21 36 * 8,400.00 * (7,362.45) 0.0 * (455.07) * 582.48 36 * (4,988.87) * (2,373.58) * (7,362.45) * 292,670.88 * 8,400.00 * (2,373.58) * (4,166.67) 0.0 * 1,859.75 * (464.94) * 1,394.81 37 * 8,400.00 * (7,362.45) 0.0 * (464.94) * 572.61 37 * (5,028.65) * (2,333.80) * (7,362.45) * 287,642.23 * 8,400.00 * (2,333.80) * (4,166.67) 0.0 * 1,899.53 * (474.88) * 1,424.65 38 * 8,400.00 * (7,362.45) 0.0 * (474.88) * 562.66 38 * (5,068.75) * (2,293.70) * (7,362.45) * 282,573.47 * 8,400.00 * (2,293.70) * (4,166.67) 0.0 * 1,939.63 * (484.91) * 1,454.73 39 * 8,400.00 * (7,362.45) 0.0 * (484.91) * 552.64 39 * (5,109.17) * (2,253.28) * (7,362.45) * 277,464.30 * 8,400.00 * (2,253.28) * (4,166.67) 0.0 * 1,980.05 * (495.01) * 1,485.04 40 * 8,400.00 * (7,362.45) 0.0 * (495.01) * 542.53 40 * (5,149.91) * (2,212.54) * (7,362.45) * 272,314.39 * 8,400.00 * (2,212.54) * (4,166.67) 0.0 * 2,020.79 * (505.20) * 1,515.60 41 * 8,400.00 * (7,362.45) 0.0 * (505.20) * 532.35 41 * (5,190.98) * (2,171.47) * (7,362.45) * 267,123.41 * 8,400.00 * (2,171.47) * (4,166.67) 0.0 * 2,061.86 * (515.47) * 1,546.40 42 * 8,400.00 * (7,362.45) 0.0 * (515.47) * 522.08 42 * (5,232.37) * (2,130.08) * (7,362.45) * 261,891.03 * 8,400.00 * (2,130.08) * (4,166.67) 0.0 * 2,103.25 * (525.81) * 1,577.44 43 * 8,400.00 * (7,362.45) 0.0 * (525.81) * 511.73 43 * (5,274.10) * (2,088.36) * (7,362.45) * 256,616.93 * 8,400.00 * (2,088.36) * (4,166.67) 0.0 * 2,144.98 * (536.24) * 1,608.73 44 * 8,400.00 * (7,362.45) 0.0 * (536.24) * 501.30 44 * (5,316.15) * (2,046.30) * (7,362.45) * 251,300.78 * 8,400.00 * (2,046.30) * (4,166.67) 0.0 * 2,187.03 * (546.76) * 1,640.28 45 * 8,400.00 * (7,362.45) 0.0 * (546.76) * 490.79 45 * (5,358.55) * (2,003.91) * (7,362.45) * 245,942.23 * 8,400.00 * (2,003.91) * (4,166.67) 0.0 * 2,229.43 * (557.36) * 1,672.07 46 * 8,400.00 * (7,362.45) 0.0 * (557.36) * 480.19 46 * (5,401.28) * (1,961.18) * (7,362.45) * 240,540.96 * 8,400.00 * (1,961.18) * (4,166.67) 0.0 * 2,272.16 * (568.04) * 1,704.12 47 * 8,400.00 * (7,362.45) 0.0 * (568.04) * 469.51 47 * (5,444.35) * (1,918.11) * (7,362.45) * 235,096.61 * 8,400.00 * (1,918.11) * (4,166.67) 0.0 * 2,315.23 * (578.81) * 1,736.42 48 * 8,400.00 * (7,362.45) 0.0 * (578.81) * 458.74 48 * (5,487.76) * (1,874.69) * (7,362.45) * 229,608.85 * 8,400.00 * (1,874.69) * (4,166.67) 0.0 * 2,358.64 * (589.66) * 1,768.98 49 * 8,400.00 * (7,362.45) 0.0 * (589.66) * 447.89 49 * (5,531.52) * (1,830.93) * (7,362.45) * 224,077.33 * 8,400.00 * (1,830.93) * (4,166.67) 0.0 * 2,402.40 * (600.60) * 1,801.80 50 * 8,400.00 * (7,362.45) 0.0 * (600.60) * 436.95 50 * (5,575.63) * (1,786.82) * (7,362.45) * 218,501.70 * 8,400.00 * (1,786.82) * (4,166.67) 0.0 * 2,446.51 * (611.63) * 1,834.88 51 * 8,400.00 * (7,362.45) 0.0 * (611.63) * 425.92 51 * (5,620.09) * (1,742.36) * (7,362.45) * 212,881.61 * 8,400.00 * (1,742.36) * (4,166.67) 0.0 * 2,490.97 * (622.74) * 1,868.23 52 * 8,400.00 * (7,362.45) 0.0 * (622.74) * 414.80 52 * (5,664.91) * (1,697.55) * (7,362.45) * 207,216.71 * 8,400.00 * (1,697.55) * (4,166.67) 0.0 * 2,535.79 * (633.95) * 1,901.84 53 * 8,400.00 * (7,362.45) 0.0 * (633.95) * 403.60 53 * (5,710.08) * (1,652.38) * (7,362.45) * 201,506.63 * 8,400.00 * (1,652.38) * (4,166.67) 0.0 * 2,580.96 * (645.24) * 1,935.72 54 * 8,400.00 * (7,362.45) 0.0 * (645.24) * 392.31 54 * (5,755.61) * (1,606.84) * (7,362.45) * 195,751.02 * 8,400.00 * (1,606.84) * (4,166.67) 0.0 * 2,626.49 * (656.62) * 1,969.87 55 * 8,400.00 * (7,362.45) 0.0 * (656.62) * 380.92 55 * (5,801.51) * (1,560.95) * (7,362.45) * 189,949.51 * 8,400.00 * (1,560.95) * (4,166.67) 0.0 * 2,672.39 * (668.10) * 2,004.29 56 * 8,400.00 * (7,362.45) 0.0 * (668.10) * 369.45 56 * (5,847.77) * (1,514.68) * (7,362.45) * 184,101.74 * 8,400.00 * (1,514.68) * (4,166.67) 0.0 * 2,718.65 * (679.66) * 2,038.99 57 * 8,400.00 * (7,362.45) 0.0 * (679.66) * 357.88 57 * (5,894.40) * (1,468.05) * (7,362.45) * 178,207.34 * 8,400.00 * (1,468.05) * (4,166.67) 0.0 * 2,765.28 * (691.32) * 2,073.96 58 * 8,400.00 * (7,362.45) 0.0 * (691.32) * 346.23 58 * (5,941.40) * (1,421.05) * (7,362.45) * 172,265.94 * 8,400.00 * (1,421.05) * (4,166.67) 0.0 * 2,812.28 * (703.07) * 2,109.21 59 * 8,400.00 * (7,362.45) 0.0 * (703.07) * 334.48 59 * (5,988.78) * (1,373.67) * (7,362.45) * 166,277.15 * 8,400.00 * (1,373.67) * (4,166.67) 0.0 * 2,859.66 * (714.92) * 2,144.75 60 * 8,400.00 * (7,362.45) 0.0 * (714.92) * 322.63 60 * (6,036.54) * (1,325.92) * (7,362.45) * 160,240.62 * 8,400.00 * (1,325.92) * (4,166.67) 0.0 * 2,907.42 * (726.85) * 2,180.56 61 * 8,400.00 * (7,362.45) 0.0 * (726.85) * 310.69 61 * (6,084.67) * (1,277.78) * (7,362.45) * 154,155.95 * 8,400.00 * (1,277.78) * (4,166.67) 0.0 * 2,955.55 * (738.89) * 2,216.66 62 * 8,400.00 * (7,362.45) 0.0 * (738.89) * 298.66 62 * (6,133.19) * (1,229.26) * (7,362.45) * 148,022.75 * 8,400.00 * (1,229.26) * (4,166.67) 0.0 * 3,004.07 * (751.02) * 2,253.05 63 * 8,400.00 * (7,362.45) 0.0 * (751.02) * 286.53 63 * (6,182.10) * (1,180.35) * (7,362.45) * 141,840.65 * 8,400.00 * (1,180.35) * (4,166.67) 0.0 * 3,052.98 * (763.24) * 2,289.73 64 * 8,400.00 * (7,362.45) 0.0 * (763.24) * 274.30 64 * (6,231.40) * (1,131.06) * (7,362.45) * 135,609.26 * 8,400.00 * (1,131.06) * (4,166.67) 0.0 * 3,102.28 * (775.57) * 2,326.71 65 * 8,400.00 * (7,362.45) 0.0 * (775.57) * 261.98 65 * (6,281.09) * (1,081.37) * (7,362.45) * 129,328.17 * 8,400.00 * (1,081.37) * (4,166.67) 0.0 * 3,151.97 * (787.99) * 2,363.97 66 * 8,400.00 * (7,362.45) 0.0 * (787.99) * 249.55 66 * (6,331.17) * (1,031.28) * (7,362.45) * 122,997.00 * 8,400.00 * (1,031.28) * (4,166.67) 0.0 * 3,202.05 * (800.51) * 2,401.54 67 * 8,400.00 * (7,362.45) 0.0 * (800.51) * 237.03 67 * (6,381.66) * (980.80) * (7,362.45) * 116,615.34 * 8,400.00 * (980.80) * (4,166.67) 0.0 * 3,252.54 * (813.13) * 2,439.40 68 * 8,400.00 * (7,362.45) 0.0 * (813.13) * 224.41 68 * (6,432.55) * (929.91) * (7,362.45) * 110,182.79 * 8,400.00 * (929.91) * (4,166.67) 0.0 * 3,303.43 * (825.86) * 2,477.57 69 * 8,400.00 * (7,362.45) 0.0 * (825.86) * 211.69 69 * (6,483.84) * (878.61) * (7,362.45) * 103,698.95 * 8,400.00 * (878.61) * (4,166.67) 0.0 * 3,354.72 * (838.68) * 2,516.04 70 * 8,400.00 * (7,362.45) 0.0 * (838.68) * 198.87 70 * (6,535.54) * (826.91) * (7,362.45) * 97,163.41 * 8,400.00 * (826.91) * (4,166.67) 0.0 * 3,406.42 * (851.61) * 2,554.82 71 * 8,400.00 * (7,362.45) 0.0 * (851.61) * 185.94 71 * (6,587.66) * (774.79) * (7,362.45) * 90,575.75 * 8,400.00 * (774.79) * (4,166.67) 0.0 * 3,458.54 * (864.63) * 2,593.90 72 * 8,400.00 * (7,362.45) 0.0 * (864.63) * 172.91 72 * (6,640.19) * (722.26) * (7,362.45) * 83,935.56 * 8,400.00 * (722.26) * (4,166.67) 0.0 * 3,511.07 * (877.77) * 2,633.30 73 * 8,400.00 * (7,362.45) 0.0 * (877.77) * 159.78 73 * (6,693.14) * (669.31) * (7,362.45) * 77,242.42 * 8,400.00 * (669.31) * (4,166.67) 0.0 * 3,564.02 * (891.00) * 2,673.01 74 * 8,400.00 * (7,362.45) 0.0 * (891.00) * 146.54 74 * (6,746.51) * (615.94) * (7,362.45) * 70,495.91 * 8,400.00 * (615.94) * (4,166.67) 0.0 * 3,617.39 * (904.35) * 2,713.04 75 * 8,400.00 * (7,362.45) 0.0 * (904.35) * 133.20 75 * (6,800.31) * (562.14) * (7,362.45) * 63,695.60 * 8,400.00 * (562.14) * (4,166.67) 0.0 * 3,671.19 * (917.80) * 2,753.39 76 * 8,400.00 * (7,362.45) 0.0 * (917.80) * 119.75 76 * (6,854.54) * (507.92) * (7,362.45) * 56,841.07 * 8,400.00 * (507.92) * (4,166.67) 0.0 * 3,725.42 * (931.35) * 2,794.06 77 * 8,400.00 * (7,362.45) 0.0 * (931.35) * 106.19 77 * (6,909.19) * (453.26) * (7,362.45) * 49,931.87 * 8,400.00 * (453.26) * (4,166.67) 0.0 * 3,780.07 * (945.02) * 2,835.06 78 * 8,400.00 * (7,362.45) 0.0 * (945.02) * 92.53 78 * (6,964.29) * (398.16) * (7,362.45) * 42,967.58 * 8,400.00 * (398.16) * (4,166.67) 0.0 * 3,835.17 * (958.79) * 2,876.38 79 * 8,400.00 * (7,362.45) 0.0 * (958.79) * 78.75 79 * (7,019.82) * (342.63) * (7,362.45) * 35,947.76 * 8,400.00 * (342.63) * (4,166.67) 0.0 * 3,890.70 * (972.68) * 2,918.03 80 * 8,400.00 * (7,362.45) 0.0 * (972.68) * 64.87 80 * (7,075.80) * (286.65) * (7,362.45) * 28,871.96 * 8,400.00 * (286.65) * (4,166.67) 0.0 * 3,946.68 * (986.67) * 2,960.01 81 * 8,400.00 * (7,362.45) 0.0 * (986.67) * 50.88 81 * (7,132.22) * (230.23) * (7,362.45) * 21,739.73 * 8,400.00 * (230.23) * (4,166.67) 0.0 * 4,003.10 * (1,000.78) * 3,002.33 82 * 8,400.00 * (7,362.45) 0.0 * (1,000.78) * 36.77 82 * (7,189.10) * (173.36) * (7,362.45) * 14,550.63 * 8,400.00 * (173.36) * (4,166.67) 0.0 * 4,059.98 * (1,014.99) * 3,044.98 83 * 8,400.00 * (7,362.45) 0.0 * (1,014.99) * 22.55 83 * (7,246.42) * (116.03) * (7,362.45) * 7,304.21 * 8,400.00 * (116.03) * (4,166.67) 0.0 * 4,117.30 * (1,029.33) * 3,087.98 84 * 8,400.00 * (7,362.45) 0.0 * (1,029.33) * 8.22 84 * (7,304.21) * (58.24) * (7,362.45) * 0.00 * 8,400.00 * (58.24) * (4,166.67) 0.0 * 4,175.09 * (1,043.77) * 3,131.32 85 * 8,400.00 0.0 0.0 * (1,043.77) * 7,356.23 85 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 86 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 86 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 87 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 87 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 88 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 88 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 89 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 89 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 90 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 90 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 91 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 91 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 92 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 92 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 93 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 93 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 94 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 94 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 95 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 95 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 96 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 96 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 97 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 97 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 98 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 98 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 99 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 99 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 100 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 100 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 101 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 101 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 102 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 102 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 103 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 103 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 104 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 104 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 105 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 105 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 106 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 106 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 107 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 107 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 108 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 108 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 109 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 109 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 110 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 110 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 111 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 111 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 112 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 112 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 113 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 113 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 114 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 114 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 115 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 115 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 116 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 116 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 117 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 117 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 118 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 118 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 119 * 8,400.00 0.0 0.0 * (1,058.33) * 7,341.67 119 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) 0.0 * 4,233.33 * (1,058.33) * 3,175.00 120 * 8,400.00 0.0 * 5,000.00 * (1,058.33) * 12,341.67 120 0.0 * (0.00) 0.0 * 0.00 * 8,400.00 * (0.00) * (4,166.67) * 5,000.00 * 9,233.33 * (2,308.33) * 6,925.00 121 0.0 0.0 0.0 * (2,308.33) * (2,308.33) 121 0.0 * (0.00) 0.0 * 0.00 0.0 * (0.00) 0.0 0.0 * (0.00) * 0.00 * (0.00) Opção: Leasing (Fluxo de Caixa) Leasing: Apuração do Resultado Data Reduções de Custos Parcelas + Valor Residual Valor da venda Dedução IR Fluxo Total Imobilizado Receitas Despesa de Leasing Depreciação Resultado na venda Resultado antes IR (-) Imposto de Renda Resultado Líquido 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 2 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 3 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 4 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 5 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 6 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 7 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 8 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 9 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 10 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 11 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 12 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 13 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 14 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 15 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 16 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 17 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 18 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 19 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 20 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 21 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 22 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 23 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 24 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 25 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 26 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 27 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 28 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 29 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 30 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 31 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 32 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 33 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 34 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 35 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 36 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 37 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 38 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 39 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 40 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 41 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 42 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 43 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 44 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 45 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 46 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 47 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 48 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 49 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 50 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 51 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 52 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 53 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 54 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 55 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 56 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 57 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 58 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 59 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 60 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 61 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 62 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 63 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 64 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 65 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 66 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 67 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 68 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 69 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 70 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 71 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 72 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 73 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 74 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 75 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 76 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 77 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 78 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 79 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 80 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 81 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 82 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 83 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 84 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 85 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 86 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 87 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 88 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 89 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 90 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 91 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 92 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 93 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 94 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 95 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 96 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 97 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 98 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 99 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 100 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 101 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 102 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 103 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 104 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 105 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 106 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 107 * 8,400.00 * (6,617.45) 0.0 * (445.64) * 1,336.91 0.0 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 108 * 8,400.00 * (156,617.45) 0.0 * (445.64) * (148,663.09) * 150,000.00 * 8,400.00 * (6,617.45) 0.0 0.0 * 1,782.55 * (445.64) * 1,336.91 109 * 8,400.00 0.0 0.0 * (445.64) * 7,954.36 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 110 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 111 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 112 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 113 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 114 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 115 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 116 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 117 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 118 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 119 * 8,400.00 0.0 0.0 * 1,025.00 * 9,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) 0.0 * (4,100.00) * 1,025.00 * (3,075.00) 120 * 8,400.00 0.0 * 5,000.00 * 1,025.00 * 14,425.00 * 150,000.00 * 8,400.00 0.0 * (12,500.00) * 5,000.00 * 900.00 * (225.00) * 675.00 121 0.0 0.0 0.0 * (225.00) * (225.00) * 150,000.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Taxa (%a.a.) Taxa (%a.am.) VPL Financiamento VPL Leasing 0% 0.000000% * 264,690.30 * 111,236.27 1% 0.082954% * 240,939.25 * 107,182.70 2% 0.165158% * 219,236.75 * 103,391.54 3% 0.246627% * 199,380.89 * 99,839.44 4% 0.327374% * 181,191.64 * 96,505.60 5% 0.407412% * 164,508.27 * 93,371.49 6% 0.486755% * 149,187.12 * 90,420.53 7% 0.565415% * 135,099.65 * 87,637.87 8% 0.643403% * 122,130.68 * 85,010.17 9% 0.720732% * 110,176.90 * 82,525.41 10% 0.797414% * 99,145.55 * 80,172.79 11% 0.873459% * 88,953.23 * 77,942.50 12% 0.948879% * 79,524.92 * 75,825.68 13% 1.023684% * 70,793.00 * 73,814.28 14% 1.097885% * 62,696.51 * 71,901.01 15% 1.171492% * 55,180.41 * 70,079.17 16% 1.244514% * 48,194.97 * 68,342.70 17% 1.316961% * 41,695.18 * 66,686.04 18% 1.388843% * 35,640.31 * 65,104.07 19% 1.460169% * 29,993.44 * 63,592.13 20% 1.530947% * 24,721.07 * 62,145.91 21% 1.601187% * 19,792.78 * 60,761.45 22% 1.670896% * 15,180.92 * 59,435.10 23% 1.740084% * 10,860.33 * 58,163.49 24% 1.808758% * 6,808.11 * 56,943.49 25% 1.876927% * 3,003.37 * 55,772.21 26% 1.944597% * (572.92) * 54,646.96 27% 2.011776% * (3,938.15) * 53,565.25 28% 2.078473% * (7,108.22) * 52,524.77 29% 2.144693% * (10,097.66) * 51,523.34 30% 2.210445% * (12,919.76) * 50,558.95 31% 2.275735% * (15,586.72) * 49,629.72 32% 2.340569% * (18,109.71) * 48,733.89 33% 2.404955% * (20,498.98) * 47,869.81 34% 2.468898% * (22,763.96) * 47,035.93 35% 2.532406% * (24,913.28) * 46,230.81 36% 2.595483% * (26,954.92) * 45,453.09
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