<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/a7a5cfca-f51f-4e8b-9a98-592499600499/bg1.png"><div class="t m0 x1 h1 y1 ff1 fs0 fc0 sc0 ls0 ws0">ANÁL<span class="_0 blank"></span>ISE <span class="_0 blank"></span>DE I<span class="_1 blank"> </span>NVESTIMENT<span class="_1 blank"> </span>O </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/a7a5cfca-f51f-4e8b-9a98-592499600499/bg2.png"><div class="t m0 x2 h2 y2 ff2 fs1 fc1 sc0 ls0 ws0">Qu<span class="_1 blank"> </span>an<span class="_1 blank"> </span>d<span class="_1 blank"> </span>o<span class="_1 blank"></span> <span class="_2 blank"></span>temo<span class="_1 blank"> </span>s <span class="_2 blank"></span>d<span class="_1 blank"> </span>i<span class="_1 blank"> </span>ver<span class="_1 blank"> </span>sas <span class="_2 blank"></span>al<span class="_1 blank"> </span>ter<span class="_1 blank"> </span>n<span class="_1 blank"> </span>ati<span class="_0 blank"></span>vas<span class="_0 blank"></span>,<span class="_1 blank"> </span> <span class="_2 blank"></span>tecn<span class="_1 blank"> </span>i<span class="_1 blank"> </span>came<span class="_3 blank"></span>n<span class="_1 blank"> </span>te<span class="_3 blank"></span> <span class="_2 blank"></span>vi<span class="_1 blank"> </span>ávei<span class="_1 blank"> </span>s,<span class="_1 blank"> </span> <span class="_2 blank"></span>h<span class="_1 blank"> </span>á </div><div class="t m0 x2 h2 y3 ff2 fs1 fc1 sc0 ls0 ws0">a <span class="_4 blank"></span>n<span class="_1 blank"> </span>ecessi<span class="_1 blank"> </span>d<span class="_1 blank"> </span>ad<span class="_1 blank"> </span>e <span class="_2 blank"></span>d<span class="_1 blank"> </span>e <span class="_2 blank"></span>co<span class="_1 blank"> </span>mp<span class="_1 blank"> </span>ar<span class="_1 blank"> </span>á-l<span class="_1 blank"> </span>as <span class="_2 blank"></span>eco<span class="_1 blank"> </span>n<span class="_1 blank"> </span>o<span class="_1 blank"> </span>mi<span class="_0 blank"></span>cam<span class="_3 blank"></span>en<span class="_1 blank"> </span>t<span class="_3 blank"></span>e,<span class="_1 blank"> </span> <span class="_2 blank"></span>a <span class="_5 blank"></span>fi<span class="_1 blank"> </span>m <span class="_4 blank"></span>d<span class="_1 blank"> </span>e </div><div class="t m0 x2 h2 y4 ff2 fs1 fc1 sc0 ls0 ws0">sel<span class="_1 blank"> </span>eci<span class="_1 blank"> </span>o<span class="_1 blank"> </span>n<span class="_1 blank"></span>a<span class="_3 blank"></span>r <span class="_5 blank"></span>a <span class="_2 blank"></span>mai<span class="_1 blank"> </span>s <span class="_4 blank"></span>co<span class="_1 blank"> </span>n<span class="_1 blank"> </span>ven<span class="_1 blank"> </span>i<span class="_1 blank"> </span>en<span class="_1 blank"> </span>te<span class="ff1 fs0"> <span class="_2 blank"></span> </span></div><div class="t m0 x3 h3 y5 ff2 fs2 fc2 sc0 ls0 ws0"> </div><div class="t m0 x3 h2 y6 ff2 fs1 fc2 sc0 ls0 ws0"> </div><div class="t m0 x4 h4 y7 ff2 fs3 fc1 sc0 ls0 ws0">ME<span class="_1 blank"></span>T<span class="_3 blank"></span>O<span class="_1 blank"></span>DOL<span class="_1 blank"> </span>OGI<span class="_3 blank"></span>AS<span class="_1 blank"></span> DE <span class="_6 blank"> </span>ES<span class="_1 blank"></span>CO<span class="_1 blank"></span>LH<span class="_1 blank"></span>A<span class="_3 blank"></span> <span class="_0 blank"></span> </div><div class="t m0 x5 h4 y8 ff2 fs3 fc1 sc0 ls0 ws0">DE<span class="_1 blank"></span> <span class="_4 blank"></span>P<span class="_1 blank"></span>ROJ<span class="_1 blank"> </span>E<span class="_1 blank"></span>T<span class="_3 blank"></span>O<span class="_1 blank"></span>S EX<span class="_1 blank"></span>CL<span class="_1 blank"></span>UDE<span class="_1 blank"> </span>NT<span class="_1 blank"> </span>E<span class="_1 blank"></span>S<span class="_6 blank"> </span> </div><div class="t m0 x2 h5 y9 ff2 fs4 fc2 sc0 ls0 ws0">P<span class="_4 blank"></span>R<span class="_3 blank"></span>I<span class="_3 blank"></span>N<span class="_3 blank"></span>CIP<span class="_5 blank"></span>AIS <span class="_7 blank"> </span>MET<span class="_0 blank"></span>O<span class="_3 blank"></span>DO<span class="_3 blank"></span>L<span class="_1 blank"> </span>O<span class="_3 blank"></span>GI<span class="_0 blank"></span>AS<span class="_0 blank"></span> </div><div class="t m0 x6 h5 ya ff3 fs4 fc2 sc0 ls0 ws1">\u2022<span class="ff2 ws0">V<span class="_2 blank"></span>al<span class="_8 blank"> </span>o<span class="_0 blank"></span>r<span class="_1 blank"> </span> <span class="_4 blank"></span>P<span class="_4 blank"></span>r<span class="_1 blank"> </span>es<span class="_1 blank"></span>en<span class="_0 blank"></span>t<span class="_1 blank"></span>e L<span class="_1 blank"> </span>í<span class="_6 blank"> </span>qu<span class="_3 blank"></span>i<span class="_6 blank"> </span>do<span class="_3 blank"></span> <span class="_0 blank"></span>(<span class="_1 blank"></span>V<span class="_0 blank"></span>P<span class="_4 blank"></span>L<span class="_1 blank"> </span>)<span class="_1 blank"> </span> </span></div><div class="t m0 x6 h5 yb ff3 fs4 fc2 sc0 ls0 ws1">\u2022<span class="ff2 ws0">T<span class="_4 blank"></span>axa<span class="_1 blank"></span> <span class="_9 blank"></span>I<span class="_3 blank"></span>n<span class="_0 blank"></span>t<span class="_1 blank"> </span>er<span class="_1 blank"> </span>na <span class="_6 blank"> </span>d<span class="_0 blank"></span>e<span class="_1 blank"></span> R<span class="_3 blank"></span>et<span class="_1 blank"></span>o<span class="_3 blank"></span>r<span class="_1 blank"> </span>no<span class="_3 blank"></span> <span class="_a blank"> </span>(T<span class="_1 blank"> </span>I<span class="_0 blank"></span>R<span class="_3 blank"></span>)<span class="_1 blank"></span> </span></div><div class="t m0 x6 h5 yc ff3 fs4 fc2 sc0 ls0 ws1">\u2022<span class="ff2 ws0">T<span class="_4 blank"></span>axa<span class="_1 blank"></span> <span class="_9 blank"></span>I<span class="_3 blank"></span>n<span class="_0 blank"></span>t<span class="_1 blank"> </span>er<span class="_1 blank"> </span>na <span class="_6 blank"> </span>d<span class="_0 blank"></span>e<span class="_1 blank"></span> R<span class="_3 blank"></span>et<span class="_1 blank"></span>o<span class="_3 blank"></span>r<span class="_1 blank"> </span>no<span class="_3 blank"></span> <span class="_a blank"> </span>Mod<span class="_3 blank"></span>i<span class="_8 blank"> </span>fi<span class="_8 blank"> </span>cada <span class="_9 blank"></span>(<span class="_1 blank"></span>TI<span class="_0 blank"></span>R<span class="_3 blank"></span>M<span class="_1 blank"></span>)<span class="_1 blank"></span> </span></div><div class="t m0 x6 h5 yd ff3 fs4 fc2 sc0 ls0 ws1">\u2022<span class="ff2 ws0">P<span class="_4 blank"></span>er<span class="_1 blank"> </span>í<span class="_8 blank"> </span>o<span class="_3 blank"></span>do<span class="_3 blank"></span> de R<span class="_3 blank"></span>ecup<span class="_3 blank"></span>e<span class="_1 blank"></span>r<span class="_1 blank"></span>açã<span class="_1 blank"> </span>o<span class="_0 blank"></span> <span class="_6 blank"> </span>do<span class="_3 blank"></span> <span class="_6 blank"> </span>Ca<span class="_1 blank"></span>p<span class="_0 blank"></span>i<span class="_6 blank"> </span>t<span class="_1 blank"> </span>al<span class="_6 blank"> </span> <span class="_2 blank"></span>(<span class="_1 blank"> </span><span class="ff4 ls1 ws2">payb<span class="_1 blank"> </span>ack</span>)<span class="_1 blank"> </span> </span></div><div class="t m0 x6 h5 ye ff3 fs4 fc2 sc0 ls0 ws1">\u2022<span class="ff2 ws0">Í<span class="_3 blank"></span>n<span class="_0 blank"></span>d<span class="_0 blank"></span>i<span class="_6 blank"> </span>c<span class="_1 blank"> </span>e <span class="_3 blank"></span>de L<span class="_1 blank"></span>u<span class="_0 blank"></span>cr<span class="_1 blank"> </span>a<span class="_1 blank"></span>ti<span class="_8 blank"> </span>v<span class="_3 blank"></span>i<span class="_6 blank"> </span>dad<span class="_0 blank"></span>e <span class="_4 blank"></span>(I<span class="_0 blank"></span>L<span class="_1 blank"></span>) </span></div><div class="t m0 x6 h5 yf ff3 fs4 fc2 sc0 ls0 ws1">\u2022<span class="ff2 ws0">V<span class="_2 blank"></span>al<span class="_8 blank"> </span>o<span class="_0 blank"></span>r<span class="_1 blank"> </span> <span class="_9 blank"></span>Anu<span class="_3 blank"></span>al<span class="_8 blank"> </span> Eq<span class="_3 blank"></span>ui<span class="_1 blank"> </span>v<span class="_0 blank"></span>al<span class="_8 blank"> </span>en<span class="_0 blank"></span>t<span class="_1 blank"> </span>e <span class="_0 blank"></span>(<span class="_1 blank"></span>V<span class="_2 blank"></span>AE) </span></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf3" class="pf w0 h0" data-page-no="3"><div class="pc pc3 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/a7a5cfca-f51f-4e8b-9a98-592499600499/bg3.png"><div class="t m0 x2 h5 y10 ff2 fs4 fc3 sc0 ls0 ws0">T<span class="_4 blank"></span>ax<span class="_1 blank"></span>a <span class="_9 blank"></span>M<span class="_1 blank"> </span>í<span class="_6 blank"> </span>n<span class="_0 blank"></span>i<span class="_8 blank"> </span>m<span class="_0 blank"></span>a<span class="_1 blank"></span> <span class="_5 blank"></span>de <span class="_3 blank"></span>Atr<span class="_1 blank"> </span>a<span class="_1 blank"> </span>ti<span class="_8 blank"> </span>v<span class="_3 blank"></span>i<span class="_8 blank"> </span>d<span class="_3 blank"></span>a<span class="_1 blank"> </span>d<span class="_0 blank"></span>e<span class="_1 blank"></span> </div><div class="t m0 x2 h6 y11 ff1 fs5 fc3 sc0 ls2 ws0"> <span class="fs1 fc1 ls0 v1">T<span class="_b blank"></span>ax<span class="_1 blank"> </span>a <span class="_4 blank"></span>de <span class="_0 blank"></span>juros<span class="_1 blank"> </span>,<span class="_1 blank"> </span> <span class="_2 blank"></span>a partir <span class="_4 blank"></span>da qual <span class="_0 blank"></span>o <span class="_0 blank"></span>inv<span class="_1 blank"> </span>es<span class="_1 blank"> </span>t<span class="_1 blank"> </span>idor <span class="_2 blank"></span>aplic<span class="_1 blank"> </span>aria <span class="_4 blank"></span>t<span class="_1 blank"> </span>odo <span class="_4 blank"></span>o </span></div><div class="t m0 x6 h7 y12 ff1 fs1 fc1 sc0 ls0 ws0">dinheiro <span class="_2 blank"></span>que tiv<span class="_1 blank"> </span>es<span class="_1 blank"> </span>s<span class="_1 blank"> </span>e <span class="_2 blank"></span>dis<span class="_1 blank"> </span>ponível.<span class="_1 blank"> </span> </div><div class="t m0 x6 h7 y13 ff1 fs1 fc1 sc0 ls0 ws0">Pode <span class="_4 blank"></span>s<span class="_1 blank"> </span>er <span class="_4 blank"></span>c<span class="_1 blank"> </span>ons<span class="_1 blank"> </span>iderada <span class="_2 blank"></span>c<span class="_1 blank"> </span>om<span class="_1 blank"> </span>o <span class="_2 blank"></span>a tax<span class="_1 blank"> </span>a <span class="_4 blank"></span>de juros <span class="_4 blank"></span>equiv<span class="_1 blank"> </span>alent<span class="_1 blank"> </span>e <span class="_2 blank"></span>à </div><div class="t m0 x6 h7 y14 ff1 fs1 fc1 sc0 ls0 ws0">rent<span class="_1 blank"> </span>abilidade <span class="_2 blank"></span>das<span class="_1 blank"> </span> <span class="_2 blank"></span>aplic<span class="_1 blank"> </span>aç<span class="_1 blank"> </span>ões<span class="_1 blank"> </span> <span class="_5 blank"></span>c<span class="_1 blank"> </span>orrent<span class="_1 blank"> </span>es<span class="_1 blank"> </span> <span class="_2 blank"></span>e <span class="_4 blank"></span>de <span class="_0 blank"></span>pouc<span class="_1 blank"> </span>o <span class="_4 blank"></span>ris<span class="_1 blank"> </span>c<span class="_1 blank"> </span>o. </div><div class="t m0 x3 h3 y5 ff2 fs2 fc2 sc0 ls0 ws0"> </div><div class="t m0 x3 h2 y6 ff2 fs1 fc2 sc0 ls0 ws0"> </div><div class="t m0 x7 h8 y15 ff2 fs6 fc2 sc0 ls0 ws0">V<span class="_9 blank"></span>alo<span class="_0 blank"></span>r<span class="_1 blank"></span> <span class="_0 blank"></span>Pre<span class="_1 blank"></span>se<span class="_1 blank"></span>n<span class="_0 blank"></span>te<span class="_1 blank"></span> <span class="_4 blank"></span>Lí<span class="_0 blank"></span>q<span class="_0 blank"></span>ui<span class="_0 blank"></span>do<span class="_0 blank"></span> <span class="_8 blank"> </span>(VPL)<span class="_6 blank"> </span> </div><div class="t m0 x2 h5 y16 ff2 fs4 fc3 sc0 ls0 ws0">V<span class="_5 blank"></span>al<span class="_8 blank"> </span>o<span class="_3 blank"></span>r<span class="_1 blank"> </span> <span class="_4 blank"></span>P<span class="_4 blank"></span>r<span class="_1 blank"> </span>e<span class="_1 blank"></span>sen<span class="_0 blank"></span>t<span class="_1 blank"> </span>e <span class="_1 blank"></span>Lí<span class="_8 blank"> </span>q<span class="_0 blank"></span>u<span class="_0 blank"></span>i<span class="_6 blank"> </span>do<span class="_3 blank"></span> <span class="_0 blank"></span>d<span class="_0 blank"></span>e <span class="_1 blank"></span>u<span class="_0 blank"></span>m<span class="_0 blank"></span> <span class="_8 blank"> </span>Fl<span class="_8 blank"> </span>u<span class="_0 blank"></span>xo <span class="_3 blank"></span>d<span class="_3 blank"></span>e<span class="_1 blank"> </span> Cai<span class="_6 blank"> </span>x<span class="_1 blank"> </span>a<span class="_1 blank"></span> </div><div class="t m0 x8 h9 y17 ff2 fs0 fc1 sc0 ls0 ws0"> </div><div class="c x9 y18 w1 ha"><div class="t m1 xa hb y19 ff5 fs7 fc1 sc0 ls0 ws3">\uf028 \uf029</div><div class="t m2 xb hc y1a ff5 fs8 fc1 sc0 ls0 ws4">\uf0e5<span class="_c blank"></span>\uf0e5 <span class="fs9 v2">\uf03d</span></div><div class="t m2 xc hd y1b ff5 fs9 fc1 sc0 ls0">\uf02d</div><div class="t m2 xd hd y1c ff5 fs9 fc1 sc0 ls0">\uf03d</div><div class="t m2 xe he y1d ff5 fsa fc1 sc0 ls0 ws5">\uf02b<span class="_d blank"></span>\uf03d<span class="_e blank"></span>\uf0de<span class="_f blank"></span>\uf03d</div><div class="t m2 xf hf y1e ff1 fs9 fc1 sc0 ls0">n</div><div class="t m2 x10 hf y1c ff1 fs9 fc1 sc0 ls0 ws6">0<span class="_10 blank"></span>k</div><div class="t m2 x11 hf y1b ff1 fs9 fc1 sc0 ls0">k</div><div class="t m2 x12 hf y1f ff1 fs9 fc1 sc0 ls0">k</div><div class="t m2 xd hf y1e ff1 fs9 fc1 sc0 ls0">n</div><div class="t m2 x13 h10 y1c ff1 fs9 fc1 sc0 ls0 ws7">0<span class="_10 blank"></span>k <span class="ls3 v3">k</span><span class="fsa ws8 v4">i<span class="_11 blank"></span>1<span class="_12 blank"></span>F<span class="_13 blank"></span><span class="ls5 ws9">VPL<span class="_14 blank"></span><span class="ls0 ws8">P<span class="_15 blank"></span><span class="ls5">VPL</span></span></span></span></div></div><div class="t m0 x2 h5 y20 ff2 fs4 fc3 sc0 ls0 ws0">Cr<span class="_1 blank"></span>i<span class="_6 blank"> </span>t<span class="_1 blank"></span>ér<span class="_1 blank"> </span>io<span class="_0 blank"></span> <span class="_2 blank"></span>d<span class="_0 blank"></span>e<span class="_1 blank"></span> Deci<span class="_8 blank"> </span>são </div><div class="t m0 x2 h11 y21 ff1 fsb fc3 sc0 ls4 ws0"> <span class="ff2 fs1 fc1 ls0 v1">VPL<span class="_1 blank"> </span> <span class="_2 blank"></span>><span class="_1 blank"></span> <span class="_3 blank"></span>0 : <span class="_4 blank"></span>A<span class="_0 blank"></span>cei<span class="_1 blank"> </span>ta <span class="_4 blank"></span>Pr<span class="_1 blank"> </span>o<span class="_1 blank"> </span>j<span class="_1 blank"> </span>eto<span class="ff1"> <span class="_5 blank"></span>(v<span class="_1 blank"> </span>alor <span class="_4 blank"></span>ex<span class="_1 blank"> </span>t<span class="_1 blank"> </span>ra <span class="_2 blank"></span>para o <span class="_3 blank"></span>inv<span class="_1 blank"> </span>es<span class="_1 blank"> </span>t<span class="_1 blank"> </span>idor) </span></span></div><div class="t m0 x6 h2 y22 ff2 fs1 fc1 sc0 ls0 ws0">VPL<span class="_1 blank"> </span> <span class="_2 blank"></span><span class="ff6">\u2264 0 <span class="_3 blank"></span>: R<span class="_1 blank"> </span>ejei<span class="_1 blank"> </span>ta <span class="_5 blank"></span>Pr<span class="_1 blank"> </span>o<span class="_1 blank"> </span>j<span class="_1 blank"> </span>eto<span class="ff1"> <span class="_5 blank"></span>(inv<span class="_1 blank"> </span>es<span class="_1 blank"> </span>t<span class="_1 blank"> </span>idor <span class="_2 blank"></span>es<span class="_1 blank"> </span>t<span class="_1 blank"> </span>á <span class="_2 blank"></span>perdendo <span class="_5 blank"></span>v<span class="_1 blank"> </span>alor) </span></span></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="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/a7a5cfca-f51f-4e8b-9a98-592499600499/bg4.png"><div class="t m0 x2 h5 y23 ff2 fs4 fc3 sc0 ls0 ws0">Exem<span class="_0 blank"></span>pl<span class="_1 blank"> </span>o <span class="_3 blank"></span><span class="fs0 lsa">: <span class="fs4 ls0">v<span class="_0 blank"></span>er<span class="_1 blank"> </span>i<span class="_8 blank"> </span>fi<span class="_8 blank"> </span>car<span class="_1 blank"> </span> <span class="_b blank"></span>a v<span class="_0 blank"></span>i<span class="_6 blank"> </span>a<span class="_1 blank"></span>b<span class="_3 blank"></span>i<span class="_8 blank"> </span>l<span class="_6 blank"> </span>i<span class="_8 blank"> </span>d<span class="_3 blank"></span>a<span class="_1 blank"> </span>d<span class="_0 blank"></span>e <span class="_2 blank"></span>d<span class="_0 blank"></span>o<span class="_0 blank"></span> <span class="_8 blank"> </span>p<span class="_0 blank"></span>r<span class="_1 blank"> </span>o<span class="_0 blank"></span>j<span class="_6 blank"> </span>e<span class="_1 blank"> </span>to <span class="_3 blank"></span>co<span class="_0 blank"></span>m <span class="_1 blank"> </span>o </span></span></div><div class="t m0 x2 h5 y24 ff2 fs4 fc3 sc0 ls0 ws0">fl<span class="_8 blank"> </span>u<span class="_0 blank"></span>xo <span class="_5 blank"></span>d<span class="_0 blank"></span>e<span class="_1 blank"> </span> ca<span class="_1 blank"></span>i<span class="_6 blank"> </span>xa<span class="_1 blank"> </span> <span class="_16 blank"></span>ab<span class="_0 blank"></span>a<span class="_1 blank"> </span>i<span class="_6 blank"> </span>xo, <span class="_3 blank"></span>se<span class="_1 blank"></span>n<span class="_3 blank"></span>do<span class="_3 blank"></span> <span class="_8 blank"> </span>a T<span class="_1 blank"> </span>M<span class="_1 blank"></span>A<span class="_4 blank"></span> <span class="_0 blank"></span>=<span class="_1 blank"></span> <span class="_3 blank"></span>10<span class="_1 blank"></span>%<span class="_2 blank"></span> <span class="_a blank"> </span>a.a<span class="_1 blank"></span>. </div><div class="t m0 x2 h12 y25 ff1 fsc fc3 sc0 ls0 ws0"> </div><div class="t m0 x3 h3 y5 ff2 fs2 fc2 sc0 ls0 ws0"> </div><div class="t m0 x3 h2 y6 ff2 fs1 fc2 sc0 ls0 ws0"> </div><div class="t m0 x14 h13 y26 ff1 fs1 fc1 sc0 ls6 wsa">Anos <span class="ls7 ws0"> <span class="fsd ls0 v5">F<span class="_1 blank"> </span>luxo <span class="_5 blank"></span>de <span class="_0 blank"></span>C<span class="_1 blank"> </span>aix<span class="_1 blank"></span>a </span></span></div><div class="t m0 x15 h14 y27 ff1 fs1 fc1 sc0 ls0 ws0">(x<span class="_1 blank"> </span> <span class="_2 blank"></span>m<span class="_1 blank"> </span>ilhão) <span class="_17 blank"> </span><span class="lsb wsb v6">Anos </span><span class="ls8 v6"> </span><span class="fsd v7">F<span class="_1 blank"> </span>luxo <span class="_5 blank"></span>de <span class="_0 blank"></span>C<span class="_1 blank"> </span>aix<span class="_1 blank"></span>a </span></div><div class="t m0 x16 h7 y27 ff1 fs1 fc1 sc0 ls0 ws0">(x<span class="_1 blank"> </span> <span class="_2 blank"></span>m<span class="_1 blank"> </span>ilhão) </div><div class="t m0 x13 h15 y28 ff1 fs4 fc1 sc0 ls0 ws0">0 </div><div class="t m0 x13 h16 y29 ff1 fse fc1 sc0 ls0 ws0">1 </div><div class="t m0 x13 h16 y2a ff1 fse fc1 sc0 ls0 ws0">2 </div><div class="t m0 x13 h15 y2b ff1 fs4 fc1 sc0 ls0 ws0">3 </div><div class="t m0 x13 h15 y2c ff1 fs4 fc1 sc0 ls0 ws0">4 </div><div class="t m0 x13 h15 y2d ff1 fs4 fc1 sc0 ls0 ws0">5 </div><div class="t m0 xb h15 y28 ff1 fs4 fc1 sc0 ls9">-<span class="lsc wsc">15</span><span class="ls0 ws0"> </span></div><div class="t m0 x17 h16 y29 ff1 fse fc1 sc0 ls0 ws0">4 </div><div class="t m0 x17 h16 y2a ff1 fse fc1 sc0 ls0 ws0">4 </div><div class="t m0 x17 h15 y2b ff1 fs4 fc1 sc0 ls0 ws0">4 </div><div class="t m0 x17 h15 y2c ff1 fs4 fc1 sc0 ls0 ws0">3 </div><div class="t m0 x17 h15 y2d ff1 fs4 fc1 sc0 ls0 ws0">3 </div><div class="t m0 x18 h15 y28 ff1 fs4 fc1 sc0 ls0 ws0">6 </div><div class="t m0 x18 h16 y29 ff1 fse fc1 sc0 ls0 ws0">8 </div><div class="t m0 x18 h16 y2a ff1 fse fc1 sc0 ls0 ws0">7 </div><div class="t m0 x18 h15 y2b ff1 fs4 fc1 sc0 ls0 ws0">9 </div><div class="t m0 x19 h15 y2c ff1 fs4 fc1 sc0 lsd wsd">10<span class="ls0 ws0"> </span></div><div class="t m0 x1a h15 y28 ff1 fs4 fc1 sc0 ls0 ws0">3 </div><div class="t m0 x1a h16 y29 ff1 fse fc1 sc0 ls0 ws0">3 </div><div class="t m0 x1a h16 y2a ff1 fse fc1 sc0 ls0 ws0">2 </div><div class="t m0 x1a h15 y2b ff1 fs4 fc1 sc0 ls0 ws0">2 </div><div class="t m0 x1a h15 y2c ff1 fs4 fc1 sc0 ls0 ws0">5 </div><div class="t m0 x1b h17 y2e ff2 fsf fc3 sc0 ls0 ws0">VP<span class="_1 blank"> </span>L<span class="_3 blank"></span> <span class="_3 blank"></span>= -15<span class="_1 blank"> </span> <span class="_3 blank"></span>+ 4<span class="_1 blank"> </span>/(1+0,<span class="_1 blank"> </span>1<span class="_1 blank"></span>)<span class="_0 blank"></span> <span class="_0 blank"></span> + 4<span class="_1 blank"> </span>/(1+0,<span class="_1 blank"> </span>1) <span class="_16 blank"></span> + 4<span class="_1 blank"> </span>/(1+0,<span class="_1 blank"> </span>1<span class="_1 blank"></span>)<span class="_0 blank"></span> <span class="_0 blank"></span> + 3<span class="_1 blank"> </span>/(1<span class="_1 blank"></span>+<span class="_0 blank"></span>0<span class="_1 blank"> </span>,1<span class="_1 blank"> </span>) <span class="_5 blank"></span> <span class="_1 blank"> </span>+<span class="_0 blank"></span> <span class="_1 blank"></span>3/<span class="_1 blank"> </span>(<span class="_0 blank"></span>1<span class="_1 blank"> </span>+0,<span class="_1 blank"></span>1) </div><div class="t m0 x1b h18 y2f ff2 fs5 fc3 sc0 ls0 ws0"> </div><div class="t m0 x1b h17 y30 ff2 fsf fc3 sc0 lse ws0"> <span class="_6 blank"> </span><span class="ls0">+3/<span class="_1 blank"></span>(<span class="_0 blank"></span>1<span class="_1 blank"> </span>+0,1<span class="_1 blank"> </span>) <span class="_16 blank"></span> +3/<span class="_1 blank"></span>(<span class="_0 blank"></span>1<span class="_1 blank"> </span>+0,1<span class="_1 blank"> </span>) <span class="_3 blank"></span> +2/<span class="_1 blank"> </span>(<span class="_0 blank"></span>1<span class="_1 blank"> </span>+0,<span class="_1 blank"> </span>1) <span class="_3 blank"></span> <span class="_1 blank"></span>+<span class="_0 blank"></span>2<span class="_1 blank"> </span>/(1+0<span class="_1 blank"></span>,1<span class="_1 blank"> </span>)<span class="_0 blank"></span> <span class="_16 blank"></span>+5<span class="_1 blank"> </span>/(1+0,<span class="_1 blank"></span>1)<span class="_1 blank"> </span><span class="fs0 lsf"> <span class="_6 blank"> </span></span><span class="ff1 fs1"> </span></span></div><div class="t m0 x1b h6 y31 ff1 fs5 fc3 sc0 ls0 ws0"> </div><div class="t m0 x11 h19 y32 ff2 fs10 fc3 sc0 ls0 ws0">2<span class="_1 blank"> </span> <span class="_18 blank"> </span>3 <span class="_19 blank"> </span>4 <span class="_1a blank"> </span>5 </div><div class="t m0 x3 h1a y33 ff2 fs10 fc3 sc0 ls0 ws0">6 <span class="_1b blank"> </span><span class="fs11 v8">7 <span class="_1b blank"> </span>8 <span class="_1b blank"> </span>9 <span class="_1c blank"> </span><span class="ls10 wse">10</span> </span></div><div class="t m0 x1c h5 y34 ff2 fs4 fc4 sc0 ls0 ws0">VP<span class="_16 blank"></span>L = $<span class="_1 blank"></span>5,8 <span class="_0 blank"></span>m<span class="_0 blank"></span>i<span class="_8 blank"> </span>l<span class="_6 blank"> </span>h<span class="_0 blank"></span>ões <span class="_3 blank"></span> (<span class="_1 blank"> </span>o<span class="_0 blank"></span> proj<span class="_6 blank"> </span>et<span class="_1 blank"></span>o<span class="_0 blank"></span> <span class="_3 blank"></span>é<span class="_1 blank"></span> <span class="_3 blank"></span>ec<span class="_1 blank"></span>o<span class="_3 blank"></span>no<span class="_3 blank"></span>mi<span class="_1 blank"> </span>c<span class="_1 blank"> </span>amen<span class="_0 blank"></span>te<span class="_1 blank"> </span> </div><div class="t m0 x1c h1b y35 ff2 fse fc4 sc0 ls0 wsf">v<span class="_3 blank"></span>i á<span class="_1 blank"></span>v<span class="_3 blank"></span>el )<span class="_1 blank"> </span><span class="ff1 ws0"> </span></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf5" class="pf w0 h0" data-page-no="5"><div class="pc pc5 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/a7a5cfca-f51f-4e8b-9a98-592499600499/bg5.png"><div class="t m0 x2 h1b y36 ff4 fse fc3 sc0 ls0 ws0">T<span class="_4 blank"></span>axa<span class="_1 blank"></span> <span class="_3 blank"></span>In<span class="_1 blank"> </span>te<span class="_1 blank"> </span>r<span class="_0 blank"></span>n<span class="_1 blank"> </span>a <span class="_16 blank"></span>d<span class="_1 blank"> </span>e <span class="_0 blank"></span>Ret<span class="_1 blank"></span>orno<span class="_1 blank"> </span> <span class="_3 blank"></span>d<span class="_1 blank"> </span>e<span class="_1 blank"></span> <span class="_3 blank"></span>u<span class="_0 blank"></span>m<span class="_0 blank"></span> <span class="_8 blank"> </span>Fl<span class="_1 blank"></span>u<span class="_3 blank"></span>x<span class="_1 blank"> </span>o<span class="_1 blank"></span> <span class="_3 blank"></span>d<span class="_1 blank"></span>e <span class="_3 blank"></span>Caix<span class="_1 blank"></span>a <span class="_3 blank"></span>(<span class="_1 blank"> </span>T<span class="_0 blank"></span>IR)<span class="_1 blank"> </span><span class="ff2"> </span></div><div class="t m0 x2 h1c y37 ff1 fs12 fc3 sc0 ls0 ws0"> </div><div class="t m0 x6 h1d y38 ff3 fs13 fc1 sc0 ls0 ws10">\u2022<span class="ff1 ws0">É<span class="_0 blank"></span> a tax<span class="_1 blank"></span>a <span class="_1 blank"> </span>de <span class="_1 blank"> </span>des<span class="_1 blank"> </span>c<span class="_1 blank"> </span>onto<span class="_0 blank"></span> <span class="_6 blank"> </span>que <span class="_1 blank"> </span>tor<span class="_1 blank"> </span>na <span class="_1 blank"> </span>nul<span class="_0 blank"></span>o <span class="_a blank"> </span>o<span class="_0 blank"></span> v<span class="_1 blank"> </span>al<span class="_0 blank"></span>or<span class="_1 blank"> </span> <span class="_1 blank"> </span>pr<span class="_1 blank"> </span>es<span class="_1 blank"> </span>en<span class="_0 blank"></span>te </span></div><div class="t m0 x6 h1d y39 ff1 fs13 fc1 sc0 ls0 ws0">l<span class="_0 blank"></span>íqui<span class="_0 blank"></span>do <span class="_1d blank"> </span>de u<span class="_0 blank"></span>m <span class="_6 blank"> </span>fl<span class="_0 blank"></span>ux<span class="_1 blank"> </span>o <span class="_1d blank"> </span>de caixa.<span class="fs1"> <span class="_1 blank"></span> </span></div><div class="t m0 x6 h11 y3a ff1 fsb fc1 sc0 ls0 ws0"> </div><div class="t m0 x6 h1d y3b ff3 fs13 fc1 sc0 ls0 ws10">\u2022<span class="ff1 ws0">E<span class="_0 blank"></span>x<span class="_1 blank"> </span>pr<span class="_1 blank"></span>ess<span class="_1 blank"> </span>a <span class="_3 blank"></span>o <span class="_1 blank"> </span>r<span class="_1 blank"> </span>es<span class="_1 blank"> </span>ul<span class="_0 blank"></span>tado <span class="_8 blank"> </span>do <span class="_6 blank"> </span>i<span class="_0 blank"></span>nv<span class="_1 blank"> </span>es<span class="_1 blank"> </span>ti<span class="_0 blank"></span>mento<span class="_0 blank"></span> <span class="_1e blank"> </span>em <span class="_1 blank"> </span>ter<span class="_1 blank"></span>mo<span class="_0 blank"></span>s<span class="_1 blank"> </span> <span class="_6 blank"> </span>de </span></div><div class="t m0 x6 h1e y3c ff1 fs14 fc1 sc0 ls0 ws0">j<span class="_1 blank"> </span>uros<span class="_1 blank"> </span>, <span class="_3 blank"></span>c<span class="_1 blank"> </span>ujo s<span class="_1 blank"> </span>i<span class="_0 blank"></span>gni<span class="_0 blank"></span>ficado <span class="_1e blank"> </span>é<span class="_0 blank"></span> mai<span class="_0 blank"></span>s<span class="_1 blank"> </span> <span class="_6 blank"> </span>facil<span class="_0 blank"></span>men<span class="_0 blank"></span>te <span class="_1e blank"> </span>ass<span class="_1 blank"> </span>im<span class="_0 blank"></span>il<span class="_3 blank"></span>ado <span class="_1e blank"> </span>d<span class="_0 blank"></span>o </div><div class="t m0 x6 h1d y3d ff1 fs13 fc1 sc0 ls0 ws0">que<span class="_0 blank"></span> o <span class="_6 blank"> </span>v<span class="_1 blank"> </span>al<span class="_0 blank"></span>or<span class="_1 blank"> </span> pres<span class="_1 blank"> </span>ente<span class="_0 blank"></span> <span class="_1d blank"> </span>líqu<span class="_0 blank"></span>ido<span class="_0 blank"></span> <span class="_1e blank"> </span>ex<span class="_1 blank"> </span>pres<span class="_1 blank"> </span>s<span class="_1 blank"> </span>o em<span class="_0 blank"></span> <span class="_6 blank"> </span>uni<span class="_0 blank"></span>dades </div><div class="t m0 x6 h1e y3e ff1 fs14 fc1 sc0 ls0 ws11">mon<span class="_0 blank"></span>etárias.<span class="fs1 ws0"> <span class="_8 blank"> </span> </span></div><div class="t m0 x6 h6 y3f ff1 fs5 fc1 sc0 ls0 ws0"> </div><div class="t m0 x6 h1e y40 ff3 fs14 fc1 sc0 ls0 ws12">\u2022<span class="ff1 ws0">A<span class="_2 blank"></span> apuraç<span class="_1 blank"> </span>ão<span class="_0 blank"></span> <span class="_a blank"> </span>da T<span class="_9 blank"></span>ax<span class="_1 blank"> </span>a In<span class="_0 blank"></span>ter<span class="_1 blank"></span>na<span class="_0 blank"></span> <span class="_1d blank"> </span>de <span class="_6 blank"> </span>Retorno <span class="_1 blank"> </span>é <span class="_6 blank"> </span>fei<span class="_0 blank"></span>ta <span class="_1d blank"> </span>de </span></div><div class="t m0 x6 h1d y41 ff1 fs13 fc1 sc0 ls0 ws0">man<span class="_0 blank"></span>eira <span class="_6 blank"> </span>i<span class="_0 blank"></span>ter<span class="_1 blank"></span>ati<span class="_3 blank"></span>v<span class="_1 blank"> </span>a <span class="_1d blank"> </span>ou <span class="_1 blank"> </span>por<span class="_1 blank"> </span> <span class="_1 blank"> </span>métodos <span class="_1d blank"> </span>de i<span class="_0 blank"></span>nterpol<span class="_0 blank"></span>aç<span class="_1 blank"> </span>ão. <span class="_1e blank"> </span> </div><div class="t m0 x3 h3 y5 ff2 fs2 fc2 sc0 ls0 ws0"> </div><div class="t m0 x3 h2 y6 ff2 fs1 fc2 sc0 ls0 ws0"> </div><div class="t m0 x1d h8 y42 ff2 fs6 fc2 sc0 ls0 ws0">T<span class="_b blank"></span>a<span class="_1 blank"></span>xa <span class="_5 blank"></span>In<span class="_0 blank"></span>te<span class="_1 blank"></span>rna <span class="_0 blank"></span>de <span class="_1 blank"></span>R<span class="_1 blank"></span>etorn<span class="_0 blank"></span>o <span class="_0 blank"></span>(T<span class="_1 blank"> </span>IR)<span class="_8 blank"> </span> </div><div class="t m0 x2 h5 y43 ff2 fs4 fc3 sc0 ls0 ws0">Cr<span class="_1 blank"></span>i<span class="_6 blank"> </span>t<span class="_1 blank"></span>ér<span class="_1 blank"> </span>io<span class="_0 blank"></span> <span class="_2 blank"></span>d<span class="_0 blank"></span>e<span class="_1 blank"></span> Deci<span class="_8 blank"> </span>são </div><div class="t m0 x2 h11 y30 ff1 fsb fc3 sc0 ls4 ws0"> <span class="ff2 fs13 fc1 ls0 v9">TIR <span class="_3 blank"></span>> <span class="_6 blank"> </span>T<span class="_1 blank"> </span>MA<span class="_3 blank"></span> <span class="_6 blank"> </span>: <span class="_16 blank"></span>Aceita <span class="_1d blank"> </span>Pr<span class="_0 blank"></span>o<span class="_1 blank"> </span>jeto<span class="_1 blank"></span> </span></div><div class="t m0 x6 h1f y44 ff2 fs15 fc1 sc0 ls0 ws0"> </div><div class="t m0 x6 h20 y45 ff2 fs13 fc1 sc0 ls0 ws0">TIR <span class="_3 blank"></span><span class="ff6">\u2264 <span class="_6 blank"> </span>T<span class="_1 blank"> </span>MA<span class="_3 blank"></span> <span class="_1 blank"> </span>:<span class="_1 blank"> </span> Rejeita <span class="_6 blank"> </span>Pr<span class="_0 blank"></span>o<span class="_1 blank"> </span>jeto<span class="ff2"> </span></span></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf6" class="pf w0 h0" data-page-no="6"><div class="pc pc6 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/a7a5cfca-f51f-4e8b-9a98-592499600499/bg6.png"><div class="t m0 x2 h1b y46 ff2 fse fc3 sc0 ls0 ws0">E<span class="_0 blank"></span>x<span class="_1 blank"></span>em<span class="_0 blank"></span>pl<span class="_1 blank"> </span>o <span class="_3 blank"></span><span class="fs0 lsa">: <span class="fse ls0">d<span class="_0 blank"></span>e<span class="_1 blank"></span>ter<span class="_1 blank"> </span>mi<span class="_6 blank"> </span>n<span class="_0 blank"></span>ar<span class="_1 blank"> </span> <span class="_16 blank"></span>a<span class="_1 blank"></span> T<span class="_1 blank"></span>I<span class="_3 blank"></span>R<span class="_3 blank"></span> <span class="_6 blank"> </span>e<span class="_1 blank"></span><span class="fs0 ls11"> </span>v<span class="_3 blank"></span>er<span class="_1 blank"> </span>i<span class="_6 blank"> </span>f<span class="_1 blank"> </span>i<span class="_6 blank"> </span>c<span class="_1 blank"></span>ar<span class="_1 blank"> </span> <span class="_1f blank"></span>a v<span class="_0 blank"></span>i<span class="_6 blank"> </span>a<span class="_1 blank"></span>b<span class="_0 blank"></span>i<span class="_6 blank"> </span>l<span class="_8 blank"> </span>i<span class="_6 blank"> </span>d<span class="_0 blank"></span>ade </span></span></div><div class="t m0 x2 h5 y47 ff2 fs4 fc3 sc0 ls0 ws0">d<span class="_0 blank"></span>o<span class="_0 blank"></span> proj<span class="_1 blank"> </span>e<span class="_1 blank"> </span>to <span class="_3 blank"></span>ab<span class="_0 blank"></span>a<span class="_1 blank"></span>i<span class="_6 blank"> </span>xo, <span class="_3 blank"></span>send<span class="_3 blank"></span>o<span class="_0 blank"></span> <span class="_8 blank"> </span>a T<span class="_1 blank"> </span>M<span class="_1 blank"> </span>A<span class="_3 blank"></span> <span class="_3 blank"></span>= <span class="_0 blank"></span>10<span class="_1 blank"></span>%<span class="_2 blank"></span> <span class="_a blank"> </span>a.a<span class="_1 blank"></span>.<span class="ff1"> </span></div><div class="t m0 x1e h2 y48 ff2 fs1 fc1 sc0 ls0 ws0">A<span class="_0 blank"></span>n<span class="_1 blank"> </span>o<span class="_1 blank"> </span> <span class="_20 blank"> </span><span class="ff1">0 <span class="_21 blank"> </span>1 <span class="_22 blank"> </span>2 <span class="_23 blank"> </span>3 <span class="_23 blank"> </span>4 </span></div><div class="t m0 x8 h2 y49 ff2 fs1 fc1 sc0 ls0 ws0">V<span class="_3 blank"></span>al<span class="_1 blank"> </span>o<span class="_1 blank"> </span>r<span class="_1 blank"> </span> <span class="_24 blank"> </span><span class="ff1 ws13">-<span class="ls12 ws14">600</span><span class="ws0"> <span class="_25 blank"> </span>-<span class="ls17 ws15">300</span><span class="ls13"> <span class="ls17 ws15">400</span><span class="ls14"> <span class="ls17 ws15">500</span> <span class="ls17 ws15">800</span></span></span> </span></span></div><div class="t m0 x1f h21 y4a ff1 fs16 fc1 sc0 ls18 ws16">400<span class="ls15 ws0"> <span class="ls19 ws17 va">500</span><span class="ls16 va"> </span><span class="ls19 ws17 vb">800</span><span class="ls0 vb"> </span></span></div><div class="t m0 x20 h22 y4b ff1 fs17 fc1 sc0 ls0 ws0">0<span class="_0 blank"></span> <span class="_26 blank"> </span>1<span class="_0 blank"></span> <span class="_27 blank"> </span>2 <span class="_28 blank"> </span>3<span class="_0 blank"></span> <span class="_28 blank"> </span>4 </div><div class="t m0 x3 h3 y5 ff2 fs2 fc2 sc0 ls0 ws0"> </div><div class="t m0 x3 h2 y6 ff2 fs1 fc2 sc0 ls0 ws0"> </div><div class="t m0 x21 h23 y4c ff1 fs16 fc1 sc0 ls19 ws17">600<span class="ls0 ws0"> </span></div><div class="t m0 x22 h23 y4d ff1 fs16 fc1 sc0 ls18 ws16">300<span class="ls0 ws0"> </span></div><div class="t m0 x23 h1 y4e ff1 fs0 fc1 sc0 ls0 ws0">V<span class="_5 blank"></span>al<span class="_0 blank"></span>or pre<span class="_0 blank"></span>sen<span class="_0 blank"></span>t<span class="_1 blank"> </span>e<span class="_0 blank"></span> <span class="_8 blank"> </span>líqu<span class="_0 blank"></span>id<span class="_0 blank"></span>o: <span class="_8 blank"> </span>VPL<span class="_4 blank"></span> <span class="_1 blank"> </span>= <span class="ff5 ws18">\uf053</span>F(1+i<span class="_0 blank"></span>) <span class="_1 blank"> </span> <span class="_0 blank"></span> <span class="_1 blank"> </span> <span class="ls1a">= <span class="_0 blank"></span><span class="ff5 ls0 ws18">\uf053<span class="ff1 ws0">F(P/<span class="_1 blank"> </span>F<span class="_2 blank"></span>,<span class="_1 blank"> </span>i<span class="_0 blank"></span>,<span class="_1 blank"> </span>n<span class="_0 blank"></span>) </span></span></span></div><div class="t m0 x23 h1 y4f ff1 fs0 fc2 sc0 ls0 ws0">Pa<span class="_0 blank"></span>ra <span class="_3 blank"></span>i = <span class="_1 blank"> </span>0 </div><div class="t m0 x23 h1 y50 ff1 fs0 fc2 sc0 ls0 ws0">VPL<span class="_4 blank"></span> <span class="_0 blank"></span>= <span class="_1 blank"> </span>- <span class="_3 blank"></span><span class="ls1b">600 <span class="_1d blank"> </span><span class="ff3 ls0 ws19">\u2013<span class="_0 blank"></span><span class="ff1 ws0"> <span class="_1 blank"> </span>30<span class="_0 blank"></span>0 <span class="_6 blank"> </span>+ <span class="_0 blank"></span>40<span class="_0 blank"></span>0 <span class="_6 blank"> </span>+ <span class="_1 blank"> </span>5<span class="_0 blank"></span>00<span class="_0 blank"></span> <span class="_1 blank"> </span>+ 80<span class="_0 blank"></span>0 <span class="_6 blank"> </span>= <span class="_0 blank"></span>80<span class="_0 blank"></span>0 </span></span></span></div><div class="t m0 x23 h6 y51 ff1 fs5 fc2 sc0 ls0 ws0"> </div><div class="t m0 x23 h24 y52 ff1 fs18 fc5 sc0 ls0 ws0">Para<span class="_0 blank"></span> <span class="_0 blank"></span>i = 10%<span class="_0 blank"></span> <span class="_8 blank"> </span> </div><div class="t m0 x23 h1 y53 ff1 fs0 fc5 sc0 ls0 ws0">VPL<span class="_4 blank"></span> <span class="_0 blank"></span>= <span class="_1 blank"> </span>- <span class="_3 blank"></span><span class="ls1b">600 <span class="_1d blank"> </span><span class="ff3 ls0 ws19">\u2013<span class="_0 blank"></span><span class="ff1 ws0"> <span class="_1 blank"> </span>30<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,9<span class="_0 blank"></span>09<span class="_0 blank"></span>1 <span class="_6 blank"> </span>+ <span class="_1 blank"> </span>40<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,82<span class="_0 blank"></span>64<span class="_3 blank"></span> <span class="_8 blank"> </span>+ <span class="_1 blank"> </span>5<span class="_0 blank"></span>00<span class="_0 blank"></span> <span class="_8 blank"> </span>x <span class="_0 blank"></span>0,75<span class="_0 blank"></span>13<span class="_0 blank"></span> <span class="_8 blank"> </span>+ 80<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,68<span class="_0 blank"></span>30<span class="_0 blank"></span> <span class="_8 blank"> </span>= 38<span class="_0 blank"></span>0 </span></span></span></div><div class="t m0 x23 h6 y54 ff1 fs5 fc5 sc0 ls0 ws0"> </div><div class="t m0 x23 h1 y55 ff1 fs0 fc2 sc0 ls0 ws0">Pa<span class="_0 blank"></span>ra <span class="_3 blank"></span>i = <span class="_1 blank"> </span>20<span class="_0 blank"></span>%<span class="_0 blank"></span> </div><div class="t m0 x23 h1 y56 ff1 fs0 fc2 sc0 ls0 ws0">VPL<span class="_4 blank"></span> <span class="_0 blank"></span>= <span class="_1 blank"> </span>- <span class="_3 blank"></span><span class="ls1b">600 <span class="_1d blank"> </span><span class="ff3 ls0 ws19">\u2013<span class="_0 blank"></span><span class="ff1 ws0"> <span class="_1 blank"> </span>30<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,8<span class="_0 blank"></span>33<span class="_0 blank"></span>3 <span class="_6 blank"> </span>+ <span class="_1 blank"> </span>40<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,69<span class="_0 blank"></span>44<span class="_3 blank"></span> <span class="_8 blank"> </span>+ <span class="_1 blank"> </span>5<span class="_0 blank"></span>00<span class="_0 blank"></span> <span class="_8 blank"> </span>x <span class="_0 blank"></span>0,57<span class="_0 blank"></span>87<span class="_0 blank"></span> <span class="_8 blank"> </span>+ 80<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,48<span class="_0 blank"></span>23<span class="_0 blank"></span> <span class="_8 blank"> </span>= 10<span class="_0 blank"></span>3 </span></span></span></div><div class="t m0 x23 h6 y57 ff1 fs5 fc2 sc0 ls0 ws0"> </div><div class="t m0 x23 h1 y58 ff1 fs0 fc5 sc0 ls0 ws0">Pa<span class="_0 blank"></span>ra <span class="_3 blank"></span>i = <span class="_1 blank"> </span>30<span class="_0 blank"></span>%<span class="_0 blank"></span> </div><div class="t m0 x23 h24 y59 ff1 fs18 fc5 sc0 ls0 ws0">VPL<span class="_4 blank"></span> <span class="_0 blank"></span>= <span class="_1 blank"> </span>- <span class="_0 blank"></span><span class="ls1c">600 <span class="_8 blank"> </span><span class="ff3 ls0 ws1a">\u2013</span><span class="ls0"> 30<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,76<span class="_0 blank"></span>92 <span class="_6 blank"> </span>+ <span class="_1 blank"> </span>4<span class="_0 blank"></span>00<span class="_0 blank"></span> <span class="_8 blank"> </span>x <span class="_0 blank"></span>0,59<span class="_0 blank"></span>17<span class="_0 blank"></span> <span class="_8 blank"> </span>+ 500<span class="_0 blank"></span> <span class="_8 blank"> </span>x <span class="_3 blank"></span>0,45<span class="_0 blank"></span>52<span class="_0 blank"></span> <span class="_8 blank"> </span>+ <span class="_1 blank"> </span>80<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,35<span class="_0 blank"></span>01<span class="_0 blank"></span> <span class="_8 blank"> </span>= -86<span class="_0 blank"></span>,<span class="_1 blank"> </span>40<span class="_0 blank"></span> </span></span></div><div class="t m0 x23 h6 y5a ff1 fs5 fc5 sc0 ls0 ws0"> </div><div class="t m0 x23 h1 y5b ff1 fs0 fc2 sc0 ls0 ws0">Pa<span class="_0 blank"></span>ra <span class="_3 blank"></span>i = <span class="_1 blank"> </span>25<span class="_0 blank"></span>%<span class="_0 blank"></span> </div><div class="t m0 x23 h1 y5c ff1 fs0 fc2 sc0 ls0 ws0">VPL<span class="_4 blank"></span> <span class="_0 blank"></span>= <span class="_1 blank"> </span>- <span class="_3 blank"></span><span class="ls1b">600 <span class="_1d blank"> </span><span class="ff3 ls0 ws19">\u2013<span class="_0 blank"></span><span class="ff1 ws0"> <span class="_1 blank"> </span>30<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,8<span class="_0 blank"></span>00<span class="_0 blank"></span>0 <span class="_6 blank"> </span>+ <span class="_1 blank"> </span>40<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,64<span class="_0 blank"></span>00<span class="_3 blank"></span> <span class="_8 blank"> </span>+ <span class="_1 blank"> </span>5<span class="_0 blank"></span>00<span class="_0 blank"></span> <span class="_8 blank"> </span>x <span class="_0 blank"></span>0,51<span class="_0 blank"></span>20<span class="_0 blank"></span> <span class="_8 blank"> </span>+ 80<span class="_0 blank"></span>0 <span class="_6 blank"> </span>x <span class="_0 blank"></span>0,40<span class="_0 blank"></span>96<span class="_0 blank"></span> <span class="_8 blank"> </span>= 0 </span></span></span></div><div class="t m0 x23 h6 y5d ff1 fs5 fc2 sc0 ls0 ws0"> </div><div class="t m0 x23 h1 y5e ff1 fs0 fc2 sc0 ls0 ws0">T<span class="_1 blank"> </span>IR <span class="_16 blank"></span>= 25<span class="_0 blank"></span>% <span class="_6 blank"> </span>a.a. </div><div class="t m0 x23 h2 y5f ff2 fs0 fc3 sc0 ls0 ws0">T<span class="_1 blank"></span>IR <span class="_16 blank"></span>> T<span class="_1 blank"> </span>MA<span class="_3 blank"></span> <span class="_0 blank"></span><span class="fs1">(o<span class="_1 blank"> </span> <span class="_0 blank"></span>p<span class="_1 blank"> </span>r<span class="_1 blank"> </span>o<span class="_1 blank"> </span>j<span class="_1 blank"> </span>eto<span class="_1 blank"> </span> <span class="_2 blank"></span>é <span class="_4 blank"></span>eco<span class="_1 blank"> </span>n<span class="_1 blank"> </span>o<span class="_1 blank"> </span>mi<span class="_1 blank"> </span>camen<span class="_0 blank"></span>te <span class="_2 blank"></span>vi<span class="_1 blank"> </span>ável<span class="_1 blank"> </span>) </span></div><div class="t m0 x24 h25 y60 ff2 fs19 fc1 sc0 ls0 ws0">-<span class="_0 blank"></span>n<span class="_1 blank"> </span> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="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/a7a5cfca-f51f-4e8b-9a98-592499600499/bg7.png"><div class="t m0 x25 h26 y61 ff1 fs1a fc2 sc0 ls0 ws0">Repres<span class="_1 blank"></span>entaç<span class="_0 blank"></span>ão<span class="_1 blank"></span> <span class="_1f blank"></span>G<span class="_0 blank"></span>r<span class="_0 blank"></span>áf<span class="_8 blank"> </span>i<span class="_1 blank"></span>c<span class="_1 blank"></span>a </div><div class="t m0 x26 h2 y62 ff2 fs1 fc1 sc0 ls0 ws0">T<span class="_4 blank"></span>axa <span class="_2 blank"></span>d<span class="_1 blank"> </span>e </div><div class="t m0 x27 h27 y63 ff2 fs1 fc1 sc0 ls0 ws0">D<span class="_1 blank"> </span>esco<span class="_1 blank"></span>nto<span class="_1 blank"> </span> <span class="_5 blank"></span>(%<span class="_3 blank"></span>)<span class="ff1 ls1d"> </span><span class="ls6 ws1b vc">VPL </span><span class="ff1 vc"> </span></div><div class="t m0 x9 h7 y64 ff1 fs1 fc1 sc0 ls0 ws0">0 <span class="_29 blank"> </span><span class="ls12 ws14">800</span> </div><div class="t m0 x28 h7 y65 ff1 fs1 fc1 sc0 ls17 ws15">10<span class="ls1e ws0"> <span class="ls12 ws14">380</span><span class="ls0"> </span></span></div><div class="t m0 x28 h7 y66 ff1 fs1 fc1 sc0 ls17 ws15">20<span class="ls1e ws0"> <span class="ls12 ws14">103</span><span class="ls0"> </span></span></div><div class="t m0 x28 h7 y67 ff1 fs1 fc1 sc0 ls17 ws15">30<span class="ls0 ws0"> <span class="_2a blank"> </span> <span class="_4 blank"></span>-86,<span class="_1 blank"> </span>4 </span></div><div class="t m0 x28 h7 y68 ff1 fs1 fc1 sc0 ls17 ws15">25<span class="ls0 ws0"> <span class="_1b blank"> </span> <span class="_16 blank"></span>0 </span></div><div class="t m0 x29 h7 y69 ff1 fs1 fc1 sc0 ls0 ws0">T<span class="_0 blank"></span>I<span class="_1 blank"> </span>R<span class="_1 blank"> </span> <span class="_2 blank"></span>=<span class="_1 blank"> </span> <span class="_0 blank"></span>25% <span class="_0 blank"></span>a.<span class="_1 blank"> </span>a.<span class="_1 blank"> </span> <span class="_2b blank"> </span><span class="fs1b ls22 ws1c vd">10<span class="ls1f ws0"> <span class="ls23 ws1d">20</span><span class="ls20"> <span class="ls23 ws1d">30</span><span class="ls0"> <span class="_2c blank"></span><span class="ls23 ws1d">25<span class="ls0 ws0"> </span></span></span></span></span></span></div><div class="t m0 x2a h28 y6a ff1 fs1b fc1 sc0 ls0 ws0">T<span class="_9 blank"></span>ax<span class="_1 blank"> </span>a(<span class="_1 blank"> </span>%<span class="_0 blank"></span>)<span class="_1 blank"> </span> </div><div class="t m0 x2b h28 y6b ff1 fs1b fc1 sc0 ls21">-<span class="ls22 ws1c">200</span><span class="ls0 ws0"> </span></div><div class="t m0 x2c h28 y6c ff1 fs1b fc1 sc0 ls0 ws0">0 </div><div class="t m0 x2d h28 y6d ff1 fs1b fc1 sc0 ls22 ws1c">200<span class="ls0 ws0"> </span></div><div class="t m0 x2d h28 y6e ff1 fs1b fc1 sc0 ls22 ws1c">400<span class="ls0 ws0"> </span></div><div class="t m0 x2d h28 y6f ff1 fs1b fc1 sc0 ls22 ws1c">600<span class="ls0 ws0"> </span></div><div class="t m0 x2d h28 y70 ff1 fs1b fc1 sc0 ls22 ws1c">800<span class="ls0 ws0"> </span></div><div class="t m0 x2e h23 y71 ff1 fs16 fc1 sc0 ls1b ws1e">VPL<span class="ls0 ws0"> </span></div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pf8" class="pf w0 h0" data-page-no="8"><div class="pc pc8 w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/a7a5cfca-f51f-4e8b-9a98-592499600499/bg8.png"><div class="t m0 x2 h5 y72 ff4 fs4 fc3 sc0 ls0 ws1f">Ob se r<span class="_0 blank"></span>v<span class="_0 blank"></span>aç ão : <span class="ff2 ws0"> </span></div><div class="t m0 x2 h29 y73 ff1 fs15 fc3 sc0 ls0 ws0"> </div><div class="t m0 x6 h1d y74 ff3 fs13 fc1 sc0 ls24">\u2022<span class="ff1 ls0 ws0">O<span class="_1 blank"> </span> <span class="_3 blank"></span>res<span class="_1 blank"> </span>ul<span class="_0 blank"></span>tado <span class="_8 blank"> </span>da TIR <span class="_6 blank"> </span>pr<span class="_1 blank"> </span>es<span class="_1 blank"> </span>s<span class="_1 blank"></span>up<span class="_0 blank"></span>õe <span class="_6 blank"> </span>que <span class="_1 blank"> </span>as<span class="_1 blank"> </span> parc<span class="_1 blank"> </span>el<span class="_0 blank"></span>as<span class="_1 blank"> </span> </span></div><div class="t m0 x2f h1d y75 ff1 fs13 fc1 sc0 ls0 ws0">r<span class="_1 blank"></span>ecebi<span class="_0 blank"></span>das<span class="_1 blank"> </span> ten<span class="_0 blank"></span>ham <span class="_1e blank"> </span>sid<span class="_0 blank"></span>o <span class="_6 blank"> </span>r<span class="_1 blank"> </span>eap<span class="_0 blank"></span>li<span class="_0 blank"></span>c<span class="_1 blank"> </span>adas <span class="_1d blank"> </span>a es<span class="_1 blank"> </span>ta <span class="_1 blank"> </span>tax<span class="_1 blank"> </span>a.<span class="_0 blank"></span> </div><div class="t m0 x6 h1d y76 ff3 fs13 fc5 sc0 ls24">\u2022<span class="ff1 ls0 ws0">Um probl<span class="_0 blank"></span>ema <span class="_8 blank"> </span>mai<span class="_0 blank"></span>s<span class="_1 blank"> </span> <span class="_1d blank"> </span>r<span class="_1 blank"> </span>eal<span class="_0 blank"></span>i<span class="_0 blank"></span>s<span class="_1 blank"> </span>ta <span class="_6 blank"> </span>propõe <span class="_1d blank"> </span>que<span class="_0 blank"></span> <span class="_6 blank"> </span>par<span class="_1 blank"></span>a <span class="_1 blank"> </span>as<span class="_1 blank"> </span> </span></div><div class="t m0 x2f h1d y77 ff1 fs13 fc5 sc0 ls0 ws0">parc<span class="_1 blank"> </span>el<span class="_0 blank"></span>as<span class="_1 blank"> </span> rec<span class="_1 blank"> </span>ebi<span class="_0 blank"></span>das<span class="_1 blank"> </span> <span class="_1d blank"> </span>s<span class="_1 blank"> </span>ej<span class="_1 blank"></span>a u<span class="_0 blank"></span>til<span class="_3 blank"></span>izada <span class="_1d blank"> </span>a <span class="_6 blank"> </span>taxa <span class="_6 blank"> </span>de </div><div class="t m0 x2f h1d y78 ff1 fs13 fc5 sc0 ls0 ws0">r<span class="_1 blank"></span>ea<span class="_0 blank"></span>pli<span class="_3 blank"></span>c<span class="_1 blank"> </span>aç<span class="_1 blank"> </span>ão <span class="_1 blank"> </span>(<span class="_1 blank"> </span>T<span class="_2 blank"></span>ax<span class="_1 blank"> </span>a d<span class="_0 blank"></span>e <span class="_6 blank"> </span>Risc<span class="_1 blank"> </span>o)<span class="_1 blank"> </span> <span class="_6 blank"> </span>e pa<span class="_0 blank"></span>r<span class="_1 blank"> </span>a <span class="_6 blank"> </span>as par<span class="_1 blank"> </span>c<span class="_1 blank"></span>el<span class="_3 blank"></span>as<span class="_1 blank"> </span> </div><div class="t m0 x2f h1d y79 ff1 fs13 fc5 sc0 ls0 ws0">neg<span class="_0 blank"></span>ativas<span class="_1 blank"> </span> <span class="_6 blank"> </span>s<span class="_1 blank"> </span>ej<span class="_1 blank"> </span>a u<span class="_0 blank"></span>til<span class="_0 blank"></span>i<span class="_0 blank"></span>z<span class="_1 blank"> </span>ada <span class="_2d blank"> </span>a taxa <span class="_6 blank"> </span>que <span class="_1 blank"> </span>r<span class="_1 blank"> </span>efl<span class="_0 blank"></span>i<span class="_0 blank"></span>ta <span class="_1d blank"> </span>a </div><div class="t m0 x2f h1e y7a ff1 fs14 fc5 sc0 ls0 ws0">remuneraç<span class="_1 blank"></span>ão<span class="_0 blank"></span> <span class="_6 blank"> </span>dos<span class="_1 blank"> </span> <span class="_6 blank"> </span>dep<span class="_0 blank"></span>ós<span class="_1 blank"> </span>i<span class="_0 blank"></span>tos<span class="_1 blank"> </span> <span class="_1d blank"> </span>bancár<span class="_1 blank"></span>i<span class="_0 blank"></span>os<span class="_1 blank"> </span> <span class="_1 blank"> </span>(<span class="_1 blank"> </span>T<span class="_2 blank"></span>ax<span class="_1 blank"></span>a d<span class="_0 blank"></span>e </div><div class="t m0 x2f h1d y7b ff1 fs13 fc5 sc0 ls0 ws0">Se<span class="_0 blank"></span>guranç<span class="_1 blank"> </span>a). </div><div class="t m0 x6 h1e y7c ff3 fs14 fc1 sc0 ls25">\u2022<span class="ff1 ls0 ws0">O<span class="_1 blank"></span>s <span class="_3 blank"></span>s<span class="_1 blank"> </span>egui<span class="_0 blank"></span>ntes <span class="_6 blank"> </span>pas<span class="_1 blank"> </span>s<span class="_1 blank"></span>os <span class="_6 blank"> </span>dev<span class="_1 blank"> </span>em<span class="_0 blank"></span> <span class="_6 blank"> </span>s<span class="_1 blank"> </span>er<span class="_1 blank"> </span> s<span class="_1 blank"></span>eg<span class="_0 blank"></span>ui<span class="_0 blank"></span>dos<span class="_1 blank"> </span>:<span class="_0 blank"></span> </span></div><div class="t m0 x30 h1d y7d ff1 fs13 fc4 sc0 ls26 ws20">1. <span class="ls0 ws0">Capi<span class="_0 blank"></span>tal<span class="_0 blank"></span>izar<span class="_1 blank"> </span> <span class="_1d blank"> </span>as<span class="_1 blank"></span> pa<span class="_0 blank"></span>r<span class="_1 blank"> </span>c<span class="_1 blank"> </span>el<span class="_0 blank"></span>as<span class="_1 blank"> </span> <span class="_1 blank"> </span>pos<span class="_1 blank"> </span>i<span class="_0 blank"></span>tivas<span class="_1 blank"> </span> <span class="_6 blank"> </span>para <span class="_6 blank"> </span>o <span class="_6 blank"> </span>úl<span class="_0 blank"></span>ti<span class="_0 blank"></span>mo </span></div><div class="t m0 x31 h1d y7e ff1 fs13 fc4 sc0 ls0 ws0">termo do <span class="_1 blank"> </span>fl<span class="_0 blank"></span>ux<span class="_1 blank"> </span>o, <span class="_6 blank"> </span>na <span class="_1 blank"> </span>tax<span class="_1 blank"> </span>a <span class="_1 blank"> </span>de <span class="_6 blank"> </span>r<span class="_1 blank"></span>i<span class="_0 blank"></span>s<span class="_1 blank"> </span>c<span class="_1 blank"> </span>o;<span class="_0 blank"></span> </div><div class="t m0 x30 h1d y7f ff1 fs13 fc1 sc0 ls26 ws20">2. <span class="ls0 ws0">Des<span class="_1 blank"> </span>c<span class="_1 blank"> </span>on<span class="_0 blank"></span>tar<span class="_1 blank"> </span> as par<span class="_1 blank"> </span>c<span class="_1 blank"></span>el<span class="_3 blank"></span>as<span class="_1 blank"> </span> <span class="_6 blank"> </span>negati<span class="_3 blank"></span>v<span class="_1 blank"> </span>as<span class="_1 blank"> </span>, <span class="_1d blank"> </span>na <span class="_1 blank"> </span>tax<span class="_1 blank"> </span>a <span class="_1 blank"> </span>de </span></div><div class="t m0 x31 h1d y80 ff1 fs13 fc1 sc0 ls0 ws0">s<span class="_1 blank"> </span>egu<span class="_0 blank"></span>r<span class="_1 blank"> </span>anç<span class="_1 blank"></span>a;<span class="_0 blank"></span> </div><div class="t m0 x30 h1d y81 ff1 fs13 fc4 sc0 ls26 ws20">3. <span class="ls0 ws0">Determi<span class="_0 blank"></span>nar<span class="_1 blank"></span> <span class="_1 blank"> </span>a <span class="_6 blank"> </span>tax<span class="_1 blank"> </span>a <span class="_1 blank"> </span>inte<span class="_0 blank"></span>r<span class="_1 blank"> </span>na <span class="_8 blank"> </span>de r<span class="_1 blank"></span>eto<span class="_0 blank"></span>r<span class="_1 blank"> </span>no <span class="_1d blank"> </span>(T<span class="_1 blank"> </span>IRM) para </span></div><div class="t m0 x31 h1d y82 ff1 fs13 fc4 sc0 ls0 ws0">o <span class="_3 blank"></span>no<span class="_0 blank"></span>v<span class="_1 blank"> </span>o <span class="_6 blank"> </span>fl<span class="_0 blank"></span>ux<span class="_1 blank"> </span>o<span class="fc1"> <span class="_6 blank"> </span> </span></div><div class="t m0 x3 h3 y5 ff2 fs2 fc2 sc0 ls0 ws0"> </div><div class="t m0 x3 h2 y6 ff2 fs1 fc2 sc0 ls0 ws0"> </div><div class="t m0 x32 h2a y83 ff1 fs1c fc2 sc0 ls0 ws0">T<span class="_2e blank"></span>ax<span class="_1 blank"></span>a <span class="_5 blank"></span>Inte<span class="_1 blank"></span>r<span class="_0 blank"></span>na <span class="_16 blank"></span>de <span class="_0 blank"></span>Retorno <span class="_3 blank"></span>M<span class="_3 blank"></span>odi<span class="_1 blank"> </span>f<span class="_6 blank"> </span>i<span class="_1 blank"></span>c<span class="_1 blank"></span>ada </div><div class="t m0 x33 h2a y84 ff1 fs1c fc2 sc0 ls0 ws0">(<span class="_0 blank"></span>TIRM<span class="_3 blank"></span>) </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="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/a7a5cfca-f51f-4e8b-9a98-592499600499/bg9.png"><div class="t m0 x2 h1b y46 ff2 fse fc3 sc0 ls0 ws0">E<span class="_0 blank"></span>x<span class="_1 blank"></span>em<span class="_0 blank"></span>pl<span class="_1 blank"> </span>o <span class="_3 blank"></span><span class="fs0 lsa">: <span class="fse ls0">d<span class="_0 blank"></span>e<span class="_1 blank"></span>ter<span class="_1 blank"> </span>mi<span class="_6 blank"> </span>n<span class="_0 blank"></span>ar<span class="_1 blank"> </span> <span class="_16 blank"></span>a<span class="_1 blank"></span> T<span class="_1 blank"></span>I<span class="_3 blank"></span>R<span class="_3 blank"></span>M, <span class="_8 blank"> </span>co<span class="_0 blank"></span>n<span class="_0 blank"></span>s<span class="_1 blank"></span>i<span class="_6 blank"> </span>d<span class="_0 blank"></span>e<span class="_1 blank"></span>r<span class="_1 blank"></span>an<span class="_0 blank"></span>d<span class="_0 blank"></span>o<span class="_0 blank"></span> <span class="_1 blank"></span>a T<span class="_4 blank"></span>ax<span class="_1 blank"></span>a <span class="_16 blank"></span>d<span class="_0 blank"></span>e </span></span></div><div class="t m0 x2 h5 y47 ff2 fs4 fc3 sc0 ls0 ws0">R<span class="_3 blank"></span>i<span class="_6 blank"> </span>sc<span class="_1 blank"> </span>o<span class="_0 blank"></span> <span class="_3 blank"></span>=<span class="_1 blank"> </span> <span class="_3 blank"></span>12<span class="_1 blank"></span>%<span class="_2 blank"></span> <span class="_a blank"> </span>a.a<span class="_1 blank"> </span>. e <span class="_0 blank"></span>a <span class="_1 blank"></span>T<span class="_16 blank"></span>a<span class="_1 blank"></span>xa <span class="_16 blank"></span>de <span class="_6 blank"> </span>Seg<span class="_0 blank"></span>u<span class="_0 blank"></span>r<span class="_1 blank"> </span>a<span class="_1 blank"></span>n<span class="_0 blank"></span>ça<span class="_1 blank"></span> = <span class="_1 blank"></span>10%<span class="_5 blank"></span> <span class="_1d blank"> </span>a<span class="_1 blank"> </span>.a.<span class="_1 blank"> </span><span class="ff1"> </span></div><div class="t m0 x34 h15 y85 ff1 fs4 fc1 sc0 ls0 ws0">1-<span class="_1 blank"> </span> <span class="_16 blank"></span>Ca<span class="_3 blank"></span>p<span class="_3 blank"></span>ita<span class="_0 blank"></span>liza<span class="_3 blank"></span>r<span class="_1 blank"></span> <span class="_7 blank"> </span>a<span class="_3 blank"></span>s p<span class="_0 blank"></span>a<span class="_3 blank"></span>r<span class="_1 blank"> </span>ce<span class="_3 blank"></span>la<span class="_3 blank"></span>s <span class="_1e blank"> </span>p<span class="_0 blank"></span>o<span class="_3 blank"></span>sitiv<span class="_3 blank"></span>a<span class="_0 blank"></span>s <span class="_7 blank"> </span>p<span class="_3 blank"></span>a<span class="_0 blank"></span>r<span class="_1 blank"></span>a<span class="_3 blank"></span> <span class="_1d blank"> </span>o<span class="_0 blank"></span> ú<span class="_1 blank"></span>ltimo<span class="_3 blank"></span> <span class="_8 blank"> </span>te<span class="_3 blank"></span>r<span class="_1 blank"></span>mo<span class="_0 blank"></span> d<span class="_3 blank"></span>o<span class="_0 blank"></span> </div><div class="t m0 x35 h15 y86 ff1 fs4 fc1 sc0 ls0 ws0">f<span class="_6 blank"> </span>lux<span class="_16 blank"></span>o<span class="_3 blank"></span>, <span class="_1 blank"> </span>na<span class="_3 blank"></span> <span class="_8 blank"> </span>ta<span class="_3 blank"></span>x<span class="_16 blank"></span>a<span class="_3 blank"></span> <span class="_1e blank"> </span>d<span class="_0 blank"></span>e<span class="_3 blank"></span> <span class="_a blank"> </span>r<span class="_1 blank"></span>isco<span class="_3 blank"></span>;<span class="_1 blank"> </span> </div><div class="t m0 x34 h16 y87 ff1 fse fc1 sc0 ls0 ws0"> </div><div class="t m0 x34 h15 y88 ff1 fs4 fc1 sc0 ls0 ws0"> </div><div class="t m0 x34 h15 y89 ff1 fs4 fc1 sc0 ls0 ws0">2-<span class="_1 blank"> </span> <span class="_16 blank"></span>De<span class="_3 blank"></span>sco<span class="_3 blank"></span>n<span class="_1 blank"></span>ta<span class="_3 blank"></span>r<span class="_1 blank"> </span> <span class="_1d blank"> </span>a<span class="_3 blank"></span>s <span class="_8 blank"> </span>p<span class="_3 blank"></span>a<span class="_0 blank"></span>rce<span class="_0 blank"></span>la<span class="_3 blank"></span>s <span class="_1e blank"> </span>ne<span class="_0 blank"></span>g<span class="_3 blank"></span>a<span class="_0 blank"></span>tiv<span class="_3 blank"></span>a<span class="_0 blank"></span>s, <span class="_7 blank"> </span>n<span class="_1 blank"></span>a<span class="_3 blank"></span> ta<span class="_0 blank"></span>x<span class="_5 blank"></span>a<span class="_0 blank"></span> <span class="_1e blank"> </span>d<span class="_3 blank"></span>e<span class="_0 blank"></span> <span class="_a blank"> </span>se<span class="_3 blank"></span>g<span class="_3 blank"></span>u<span class="_1 blank"> </span>ra<span class="_0 blank"></span>nça<span class="_1 blank"> </span> </div><div class="t m0 x36 h23 y8a ff1 fs16 fc1 sc0 ls19 ws17">100<span class="ls27 ws0"> </span>100<span class="ls0 ws0"> </span></div><div class="t m0 x37 h23 y8b ff1 fs16 fc1 sc0 ls18 ws16">80<span class="ls28 ws0"> <span class="ls19 ws17">80</span><span class="ls29"> <span class="ls19 ws17">80</span><span class="ls0"> </span></span></span></div><div class="t m0 x38 h22 y8c ff1 fs17 fc1 sc0 ls0 ws0">0<span class="_0 blank"></span> <span class="_2f blank"> </span>1<span class="_0 blank"></span> <span class="_30 blank"> </span>2 <span class="_31 blank"> </span>3<span class="_0 blank"></span> <span class="_31 blank"> </span>4<span class="_0 blank"></span> </div><div class="t m0 x39 h23 y8b ff1 fs16 fc1 sc0 ls19 ws17">80<span class="ls0 ws0"> </span></div><div class="t m0 x3a h22 y8d ff1 fs17 fc1 sc0 ls0 ws0">5 </div><div class="t m0 x3 h3 y5 ff2 fs2 fc2 sc0 ls0 ws0"> </div><div class="t m0 x3 h2 y6 ff2 fs1 fc2 sc0 ls0 ws0"> </div><div class="t m0 x31 h23 y8e ff1 fs16 fc1 sc0 ls18 ws16">80<span class="ls2a ws0"> <span class="ls19 ws17">80</span><span class="ls2b"> <span class="ls19 ws17">80</span><span class="ls0"> </span></span></span></div><div class="t m0 x3b h2b y8f ff1 fs1d fc1 sc0 ls0 ws0">0<span class="_0 blank"></span> <span class="_32 blank"> </span>1<span class="_0 blank"></span> <span class="_33 blank"> </span>2<span class="_0 blank"></span> <span class="_32 blank"> </span>3<span class="_0 blank"></span> <span class="_34 blank"> </span>4<span class="_0 blank"></span> </div><div class="t m0 x3c h23 y8e ff1 fs16 fc1 sc0 ls19 ws17">80<span class="ls0 ws0"> </span></div><div class="t m0 x3d h2b y8f ff1 fs1d fc1 sc0 ls0 ws0">0<span class="_0 blank"></span> <span class="_32 blank"> </span>1<span class="_0 blank"></span> <span class="_33 blank"> </span>2<span class="_0 blank"></span> <span class="_32 blank"> </span>3<span class="_0 blank"></span> <span class="_34 blank"> </span>4<span class="_0 blank"></span> </div><div class="t m0 x3e h23 y90 ff1 fs16 fc1 sc0 ls0 ws0">382,30 </div><div class="t m0 x3f h2b y91 ff1 fs1d fc1 sc0 ls0 ws0">5<span class="_0 blank"></span> <span class="_35 blank"></span>5<span class="_0 blank"></span> </div><div class="t m0 x40 h23 y92 ff1 fs16 fc1 sc0 ls18 ws16">100<span class="ls2c ws0"> <span class="ls19 ws17">100</span><span class="ls0"> </span></span></div><div class="t m0 x41 h2b y93 ff1 fs1d fc1 sc0 ls0 ws0">0<span class="_0 blank"></span> <span class="_36 blank"> </span>1<span class="_0 blank"></span> <span class="_37 blank"> </span>2<span class="_0 blank"></span> <span class="_28 blank"> </span>3<span class="_0 blank"></span> <span class="_28 blank"> </span>4<span class="_3 blank"></span> <span class="_38 blank"> </span><span class="ve">0<span class="_0 blank"></span> <span class="_36 blank"> </span>1<span class="_0 blank"></span> <span class="_37 blank"> </span>2<span class="_0 blank"></span> <span class="_28 blank"> </span>3<span class="_0 blank"></span> <span class="_28 blank"> </span>4<span class="_3 blank"></span> </span></div><div class="t m0 x42 h23 y94 ff1 fs16 fc1 sc0 ls0 ws0">190<span class="_0 blank"></span>,<span class="_1 blank"> </span>9 </div><div class="t m0 x43 h2b y95 ff1 fs1d fc1 sc0 ls0 ws0">5<span class="_0 blank"></span> </div><div class="t m0 x44 h2b y93 ff1 fs1d fc1 sc0 ls0 ws0">5<span class="_0 blank"></span> </div></div><div class="pi" data-data='{"ctm":[1.000000,0.000000,0.000000,1.000000,0.000000,0.000000]}'></div></div> <div id="pfa" class="pf w0 h0" data-page-no="a"><div class="pc pca w0 h0"><img fetchpriority="low" loading="lazy" class="bi x0 y0 w0 h0" alt="" src="https://files.passeidireto.com/a7a5cfca-f51f-4e8b-9a98-592499600499/bga.png"><div class="t m0 x1c h2c y96 ff1 fs4 fc1 sc0 ls0 ws0">3-<span class="_1 blank"> </span> <span class="_16 blank"></span><span class="fs1e">Det<span class="_0 blank"></span>e<span class="_0 blank"></span>rmi<span class="_3 blank"></span>n<span class="_8 blank"> </span>a<span class="_3 blank"></span>r <span class="_39 blank"> </span>a<span class="_0 blank"></span> <span class="_1 blank"> </span>ta<span class="_0 blank"></span>x<span class="_4 blank"></span>a<span class="_0 blank"></span> <span class="_7 blank"> </span>i<span class="_4 blank"></span>n<span class="_1 blank"> </span>te<span class="_0 blank"></span>rna<span class="_0 blank"></span> <span class="_7 blank"> </span>d<span class="_1 blank"></span>e<span class="_3 blank"></span> <span class="_6 blank"> </span>re<span class="_3 blank"></span>to<span class="_1 blank"></span>r<span class="_0 blank"></span>n<span class="_1 blank"> </span>o<span class="_1 blank"> </span> <span class="_8 blank"> </span>(T<span class="_1 blank"></span>I<span class="_4 blank"></span>R<span class="_1 blank"></span>M)<span class="_0 blank"></span> </span></div><div class="t m0 x40 h2c y97 ff1 fs1e fc1 sc0 ls0 ws0">p<span class="_1 blank"></span>a<span class="_3 blank"></span>ra<span class="_0 blank"></span> <span class="_1 blank"> </span>o<span class="_1 blank"> </span> no<span class="_1 blank"> </span>v<span class="_4 blank"></span>o<span class="_1 blank"> </span> <span class="_1d blank"> </span>fl<span class="_4 blank"></span>u<span class="_1 blank"></span>x<span class="_16 blank"></span>o<span class="_1 blank"> </span>. <span class="_7 blank"> </span> </div><div class="t m0 x1c h15 y98 ff1 fs4 fc1 sc0 ls0 ws0"> </div><div class="t m0 x1c h16 y99 ff1 fse fc1 sc0 ls0 ws0"> </div><div class="t m0 x1c h16 y9a ff1 fse fc1 sc0 ls2d ws0"> <span class="ff2 fs2 fc2 ls0 vf"> </span></div><div class="t m0 x3 h2 y6 ff2 fs1 fc2 sc0 ls0 ws0"> </div><div class="t m0 x45 h2d y9b ff1 fsf fc1 sc0 ls2e ws0">382,30 <span class="_0 blank"></span></div><div class="t m0 x46 h2e y9c ff1 fs1f fc1 sc0 ls0 ws0">1<span class="_1 blank"> </span>90<span class="_1 blank"> </span>,9<span class="_1 blank"> </span> </div><div class="t m0 x47 h23 y6f ff1 fs16 fc1 sc0 ls0 ws0">0 <span class="_3a blank"> </span>1 <span class="_3b blank"> </span>2 <span class="_3c blank"> </span>3 <span class="_32 blank"> </span>4 <span class="_3d blank"> </span>5 </div><div class="t m0 x48 h15 y9d ff1 fs4 fc1 sc0 ls0 ws0">-1<span class="_1 blank"> </span>90<span class="_1 blank"></span>,9 <span class="_16 blank"></span> +<span class="_1 blank"> </span> <span class="_3 blank"></span>38<span class="_1 blank"> </span>2,3<span class="_1 blank"> </span> <span class="_3 blank"></span>/ (<span class="_1 blank"> </span>1 <span class="_3 blank"></span>+<span class="_1 blank"> </span> <span class="_3 blank"></span>i) <span class="_1 blank"> </span>= <span class="_3 blank"></span>0<span class="_1 blank"> </span> <span class="_0 blank"></span> o<span class="_0 blank"></span>u<span class="_1 blank"> </span> </div><div class="t m0 x48 h16 y9e ff1 fse fc1 sc0 ls0 ws0">382<span class="_1 blank"> </span>,3 <span class="_16 blank"></span>=<span class="_1 blank"> </span> <span class="_3 blank"></span>19<span class="_1 blank"></span>0,9 <span class="_3 blank"></span>(<span class="_1 blank"> </span>1 +<span class="_1 blank"> </span> <span class="_3 blank"></span>i) <span class="_1 blank"> </span> </div><div class="t m0 x48 h15 y9f ff1 fs4 fc1 sc0 ls0 ws0">i <span class="_3 blank"></span>= <span class="_0 blank"></span>14<span class="_1 blank"></span>,9% </div><div class="t m0 x48 h16 ya0 ff1 fse fc1 sc0 ls0 ws0">T<span class="_0 blank"></span>IRM<span class="_1 blank"></span> <span class="_3 blank"></span>= <span class="_3 blank"></span>1<span class="_1 blank"></span>4,9% a<span class="_3 blank"></span>.a<span class="_0 blank"></span>. </div><div class="t m0 x49 h1 y40 ff1 fs0 fc1 sc0 ls0 ws0">5<span class="_0 blank"></span> </div><div class="t m0 x4a h1 ya1 ff1 fs0 fc1 sc0 ls0 ws0">5<span class="_0 blank"></span> </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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