tag:blogger.com,1999:blog-12866217428964422682024-03-13T21:03:59.863-07:00Matemática FinancieraMatemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.comBlogger34125tag:blogger.com,1999:blog-1286621742896442268.post-89162201718738595872013-01-22T13:13:00.000-08:002013-01-22T13:13:18.970-08:00Practica Tipo Examen Renta<div class="separator" style="clear: both; text-align: center;">
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<br />Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-13109009296257782412013-01-22T13:12:00.000-08:002013-01-22T13:12:07.966-08:00Práctica Tipo Examen Interes Compuesto<div class="separator" style="clear: both; text-align: center;">
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<br />Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-10185088251554045932013-01-22T13:09:00.002-08:002013-01-22T13:09:16.747-08:00Practica Tipo Examen Interés Simple<div class="separator" style="clear: both; text-align: center;">
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<br />Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-55698381824619631012013-01-20T08:26:00.001-08:002013-01-20T08:26:11.377-08:00Matematicas Lúdicas (Semestre I 2012) Segunda Parte<br />
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<h2>
Universo del Dinero</h2>
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<span style="font-family: Verdana, sans-serif; font-size: large;">Ludmanía </span></h2>
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Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-35263008783665641282013-01-20T08:22:00.003-08:002013-01-20T08:25:39.302-08:00Matemáticas Lúdicas (Semestre I 2012)<h2>
<span style="font-family: Verdana, sans-serif; font-size: large;">Rescate Financiero</span></h2>
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<span style="font-family: Verdana, sans-serif; font-size: large;">Reto Millonario</span></h2>
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<span style="font-family: Verdana, sans-serif; font-size: large;">Rolling Ball</span></h2>
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<h2 style="text-align: start;">
<span style="font-family: Verdana, sans-serif; font-size: large;">Torre Financiera</span></h2>
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Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-28643430344986122762013-01-19T19:36:00.001-08:002013-01-19T19:36:44.712-08:00Monedas en circulación por denominación <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 928px;">
<colgroup><col span="2" style="width: 60pt;" width="80"></col>
<col span="8" style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt; width: 60pt;" width="80"> </td>
<td class="xl64" style="width: 60pt;" width="80"> </td>
<td class="xl64" style="width: 72pt;" width="96"> </td>
<td class="xl64" style="width: 72pt;" width="96"> </td>
<td class="xl64" style="width: 72pt;" width="96"> </td>
<td class="xl64" style="width: 72pt;" width="96"> </td>
<td class="xl64" style="width: 72pt;" width="96"> </td>
<td class="xl64" style="width: 72pt;" width="96"> </td>
<td class="xl64" style="width: 72pt;" width="96"> </td>
<td class="xl64" style="width: 72pt;" width="96"> </td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl92" colspan="10" height="21" style="height: 15.75pt;">BANCO CENTRAL DE
VENEZUELA</td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl93" colspan="10" height="21" style="height: 15.75pt;">MONEDAS EN
CIRCULACIÓN AL CIERRE DE CADA MES (NUEVA FAMILIA)</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl94" colspan="10" height="17" style="height: 12.75pt;">(Saldos en miles
de Bolívares)</td>
</tr>
<tr height="18" style="height: 13.5pt;">
<td class="xl86" height="18" style="height: 13.5pt; width: 60pt;" width="80"> </td>
<td class="xl86" style="width: 60pt;" width="80"> </td>
<td class="xl65"> </td>
<td class="xl65"> </td>
<td class="xl65"> </td>
<td class="xl65"> </td>
<td class="xl65"> </td>
<td class="xl65"> </td>
<td class="xl65"> </td>
<td class="xl65"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="34" rowspan="2" style="border-bottom: .5pt solid black; height: 25.5pt;">Año</td>
<td class="xl99" rowspan="2" style="border-bottom: .5pt solid black;">Meses</td>
<td class="xl98" colspan="7">Denominación </td>
<td class="xl95" rowspan="2" style="border-bottom: .5pt solid black; border-top: none;">Total</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> 0.01 </td>
<td class="xl67"> 0.05 </td>
<td class="xl67"> 0.10 </td>
<td class="xl68"> 0.125 </td>
<td class="xl67"> 0.25 </td>
<td class="xl67"> 0.50 </td>
<td class="xl69"> 1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl73"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl74"> </td>
<td class="xl70"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;">2012</td>
<td class="xl71">Diciembre</td>
<td class="xl87"> 790.4 </td>
<td class="xl87"> 21,788.2 </td>
<td class="xl87"> 46,430.1 </td>
<td class="xl87"> 17,414.0 </td>
<td class="xl87"> 86,027.4 </td>
<td class="xl87"> 296,034.5 </td>
<td class="xl87"> 480,435.9 </td>
<td class="xl91"> 948,920.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl87"> 789.1 </td>
<td class="xl87"> 21,785.7 </td>
<td class="xl87"> 46,157.1 </td>
<td class="xl87"> 17,391.0 </td>
<td class="xl87"> 85,098.9 </td>
<td class="xl87"> 292,530.4 </td>
<td class="xl87"> 472,466.2 </td>
<td class="xl91"> 936,218.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl87"> 786.5 </td>
<td class="xl87"> 21,758.6 </td>
<td class="xl87"> 45,547.8 </td>
<td class="xl87"> 17,279.2 </td>
<td class="xl87"> 83,315.2 </td>
<td class="xl87"> 286,139.5 </td>
<td class="xl87"> 458,981.8 </td>
<td class="xl91"> 913,808.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl87"> 784.7 </td>
<td class="xl87"> 21,758.6 </td>
<td class="xl87"> 45,132.7 </td>
<td class="xl87"> 17,245.2 </td>
<td class="xl87"> 82,460.5 </td>
<td class="xl87"> 283,327.1 </td>
<td class="xl87"> 452,186.5 </td>
<td class="xl91"> 902,895.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl87"> 765.7 </td>
<td class="xl87"> 21,748.8 </td>
<td class="xl87"> 44,083.1 </td>
<td class="xl87"> 16,899.9 </td>
<td class="xl87"> 80,129.6 </td>
<td class="xl87"> 275,798.5 </td>
<td class="xl87"> 437,379.7 </td>
<td class="xl91"> 876,805.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl87"> 761.1 </td>
<td class="xl87"> 21,737.8 </td>
<td class="xl87"> 43,389.0 </td>
<td class="xl87"> 16,757.9 </td>
<td class="xl87"> 78,560.8 </td>
<td class="xl87"> 272,839.3 </td>
<td class="xl87"> 429,700.4 </td>
<td class="xl91"> 863,746.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl87"> 722.0 </td>
<td class="xl87"> 21,712.7 </td>
<td class="xl87"> 42,472.6 </td>
<td class="xl87"> 16,711.3 </td>
<td class="xl87"> 76,981.7 </td>
<td class="xl87"> 264,859.1 </td>
<td class="xl87"> 417,910.3 </td>
<td class="xl91"> 841,369.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td class="xl87"> 719.5 </td>
<td class="xl87"> 21,649.0 </td>
<td class="xl87"> 42,068.8 </td>
<td class="xl87"> 16,608.7 </td>
<td class="xl87"> 76,202.2 </td>
<td class="xl87"> 262,673.0 </td>
<td class="xl87"> 412,830.4 </td>
<td class="xl91"> 832,751.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl87"> 717.9 </td>
<td class="xl87"> 21,645.8 </td>
<td class="xl87"> 41,558.4 </td>
<td class="xl87"> 16,472.0 </td>
<td class="xl87"> 75,257.9 </td>
<td class="xl87"> 259,164.1 </td>
<td class="xl87"> 406,460.9 </td>
<td class="xl91"> 821,277.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Marzo</td>
<td class="xl90"> 713.1 </td>
<td class="xl90"> 21,624.3 </td>
<td class="xl90"> 41,170.7 </td>
<td class="xl90"> 16,306.1 </td>
<td class="xl90"> 74,115.1 </td>
<td class="xl90"> 256,525.3 </td>
<td class="xl90"> 400,803.2 </td>
<td class="xl90"> 811,258.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Febrero</td>
<td class="xl87"> 709.7 </td>
<td class="xl87"> 21,584.4 </td>
<td class="xl87"> 40,949.3 </td>
<td class="xl87"> 16,150.5 </td>
<td class="xl87"> 72,208.8 </td>
<td class="xl87"> 254,089.6 </td>
<td class="xl87"> 393,596.2 </td>
<td class="xl91"> 799,288.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Enero</td>
<td class="xl87"> 689.5 </td>
<td class="xl87"> 21,573.8 </td>
<td class="xl87"> 40,338.6 </td>
<td class="xl87"> 15,991.6 </td>
<td class="xl87"> 70,503.3 </td>
<td class="xl87"> 249,896.8 </td>
<td class="xl87"> 382,440.2 </td>
<td class="xl91"> 781,433.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl73"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl74"> </td>
<td class="xl70"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;">2011</td>
<td class="xl71">Diciembre</td>
<td class="xl90"> 688.1 </td>
<td class="xl90"> 21,568.2 </td>
<td class="xl90"> 39,602.1 </td>
<td class="xl90"> 15,867.4 </td>
<td class="xl90"> 69,603.3 </td>
<td class="xl90"> 247,958.0 </td>
<td class="xl90"> 378,044.1 </td>
<td class="xl85"> 773,331.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl87"> 684.8 </td>
<td class="xl87"> 21,568.3 </td>
<td class="xl87"> 39,072.7 </td>
<td class="xl87"> 15,792.8 </td>
<td class="xl87"> 68,896.6 </td>
<td class="xl87"> 245,225.5 </td>
<td class="xl87"> 372,453.7 </td>
<td class="xl89"> 763,694.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl87"> 680.2 </td>
<td class="xl83"> 21,515.9 </td>
<td class="xl83"> 38,437.5 </td>
<td class="xl83"> 15,748.9 </td>
<td class="xl83"> 67,540.5 </td>
<td class="xl83"> 240,782.9 </td>
<td class="xl83"> 363,352.1 </td>
<td class="xl85"> 748,058.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl84"> 678.2 </td>
<td class="xl84"> 21,493.6 </td>
<td class="xl84"> 37,840.0 </td>
<td class="xl84"> 15,716.7 </td>
<td class="xl84"> 66,680.7 </td>
<td class="xl84"> 237,753.0 </td>
<td class="xl84"> 357,670.1 </td>
<td class="xl85"> 737,832.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl84"> 674.3 </td>
<td class="xl84"> 21,481.7 </td>
<td class="xl84"> 36,683.6 </td>
<td class="xl84"> 15,449.5 </td>
<td class="xl84"> 65,027.0 </td>
<td class="xl84"> 233,081.8 </td>
<td class="xl84"> 348,904.6 </td>
<td class="xl85"> 721,302.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl83"> 662.4 </td>
<td class="xl83"> 21,449.3 </td>
<td class="xl83"> 36,023.5 </td>
<td class="xl83"> 15,381.4 </td>
<td class="xl83"> 64,124.5 </td>
<td class="xl83"> 229,660.7 </td>
<td class="xl83"> 342,960.1 </td>
<td class="xl85"> 710,261.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl84"> 659.6 </td>
<td class="xl84"> 21,375.5 </td>
<td class="xl84"> 35,596.7 </td>
<td class="xl84"> 15,186.6 </td>
<td class="xl84"> 63,052.5 </td>
<td class="xl84"> 225,450.9 </td>
<td class="xl84"> 333,750.3 </td>
<td class="xl85"> 695,072.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td align="right" class="xl82">657.4</td>
<td align="right" class="xl82">21,289.1</td>
<td align="right" class="xl82">35,260.5</td>
<td align="right" class="xl82">15,084.6</td>
<td align="right" class="xl82">61,830.0</td>
<td align="right" class="xl82">221,044.4</td>
<td align="right" class="xl82">325,012.4</td>
<td class="xl85"> 680,178.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl81">651.0</td>
<td class="xl81">21,114.3</td>
<td class="xl81">34,520.5</td>
<td class="xl81">14,911.3</td>
<td class="xl81">60,879.6</td>
<td class="xl81">216,920.6</td>
<td class="xl81">317,934.4</td>
<td class="xl85"> 666,931.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Marzo</td>
<td class="xl81">647.5</td>
<td class="xl81">20,968.0</td>
<td class="xl81">34,039.5</td>
<td class="xl81">14,852.0</td>
<td class="xl81">60,295.7</td>
<td class="xl81">214,951.9</td>
<td class="xl81">314,762.7</td>
<td class="xl85"> 660,517.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Febrero</td>
<td class="xl75">645.1</td>
<td class="xl75">20,829.1</td>
<td class="xl75">33,206.9</td>
<td class="xl75">14,829.3</td>
<td class="xl75">59,708.8</td>
<td class="xl75">212,020.9</td>
<td class="xl75">309,840.0</td>
<td class="xl85"> 651,080.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Enero</td>
<td class="xl75">643.7</td>
<td class="xl75">20,445.9</td>
<td class="xl75">32,280.4</td>
<td class="xl75">14,678.8</td>
<td class="xl75">58,506.6</td>
<td class="xl75">207,050.4</td>
<td class="xl75">301,104.9</td>
<td class="xl85"> 634,710.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl73"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl74"> </td>
<td class="xl85"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;">2010</td>
<td class="xl71">Diciembre</td>
<td class="xl75">642.4</td>
<td class="xl75">20,207.0</td>
<td class="xl75">31,757.7</td>
<td class="xl75">14,584.9</td>
<td class="xl75">57,685.7</td>
<td class="xl75">204,662.9</td>
<td class="xl75">297,223.7</td>
<td class="xl85"> 626,764.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl75">640.7</td>
<td class="xl75">19,912.7</td>
<td class="xl75">31,100.8</td>
<td class="xl75">14,305.2</td>
<td class="xl75">56,768.9</td>
<td class="xl75">200,743.8</td>
<td class="xl75">290,745.8</td>
<td class="xl85"> 614,217.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl75">638.3</td>
<td class="xl75">19,514.0</td>
<td class="xl75">30,021.8</td>
<td class="xl75">14,140.5</td>
<td class="xl75">55,379.5</td>
<td class="xl75">196,296.7</td>
<td class="xl75">283,056.2</td>
<td class="xl85"> 599,047.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl75">636.4</td>
<td class="xl75">19,130.0</td>
<td class="xl75">29,103.6</td>
<td class="xl75">13,860.3</td>
<td class="xl75">54,138.0</td>
<td class="xl75">192,143.0</td>
<td class="xl75">277,252.1</td>
<td class="xl85"> 586,263.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl75">633.3</td>
<td class="xl75">18,946.2</td>
<td class="xl75">28,511.0</td>
<td class="xl75">13,818.1</td>
<td class="xl75">53,665.7</td>
<td class="xl75">189,500.6</td>
<td class="xl75">273,111.1</td>
<td class="xl85"> 578,185.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl75">629.8</td>
<td class="xl75">18,405.4</td>
<td class="xl75">27,363.7</td>
<td class="xl75">13,539.3</td>
<td class="xl75">52,117.3</td>
<td class="xl75">185,448.2</td>
<td class="xl75">265,386.4</td>
<td class="xl85"> 562,890.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl75">627.2</td>
<td class="xl75">17,952.4</td>
<td class="xl75">26,634.6</td>
<td class="xl75">13,419.3</td>
<td class="xl75">51,260.0</td>
<td class="xl75">182,108.1</td>
<td class="xl75">260,107.7</td>
<td class="xl85"> 552,109.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td class="xl75">623.6</td>
<td class="xl75">17,599.9</td>
<td class="xl75">26,026.3</td>
<td class="xl75">13,348.7</td>
<td class="xl75">50,616.4</td>
<td class="xl75">179,135.0</td>
<td class="xl75">256,017.3</td>
<td class="xl85"> 543,367.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl75">619.8</td>
<td class="xl75">17,177.3</td>
<td class="xl75">25,516.8</td>
<td class="xl75">13,033.7</td>
<td class="xl75">49,270.7</td>
<td class="xl75">174,328.4</td>
<td class="xl75">248,464.4</td>
<td class="xl85"> 528,411.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl64">Marzo</td>
<td class="xl75">617.5</td>
<td class="xl75">16,406.3</td>
<td class="xl75">24,836.1</td>
<td class="xl75">12,477.2</td>
<td class="xl75">46,544.6</td>
<td class="xl75">166,857.2</td>
<td class="xl75">238,100.8</td>
<td class="xl85"> 505,839.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl64">Febrero</td>
<td class="xl75">614.2</td>
<td class="xl75">15,750.1</td>
<td class="xl75">24,044.0</td>
<td class="xl75">11,877.5</td>
<td class="xl75">44,369.2</td>
<td class="xl75">160,057.1</td>
<td class="xl75">227,194.2</td>
<td class="xl85"> 483,906.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Enero</td>
<td class="xl75">612.1</td>
<td class="xl75">15,487.7</td>
<td class="xl75">23,449.6</td>
<td class="xl75">11,719.7</td>
<td class="xl75">43,806.5</td>
<td class="xl75">157,901.3</td>
<td class="xl75">223,855.5</td>
<td class="xl85"> 476,832.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl85"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;">2009</td>
<td class="xl71">Diciembre</td>
<td class="xl75">605.8</td>
<td class="xl75">15,075.6</td>
<td class="xl75">22,431.0</td>
<td class="xl75">11,468.0</td>
<td class="xl75">42,505.6</td>
<td class="xl75">153,527.3</td>
<td class="xl75">216,169.8</td>
<td class="xl85"> 461,783.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl75">602.1</td>
<td class="xl75">14,643.9</td>
<td class="xl75">21,066.7</td>
<td class="xl75">11,110.9</td>
<td class="xl75">41,083.2</td>
<td class="xl75">147,140.9</td>
<td class="xl75">204,955.6</td>
<td class="xl85"> 440,603.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl75">599.1</td>
<td class="xl75">13,889.5</td>
<td class="xl75">19,826.8</td>
<td class="xl75">10,797.3</td>
<td class="xl75">39,712.6</td>
<td class="xl75">141,735.5</td>
<td class="xl75">196,020.2</td>
<td class="xl85"> 422,581.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl75">585.4</td>
<td class="xl75">13,397.1</td>
<td class="xl75">18,815.3</td>
<td class="xl75">10,524.1</td>
<td class="xl75">38,490.1</td>
<td class="xl75">135,537.8</td>
<td class="xl75">188,782.9</td>
<td class="xl85"> 406,132.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl75">580.7</td>
<td class="xl75">12,810.5</td>
<td class="xl75">17,753.7</td>
<td class="xl75">10,328.2</td>
<td class="xl75">37,307.0</td>
<td class="xl75">130,217.5</td>
<td class="xl75">179,086.7</td>
<td class="xl85"> 388,084.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl75">577.2</td>
<td class="xl75">12,117.1</td>
<td class="xl75">16,366.8</td>
<td class="xl75">9,692.3</td>
<td class="xl75">35,245.4</td>
<td class="xl75">123,006.5</td>
<td class="xl75">170,802.9</td>
<td class="xl85"> 367,808.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl75">573.3</td>
<td class="xl75">11,647.8</td>
<td class="xl75">15,191.6</td>
<td class="xl75">9,467.9</td>
<td class="xl75">34,208.1</td>
<td class="xl75">118,429.0</td>
<td class="xl75">163,277.3</td>
<td class="xl85"> 352,794.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td class="xl75">566.6</td>
<td class="xl75">11,096.3</td>
<td class="xl75">13,861.6</td>
<td class="xl75">9,143.1</td>
<td class="xl75">32,550.0</td>
<td class="xl75">111,492.6</td>
<td class="xl75">151,497.0</td>
<td class="xl85"> 330,207.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl75">560.9</td>
<td class="xl75">10,716.1</td>
<td class="xl75">12,868.1</td>
<td class="xl75">8,989.8</td>
<td class="xl75">31,655.1</td>
<td class="xl75">107,998.3</td>
<td class="xl75">145,877.7</td>
<td class="xl85"> 318,666.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl64">Marzo</td>
<td class="xl75">537.4</td>
<td class="xl75">9,599.3</td>
<td class="xl75">11,928.4</td>
<td class="xl75">8,477.6</td>
<td class="xl75">29,908.3</td>
<td class="xl75">101,980.2</td>
<td class="xl75">134,558.7</td>
<td class="xl85"> 296,989.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl64">Febrero</td>
<td class="xl75">503.7</td>
<td class="xl75">8,506.0</td>
<td class="xl75">11,355.5</td>
<td class="xl75">7,678.2</td>
<td class="xl75">27,119.7</td>
<td class="xl75">92,990.4</td>
<td class="xl75">119,918.6</td>
<td class="xl85"> 268,072.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl64">Enero</td>
<td class="xl75">488.6</td>
<td class="xl75">8,076.2</td>
<td class="xl75">10,968.7</td>
<td class="xl75">7,483.0</td>
<td class="xl75">26,189.4</td>
<td class="xl75">89,338.5</td>
<td class="xl75">113,481.2</td>
<td class="xl85"> 256,025.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl71"> </td>
<td class="xl71"> </td>
<td class="xl71"> </td>
<td class="xl76"> </td>
<td class="xl74"> </td>
<td class="xl74"> </td>
<td class="xl74"> </td>
<td class="xl85"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;">2008</td>
<td class="xl71">Diciembre</td>
<td class="xl75">480.1</td>
<td class="xl75">7,672.1</td>
<td class="xl75">9,850.9</td>
<td class="xl75">6,343.1</td>
<td class="xl75">23,720.8</td>
<td class="xl75">82,511.3</td>
<td class="xl75">102,993.8</td>
<td class="xl85"> 233,572.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl75">447.7</td>
<td class="xl75">6,649.3</td>
<td class="xl75">8,714.1</td>
<td class="xl75">4,491.4</td>
<td class="xl75">18,681.1</td>
<td class="xl75">67,873.0</td>
<td class="xl75">81,488.4</td>
<td class="xl85"> 188,344.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl75">421.2</td>
<td class="xl75">6,048.0</td>
<td class="xl75">7,925.8</td>
<td class="xl75">4,031.5</td>
<td class="xl75">16,828.2</td>
<td class="xl75">60,919.8</td>
<td class="xl75">71,123.2</td>
<td class="xl85"> 167,297.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl75">391.0</td>
<td class="xl75">5,073.7</td>
<td class="xl75">6,838.9</td>
<td class="xl75">3,347.1</td>
<td class="xl75">13,541.6</td>
<td class="xl75">49,400.7</td>
<td class="xl75">54,772.7</td>
<td class="xl85"> 133,365.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl75">363.7</td>
<td class="xl75">4,582.8</td>
<td class="xl75">6,519.4</td>
<td class="xl75">3,247.7</td>
<td class="xl75">12,973.0</td>
<td class="xl75">45,618.0</td>
<td class="xl75">49,284.4</td>
<td class="xl85"> 122,588.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl75">268.9</td>
<td class="xl75">3,812.1</td>
<td class="xl75">5,944.9</td>
<td class="xl75">2,964.6</td>
<td class="xl75">11,825.8</td>
<td class="xl75">40,376.8</td>
<td class="xl75">40,374.0</td>
<td class="xl85"> 105,567.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl75">243.4</td>
<td class="xl75">3,528.1</td>
<td class="xl75">5,238.5</td>
<td class="xl75">2,839.3</td>
<td class="xl75">11,199.0</td>
<td class="xl75">37,185.8</td>
<td class="xl75">34,877.4</td>
<td class="xl85"> 95,111.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td class="xl75">211.2</td>
<td class="xl75">3,253.4</td>
<td class="xl75">4,770.1</td>
<td class="xl75">2,714.7</td>
<td class="xl75">10,735.0</td>
<td class="xl75">35,046.0</td>
<td class="xl75">30,694.2</td>
<td class="xl85"> 87,424.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl75">194.9</td>
<td class="xl75">3,093.5</td>
<td class="xl75">4,075.9</td>
<td class="xl75">2,578.8</td>
<td class="xl75">10,007.7</td>
<td class="xl75">32,148.0</td>
<td class="xl75">25,458.2</td>
<td class="xl85"> 77,557.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Marzo</td>
<td class="xl75">190.0</td>
<td class="xl75">3,011.6</td>
<td class="xl75">3,621.3</td>
<td class="xl75">2,565.6</td>
<td class="xl75">9,891.8</td>
<td class="xl75">30,727.8</td>
<td class="xl75">22,223.2</td>
<td class="xl85"> 72,231.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Febrero</td>
<td class="xl75">177.8</td>
<td class="xl75">2,879.3</td>
<td class="xl75">3,309.2</td>
<td class="xl75">2,460.9</td>
<td class="xl75">9,520.2</td>
<td class="xl75">29,233.2</td>
<td class="xl75">18,741.2</td>
<td class="xl85"> 66,321.8 </td>
</tr>
<tr height="18" style="height: 13.5pt;">
<td class="xl77" height="18" style="height: 13.5pt;"> </td>
<td class="xl78">Enero</td>
<td class="xl79">128.1</td>
<td class="xl79">2,410.2</td>
<td class="xl79">3,016.1</td>
<td class="xl79">1,522.4</td>
<td class="xl79">8,285.4</td>
<td class="xl79">26,096.8</td>
<td class="xl79">12,678.1</td>
<td class="xl88"> 54,137.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl80" colspan="5" height="17" style="height: 12.75pt; mso-ignore: colspan;">Nota:
Incluye el efectivo en poder del público y las instituciones bancarias.</td>
<td class="xl64"> </td>
<td class="xl64"> </td>
<td class="xl64"> </td>
<td class="xl64"> </td>
<td class="xl64"> </td>
</tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com1tag:blogger.com,1999:blog-1286621742896442268.post-80356271352775071522013-01-19T19:34:00.000-08:002013-01-19T19:34:20.076-08:00Billetes en circulación por denominación <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 834px;">
<colgroup><col style="width: 60pt;" width="80"></col>
<col style="mso-width-alt: 2998; mso-width-source: userset; width: 62pt;" width="82"></col>
<col span="7" style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
</colgroup><tbody>
<tr height="21" style="height: 15.75pt;">
<td class="xl86" colspan="9" height="21" style="height: 15.75pt; width: 626pt;" width="834">BANCO CENTRAL DE VENEZUELA</td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl87" colspan="9" height="21" style="height: 15.75pt;">BILLETES EN
CIRCULACIÓN AL CIERRE DE CADA MES (NUEVA FAMILIA)</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl82" colspan="9" height="17" style="height: 12.75pt;">(Saldos en miles de
Bolívares)</td>
</tr>
<tr height="22" style="height: 16.5pt;">
<td class="xl79" height="22" style="height: 16.5pt;"> </td>
<td class="xl80"> </td>
<td class="xl80"> </td>
<td class="xl80"> </td>
<td class="xl80"> </td>
<td class="xl80"> </td>
<td class="xl80"> </td>
<td class="xl80"> </td>
<td class="xl80"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="34" rowspan="2" style="border-bottom: .5pt solid black; height: 25.5pt;">Año</td>
<td class="xl84" rowspan="2" style="border-bottom: .5pt solid black;">Meses</td>
<td class="xl88" colspan="6">Denominación</td>
<td class="xl70" rowspan="2" style="border-bottom: .5pt solid black;">Total</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2 </td>
<td class="xl67">5 </td>
<td class="xl67">10 </td>
<td class="xl67">20 </td>
<td class="xl67">50 </td>
<td class="xl67">100 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;">2012</td>
<td class="xl71">Diciembre</td>
<td class="xl69">539,142.3</td>
<td class="xl69">1,178,071.7</td>
<td class="xl69">4,048,964.8</td>
<td class="xl69">7,589,930.1</td>
<td class="xl69">24,639,584.8</td>
<td class="xl69">53,490,318.9</td>
<td class="xl69">91,486,012.5</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl69">529,473.9</td>
<td class="xl69">1,105,398.2</td>
<td class="xl69">3,604,858.2</td>
<td class="xl69">6,734,717.2</td>
<td class="xl69">22,884,628.2</td>
<td class="xl69">48,520,352.4</td>
<td class="xl69">83,379,428.2</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl69">486,564.7</td>
<td class="xl69">809,745.2</td>
<td class="xl69">2,571,858.1</td>
<td class="xl69">4,831,320.1</td>
<td class="xl69">17,733,648.3</td>
<td class="xl69">38,584,687.0</td>
<td class="xl69">65,017,823.4</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl69">486,906.8</td>
<td class="xl69">803,479.7</td>
<td class="xl69">2,479,116.2</td>
<td class="xl69">4,648,805.2</td>
<td class="xl69">16,681,055.6</td>
<td class="xl69">35,857,662.4</td>
<td class="xl69">60,957,025.7</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl69">485,640.3</td>
<td class="xl69">791,636.5</td>
<td class="xl69">2,372,147.0</td>
<td class="xl69">4,321,879.3</td>
<td class="xl69">15,987,355.9</td>
<td class="xl69">33,210,841.4</td>
<td class="xl69">57,169,500.2</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl69">471,465.2</td>
<td class="xl69">781,809.8</td>
<td class="xl69">2,308,133.6</td>
<td class="xl69">4,257,791.4</td>
<td class="xl69">15,455,765.2</td>
<td class="xl69">31,591,156.5</td>
<td class="xl69">54,866,121.6</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl69">463,827.3</td>
<td class="xl69">774,114.5</td>
<td class="xl69">2,205,385.1</td>
<td class="xl69">4,188,881.5</td>
<td class="xl69">14,770,878.0</td>
<td class="xl69">29,707,702.2</td>
<td class="xl69">52,110,788.5</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td class="xl69">472,647.5</td>
<td class="xl69">799,679.7</td>
<td class="xl69">2,256,277.6</td>
<td class="xl69">4,360,234.5</td>
<td class="xl69">14,950,268.5</td>
<td class="xl69">29,271,360.3</td>
<td class="xl69">52,110,468.1</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl69">472,518.4</td>
<td class="xl69">802,121.2</td>
<td class="xl69">2,252,948.8</td>
<td class="xl69">4,483,502.4</td>
<td class="xl69">14,894,293.1</td>
<td class="xl69">28,292,870.7</td>
<td class="xl69">51,198,254.5</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Marzo</td>
<td class="xl69">463,430.5</td>
<td class="xl69">818,362.3</td>
<td class="xl69">2,390,939.0</td>
<td class="xl69">4,696,840.0</td>
<td class="xl69">15,261,761.0</td>
<td class="xl69">28,310,771.4</td>
<td class="xl69">51,942,104.1</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Febrero</td>
<td class="xl69">452,388.2</td>
<td class="xl69">799,951.1</td>
<td class="xl69">2,298,271.1</td>
<td class="xl69">4,627,840.7</td>
<td class="xl69">15,009,496.0</td>
<td class="xl69">27,150,431.6</td>
<td class="xl69">50,338,378.7</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Enero</td>
<td class="xl69">453,650.4</td>
<td class="xl69">797,225.1</td>
<td class="xl69">2,467,896.2</td>
<td class="xl69">4,808,852.7</td>
<td class="xl69">15,101,756.3</td>
<td class="xl69">26,603,935.9</td>
<td class="xl69">50,233,316.4</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;">2011</td>
<td class="xl71">Diciembre</td>
<td class="xl69">464,625.7</td>
<td class="xl69">831,770.5</td>
<td class="xl69">2,960,574.6</td>
<td class="xl69">5,869,559.0</td>
<td class="xl69">17,769,193.5</td>
<td class="xl69">29,519,301.6</td>
<td class="xl69">57,415,024.8</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl69">403,343.2</td>
<td class="xl69">768,178.8</td>
<td class="xl69">2,735,595.1</td>
<td class="xl69">5,424,958.8</td>
<td class="xl69">16,355,860.1</td>
<td class="xl69">26,553,951.4</td>
<td class="xl69">52,241,887.2</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl69">390,810.4</td>
<td class="xl69">702,093.5</td>
<td class="xl69">2,141,543.2</td>
<td class="xl69">4,299,377.8</td>
<td class="xl69">13,107,322.1</td>
<td class="xl69">21,402,541.0</td>
<td align="right" class="xl76">42,043,688.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl69">390,537.6</td>
<td class="xl69">648,227.5</td>
<td class="xl69">1,991,222.1</td>
<td class="xl69">4,121,676.7</td>
<td class="xl69">12,433,759.9</td>
<td class="xl69">19,908,077.8</td>
<td align="right" class="xl76">39,493,501.5</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl69">379,777.9</td>
<td class="xl69">624,197.0</td>
<td class="xl69">2,057,408.0</td>
<td class="xl69">4,265,657.0</td>
<td class="xl69">12,476,118.5</td>
<td class="xl69">19,416,685.3</td>
<td align="right" class="xl76">39,219,843.7</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl69">378,896.3</td>
<td class="xl69">632,903.8</td>
<td class="xl69">2,115,734.2</td>
<td class="xl69">4,461,867.8</td>
<td class="xl69">12,557,946.7</td>
<td class="xl69">19,105,193.4</td>
<td align="right" class="xl76">39,252,542.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl69">370,823.7</td>
<td class="xl69">611,842.4</td>
<td class="xl69">2,101,411.7</td>
<td class="xl69">4,468,640.9</td>
<td class="xl69">12,386,801.0</td>
<td class="xl69">18,393,733.6</td>
<td align="right" class="xl76">38,333,253.3</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td class="xl69">365,128.2</td>
<td class="xl69">603,729.7</td>
<td class="xl69">1,939,828.6</td>
<td class="xl69">4,218,805.5</td>
<td class="xl69">11,715,866.5</td>
<td class="xl69">17,138,515.1</td>
<td class="xl69">35,981,873.6</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl69">371,118.6</td>
<td class="xl69">644,050.5</td>
<td class="xl69">2,114,687.5</td>
<td class="xl69">4,654,211.1</td>
<td class="xl69">12,456,816.9</td>
<td class="xl69">17,540,168.5</td>
<td class="xl69">37,781,053.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Marzo</td>
<td class="xl69">362,175.6</td>
<td class="xl69">639,860.7</td>
<td class="xl69">2,037,241.8</td>
<td class="xl69">4,613,638.0</td>
<td class="xl69">12,161,949.2</td>
<td class="xl69">16,614,382.9</td>
<td class="xl69">36,429,248.2</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Febrero</td>
<td class="xl69">370,321.8</td>
<td class="xl69">684,308.2</td>
<td class="xl69">2,197,141.0</td>
<td class="xl69">4,894,584.5</td>
<td class="xl69">12,449,201.1</td>
<td class="xl69">16,597,461.7</td>
<td class="xl69">37,193,018.2</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Enero</td>
<td class="xl69">382,826.6</td>
<td class="xl69">714,459.1</td>
<td class="xl69">2,539,973.5</td>
<td class="xl69">5,721,061.0</td>
<td class="xl69">13,244,724.7</td>
<td class="xl69">17,040,211.4</td>
<td class="xl69">39,643,256.3</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;">2010</td>
<td class="xl71">Diciembre</td>
<td class="xl69">390,896.6</td>
<td class="xl69">752,832.7</td>
<td class="xl69">3,176,553.3</td>
<td class="xl69">7,109,556.4</td>
<td class="xl69">15,161,654.5</td>
<td class="xl69">18,733,509.4</td>
<td class="xl69">45,325,002.9</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl69">362,187.8</td>
<td class="xl69">634,912.2</td>
<td class="xl69">2,658,711.0</td>
<td class="xl69">5,784,916.4</td>
<td class="xl69">13,546,584.6</td>
<td class="xl69">15,553,254.0</td>
<td class="xl69">38,540,566.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl69">322,647.9</td>
<td class="xl69">476,671.7</td>
<td class="xl69">2,049,278.3</td>
<td class="xl69">4,546,212.0</td>
<td class="xl69">11,480,001.5</td>
<td class="xl69">12,588,988.4</td>
<td class="xl69">31,463,799.7</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl69">310,691.7</td>
<td class="xl69">471,396.4</td>
<td class="xl69">2,153,011.9</td>
<td class="xl69">4,731,575.9</td>
<td class="xl69">11,664,752.2</td>
<td class="xl69">12,280,088.2</td>
<td class="xl69">31,611,516.4</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl69">305,467.1</td>
<td class="xl69">460,651.3</td>
<td class="xl69">2,192,340.4</td>
<td class="xl69">4,851,456.5</td>
<td class="xl69">11,615,154.4</td>
<td class="xl69">11,910,548.1</td>
<td class="xl69">31,335,617.8</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl69">305,877.7</td>
<td class="xl69">485,327.2</td>
<td class="xl69">2,203,423.4</td>
<td class="xl69">4,965,368.8</td>
<td class="xl69">11,627,437.5</td>
<td class="xl69">11,617,131.9</td>
<td class="xl69">31,204,566.5</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl69">298,612.5</td>
<td class="xl69">477,145.4</td>
<td class="xl69">2,170,954.5</td>
<td class="xl69">4,930,829.7</td>
<td class="xl69">11,448,106.7</td>
<td class="xl69">11,154,683.3</td>
<td class="xl69">30,480,332.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td class="xl69">302,557.5</td>
<td class="xl69">457,003.2</td>
<td class="xl69">1,998,135.7</td>
<td class="xl69">4,600,481.5</td>
<td class="xl69">10,504,046.6</td>
<td class="xl69">9,978,617.6</td>
<td class="xl69">27,840,842.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl69">305,686.9</td>
<td class="xl69">477,520.0</td>
<td class="xl69">2,122,288.7</td>
<td class="xl69">4,825,028.2</td>
<td class="xl69">10,642,185.9</td>
<td class="xl69">9,829,542.5</td>
<td class="xl69">28,202,252.1</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl72">Marzo</td>
<td class="xl69">313,202.2</td>
<td class="xl69">496,394.6</td>
<td class="xl69">2,268,062.5</td>
<td class="xl69">5,166,171.8</td>
<td class="xl69">10,990,648.1</td>
<td class="xl69">9,958,496.5</td>
<td class="xl69">29,192,975.7</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl72">Febrero</td>
<td class="xl69">311,298.1</td>
<td class="xl69">540,010.2</td>
<td class="xl69">2,370,699.8</td>
<td class="xl69">5,298,783.7</td>
<td class="xl69">10,740,870.6</td>
<td class="xl69">9,737,521.6</td>
<td class="xl69">28,999,184.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Enero</td>
<td class="xl69">319,720.8</td>
<td class="xl69">589,402.0</td>
<td class="xl69">2,681,452.1</td>
<td class="xl69">5,932,896.2</td>
<td class="xl69">10,969,327.7</td>
<td class="xl69">9,922,412.6</td>
<td class="xl69">30,415,211.2</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;">2009</td>
<td class="xl71">Diciembre</td>
<td class="xl69">322,399.8</td>
<td class="xl69">634,749.8</td>
<td class="xl69">3,483,751.0</td>
<td class="xl69">7,548,550.4</td>
<td class="xl69">12,222,915.2</td>
<td class="xl69">11,156,845.8</td>
<td class="xl69">35,369,211.8</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl69">299,580.9</td>
<td class="xl69">526,911.7</td>
<td class="xl69">2,645,596.5</td>
<td class="xl69">5,842,416.6</td>
<td class="xl69">11,995,060.8</td>
<td class="xl69">6,854,565.3</td>
<td class="xl69">28,164,131.7</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl69">269,897.6</td>
<td class="xl69">456,400.2</td>
<td class="xl69">2,111,249.3</td>
<td class="xl69">4,729,166.5</td>
<td class="xl69">10,737,886.6</td>
<td class="xl69">5,294,320.7</td>
<td class="xl69">23,598,920.9</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl69">266,463.0</td>
<td class="xl69">443,029.3</td>
<td class="xl69">2,068,998.3</td>
<td class="xl69">4,848,608.0</td>
<td class="xl69">10,539,961.9</td>
<td class="xl69">4,993,377.6</td>
<td class="xl69">23,160,438.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl69">259,072.1</td>
<td class="xl69">461,686.4</td>
<td class="xl69">2,109,743.4</td>
<td class="xl69">5,029,753.3</td>
<td class="xl69">10,649,760.8</td>
<td class="xl69">4,779,998.1</td>
<td class="xl69">23,290,013.9</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl69">258,360.2</td>
<td class="xl69">474,295.9</td>
<td class="xl69">2,151,871.1</td>
<td class="xl69">5,080,651.5</td>
<td class="xl69">10,617,021.0</td>
<td class="xl69">4,460,618.4</td>
<td class="xl69">23,042,818.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl69">252,337.1</td>
<td class="xl69">464,947.7</td>
<td class="xl69">2,111,629.1</td>
<td class="xl69">5,014,028.4</td>
<td class="xl69">10,317,428.3</td>
<td class="xl69">4,271,625.2</td>
<td class="xl69">22,431,995.6</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td class="xl69">247,805.6</td>
<td class="xl69">489,218.2</td>
<td class="xl69">2,099,091.6</td>
<td class="xl69">5,077,377.1</td>
<td class="xl69">10,166,140.2</td>
<td class="xl69">4,262,633.8</td>
<td class="xl69">22,342,266.5</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl69">251,065.6</td>
<td class="xl69">517,022.6</td>
<td class="xl69">2,224,095.3</td>
<td class="xl69">5,301,579.9</td>
<td class="xl69">10,201,915.3</td>
<td class="xl69">4,265,302.1</td>
<td class="xl69">22,760,980.8</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl72">Marzo</td>
<td class="xl69">278,396.3</td>
<td class="xl69">543,390.9</td>
<td class="xl69">2,297,180.4</td>
<td class="xl69">5,424,979.8</td>
<td class="xl69">9,870,399.7</td>
<td class="xl69">4,263,021.3</td>
<td class="xl69">22,677,368.4</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl72">Febrero</td>
<td class="xl69">292,521.0</td>
<td class="xl69">585,829.8</td>
<td class="xl69">2,500,293.0</td>
<td class="xl69">5,759,287.5</td>
<td class="xl69">9,898,632.9</td>
<td class="xl69">4,265,304.8</td>
<td class="xl69">23,301,868.9</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl72">Enero</td>
<td class="xl69">307,250.5</td>
<td class="xl69">657,918.9</td>
<td class="xl69">2,555,749.0</td>
<td class="xl69">5,884,123.0</td>
<td class="xl69">9,509,751.4</td>
<td class="xl69">4,201,044.1</td>
<td class="xl69">23,115,836.8</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl71"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
<td class="xl69"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl70" height="17" style="height: 12.75pt;">2008</td>
<td class="xl71">Diciembre</td>
<td class="xl69">311,456.1</td>
<td class="xl69">750,201.5</td>
<td class="xl69">3,381,826.1</td>
<td class="xl69">7,575,621.2</td>
<td class="xl69">10,984,014.9</td>
<td class="xl69">4,287,836.7</td>
<td class="xl69">27,290,956.4</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Noviembre</td>
<td class="xl69">307,916.4</td>
<td class="xl69">778,647.2</td>
<td class="xl69">3,021,085.7</td>
<td class="xl69">6,783,079.7</td>
<td class="xl69">9,288,698.6</td>
<td class="xl69">4,221,411.5</td>
<td class="xl69">24,400,839.1</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Octubre</td>
<td class="xl69">306,032.0</td>
<td class="xl69">731,906.9</td>
<td class="xl69">2,354,043.6</td>
<td class="xl69">4,992,288.9</td>
<td class="xl69">6,462,205.8</td>
<td class="xl69">4,053,982.5</td>
<td class="xl69">18,900,459.7</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Septiembre</td>
<td class="xl69">302,814.5</td>
<td class="xl69">708,029.7</td>
<td class="xl69">2,204,397.3</td>
<td class="xl69">4,752,204.3</td>
<td class="xl69">5,882,819.1</td>
<td class="xl69">3,826,221.0</td>
<td class="xl69">17,676,485.8</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Agosto</td>
<td class="xl69">303,991.8</td>
<td class="xl69">719,873.0</td>
<td class="xl69">2,224,836.9</td>
<td class="xl69">4,778,502.0</td>
<td class="xl69">5,818,682.4</td>
<td class="xl69">3,730,692.4</td>
<td class="xl69">17,576,578.4</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Julio</td>
<td class="xl69">285,774.8</td>
<td class="xl69">687,913.9</td>
<td class="xl69">2,126,154.0</td>
<td class="xl69">4,604,689.9</td>
<td class="xl69">5,630,523.3</td>
<td class="xl69">3,509,941.2</td>
<td class="xl69">16,844,997.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Junio</td>
<td class="xl69">254,600.9</td>
<td class="xl69">621,953.0</td>
<td class="xl69">1,962,507.3</td>
<td class="xl69">4,293,465.5</td>
<td class="xl69">5,366,964.1</td>
<td class="xl68">3,137,709.9</td>
<td class="xl69">15,637,200.7</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Mayo</td>
<td class="xl69">241,981.8</td>
<td class="xl69">608,994.2</td>
<td class="xl69">1,910,105.8</td>
<td class="xl69">4,113,369.8</td>
<td class="xl69">5,282,625.2</td>
<td class="xl68">2,903,201.7</td>
<td class="xl69">15,060,278.5</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Abril</td>
<td class="xl69">217,781.9</td>
<td class="xl69">568,755.4</td>
<td class="xl69">1,814,241.0</td>
<td class="xl69">3,891,170.9</td>
<td class="xl69">5,143,194.7</td>
<td class="xl68">2,677,664.8</td>
<td class="xl69">14,312,808.7</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Marzo</td>
<td class="xl69">234,586.0</td>
<td class="xl69">614,926.1</td>
<td class="xl69">1,938,722.3</td>
<td class="xl69">3,955,716.5</td>
<td class="xl69">4,917,415.8</td>
<td class="xl68">2,533,216.6</td>
<td class="xl69">14,194,583.2</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl71">Febrero</td>
<td class="xl69">236,538.7</td>
<td class="xl69">620,091.4</td>
<td class="xl69">1,825,006.0</td>
<td class="xl69">3,600,029.1</td>
<td class="xl69">4,350,862.6</td>
<td class="xl68">2,202,807.2</td>
<td class="xl69">12,835,334.9</td>
</tr>
<tr height="18" style="height: 13.5pt;">
<td class="xl66" height="18" style="height: 13.5pt;"> </td>
<td class="xl73">Enero</td>
<td class="xl77">232,095.0</td>
<td class="xl77">586,898.9</td>
<td class="xl77">1,631,377.9</td>
<td class="xl77">3,217,319.7</td>
<td class="xl77">3,588,180.8</td>
<td class="xl78">1,932,489.4</td>
<td class="xl77">11,188,361.6</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl74" colspan="5" height="17" style="height: 12.75pt; mso-ignore: colspan;">Nota:
Incluye el efectivo en poder del público y las instituciones bancarias.</td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
</tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-65544251727811065922013-01-19T19:28:00.001-08:002013-01-19T19:28:18.540-08:00BONOS DE LA DEUDA PÚBLICA NACIONAL TASAS DE INTERÉS VARIABLE APLICABLES<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 779px;">
<colgroup><col style="mso-width-alt: 2121; mso-width-source: userset; width: 44pt;" width="58"></col>
<col style="mso-width-alt: 2121; mso-width-source: userset; width: 44pt;" width="58"></col>
<col style="mso-width-alt: 4022; mso-width-source: userset; width: 83pt;" width="110"></col>
<col style="mso-width-alt: 3035; mso-width-source: userset; width: 62pt;" width="83"></col>
<col style="mso-width-alt: 292; mso-width-source: userset; width: 6pt;" width="8"></col>
<col style="mso-width-alt: 2596; mso-width-source: userset; width: 53pt;" width="71"></col>
<col style="mso-width-alt: 548; mso-width-source: userset; width: 11pt;" width="15"></col>
<col style="mso-width-alt: 2596; mso-width-source: userset; width: 53pt;" width="71"></col>
<col style="mso-width-alt: 256; mso-width-source: userset; width: 5pt;" width="7"></col>
<col style="mso-width-alt: 3254; mso-width-source: userset; width: 67pt;" width="89"></col>
<col style="mso-width-alt: 621; mso-width-source: userset; width: 13pt;" width="17"></col>
<col style="mso-width-alt: 3254; mso-width-source: userset; width: 67pt;" width="89"></col>
<col style="mso-width-alt: 877; mso-width-source: userset; width: 18pt;" width="24"></col>
<col style="mso-width-alt: 2889; mso-width-source: userset; width: 59pt;" width="79"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl86" colspan="14" height="17" style="height: 12.75pt; width: 585pt;" width="779">BONOS DE LA DEUDA PÚBLICA NACIONAL</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl86" colspan="14" height="17" style="height: 12.75pt; width: 585pt;" width="779">TASAS DE INTERÉS VARIABLE APLICABLES</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl86" colspan="14" height="17" style="height: 12.75pt; width: 585pt;" width="779">AL 17/01/2013</td>
</tr>
<tr height="18" style="height: 13.5pt;">
<td class="xl84" height="18" style="height: 13.5pt;"></td>
<td class="xl78"></td>
<td class="xl78"></td>
<td class="xl78"></td>
<td class="xl78"></td>
<td class="xl82"></td>
<td class="xl82"></td>
<td class="xl82"></td>
<td class="xl82"></td>
<td class="xl94"></td>
<td class="xl73"></td>
<td class="xl95"></td>
<td class="xl74"></td>
<td class="xl78"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl137" colspan="4" height="20" style="height: 15.0pt; width: 233pt;" width="309">Instrumento</td>
<td class="xl85" style="width: 6pt;" width="8"> </td>
<td class="xl138" colspan="9">Cupón Vigente</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl139" colspan="2" height="20" style="height: 15.0pt; width: 88pt;" width="116">Número</td>
<td class="xl89" rowspan="2" style="border-bottom: .5pt solid black; width: 83pt;" width="110">Código </td>
<td class="xl140" rowspan="2" style="border-bottom: .5pt solid black; border-top: none; width: 62pt;" width="83">Fecha de Vcto.</td>
<td class="xl86" style="width: 6pt;" width="8"></td>
<td class="xl75" colspan="7">Período</td>
<td class="xl144" rowspan="2" style="border-bottom: .5pt solid black;">N°</td>
<td class="xl81">Tasa Actual</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl87" height="20" style="height: 15.0pt; width: 44pt;" width="58">Emisión</td>
<td class="xl88" style="width: 44pt;" width="58">Decreto</td>
<td class="xl83" style="width: 6pt;" width="8"> </td>
<td class="xl143" colspan="3">Base de Cálculo</td>
<td class="xl75"> </td>
<td class="xl143" colspan="3">Efectivo de la Tasa</td>
<td class="xl75">%</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl115" height="17" style="border-top: none; height: 12.75pt; width: 44pt;" width="58">695</td>
<td class="xl116" style="border-top: none; width: 44pt;" width="58">4463</td>
<td class="xl116" style="border-top: none; width: 83pt;" width="110">DPBS04463-0041</td>
<td class="xl117" style="border-top: none;">03/05/2013</td>
<td class="xl118" style="border-top: none;"> </td>
<td class="xl119" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl119" style="border-top: none; width: 5pt;" width="7"> </td>
<td class="xl120" style="border-top: none;">02/11/2012</td>
<td class="xl121" style="border-top: none;">al</td>
<td class="xl120" style="border-top: none;">01/02/2013</td>
<td class="xl116" style="border-top: none; width: 18pt;" width="24">27</td>
<td class="xl122" style="border-top: none;">9.6250</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">695</td>
<td class="xl79" style="width: 44pt;" width="58">4463</td>
<td class="xl79" style="width: 83pt;" width="110">DPBS04463-0050</td>
<td class="xl112">25/12/2014</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">27/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">28/03/2013</td>
<td class="xl79" style="width: 18pt;" width="24">28</td>
<td class="xl92">9.7500</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">695</td>
<td class="xl79" style="width: 44pt;" width="58">4463</td>
<td class="xl79" style="width: 83pt;" width="110">DPBS04463-0069</td>
<td class="xl112">13/11/2015</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">16/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">15/02/2013</td>
<td class="xl79" style="width: 18pt;" width="24">27</td>
<td class="xl92">9.8750</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">696</td>
<td class="xl79" style="width: 44pt;" width="58">4686</td>
<td class="xl79" style="width: 83pt;" width="110">DPBS04686-0013</td>
<td class="xl112">06/10/2016</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">10/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">11/04/2013</td>
<td class="xl79" style="width: 18pt;" width="24">27</td>
<td class="xl92">9.8750</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">696</td>
<td class="xl79" style="width: 44pt;" width="58">4686</td>
<td class="xl79" style="width: 83pt;" width="110">DPBS04686-0022</td>
<td class="xl112">05/10/2017</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">10/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">11/04/2013</td>
<td class="xl79" style="width: 18pt;" width="24">27</td>
<td class="xl92">9.8750</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">696</td>
<td class="xl79" style="width: 44pt;" width="58">4686</td>
<td class="xl104">DPBS04686-0031</td>
<td class="xl112">11/05/2018</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">16/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">15/02/2013</td>
<td class="xl79" style="width: 18pt;" width="24">26</td>
<td class="xl92">9.8750</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">696</td>
<td class="xl79" style="width: 44pt;" width="58">4686</td>
<td class="xl104">DPBS04686-0040</td>
<td class="xl112">02/08/2019</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">09/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">08/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">26</td>
<td class="xl92">9.8750</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">696</td>
<td class="xl79" style="width: 44pt;" width="58">4686</td>
<td class="xl104">DPBS04686-0059</td>
<td class="xl112">15/10/2020</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">25/10/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">24/01/2013</td>
<td class="xl98" style="width: 18pt;" width="24">26</td>
<td class="xl92">9.8750</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">699</td>
<td class="xl79" style="width: 44pt;" width="58">5640</td>
<td class="xl104">DPBS05640-0036</td>
<td class="xl112">19/09/2014</td>
<td class="xl78"></td>
<td class="xl131" style="width: 53pt;" width="71">26/11/2012</td>
<td class="xl129" style="width: 11pt;" width="15">al</td>
<td class="xl131" style="width: 53pt;" width="71">14/12/2012</td>
<td class="xl102" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">21/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">22/03/2013</td>
<td class="xl104">22</td>
<td class="xl97" style="width: 59pt;" width="79">10.97</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">699</td>
<td class="xl79" style="width: 44pt;" width="58">5640</td>
<td class="xl104">DPBS05640-0045</td>
<td class="xl112">11/09/2015</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">19/11/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">07/12/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">14/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">15/03/2013</td>
<td class="xl104">22</td>
<td class="xl123">10.90</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl124" height="17" style="height: 12.75pt;">699</td>
<td class="xl104">5640</td>
<td class="xl104">DPBS05640-0063</td>
<td class="xl112">03/05/2013</td>
<td class="xl78"></td>
<td class="xl128" style="width: 53pt;" width="71">08/10/2012</td>
<td class="xl129" style="width: 11pt;" width="15">al </td>
<td class="xl128" style="width: 53pt;" width="71">26/10/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl105">02/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">01/02/2013</td>
<td class="xl104">21</td>
<td class="xl103" style="width: 59pt;" width="79">10.95</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">699</td>
<td class="xl79" style="width: 44pt;" width="58">5640</td>
<td class="xl104">DPBS05640-0072</td>
<td class="xl112">02/05/2014</td>
<td class="xl78"></td>
<td class="xl128" style="width: 53pt;" width="71">08/10/2012</td>
<td class="xl129" style="width: 11pt;" width="15">al </td>
<td class="xl128" style="width: 53pt;" width="71">26/10/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl105">02/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">01/02/2013</td>
<td class="xl104">21</td>
<td class="xl103" style="width: 59pt;" width="79">10.95</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">701</td>
<td class="xl79" style="width: 44pt;" width="58">5892</td>
<td class="xl104">DPBS05892-0019</td>
<td class="xl112">09/07/2015</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">10/12/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">28/12/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl105">10/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">11/04/2013</td>
<td class="xl104">20</td>
<td class="xl103" style="width: 59pt;" width="79">11.02</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">701</td>
<td class="xl79" style="width: 44pt;" width="58">5892</td>
<td class="xl104">DPBS05892-0037</td>
<td class="xl112">04/07/2013</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">10/12/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">28/12/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl105">03/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">04/04/2013</td>
<td class="xl104">18</td>
<td class="xl97" style="width: 59pt;" width="79">11.02</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">702</td>
<td class="xl79" style="width: 44pt;" width="58">6608</td>
<td class="xl104">DPBS06608-0028</td>
<td class="xl112">26/06/2014</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">03/12/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">21/12/2012</td>
<td class="xl102" style="width: 5pt;" width="7"></td>
<td class="xl105">27/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">28/03/2013</td>
<td class="xl104">17</td>
<td class="xl125">10.99</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">702</td>
<td class="xl79" style="width: 44pt;" width="58">6608</td>
<td class="xl104">DPBS06608-0037</td>
<td class="xl112">16/08/2013</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">22/10/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">09/11/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl105">16/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">15/02/2013</td>
<td class="xl104">16</td>
<td class="xl125">10.93</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">702</td>
<td class="xl79" style="width: 44pt;" width="58">6608</td>
<td class="xl104">DPBS06608-0055</td>
<td class="xl112">09/10/2014</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">10/12/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">28/12/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl105">10/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">11/04/2013</td>
<td class="xl104">17</td>
<td class="xl103" style="width: 59pt;" width="79">11.02</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">704</td>
<td class="xl79" style="width: 44pt;" width="58">6653</td>
<td class="xl104">DPBS06653-0028</td>
<td class="xl112">09/10/2014</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">10/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">11/04/2013</td>
<td class="xl104">16</td>
<td class="xl92">14.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">704</td>
<td class="xl79" style="width: 44pt;" width="58">6653</td>
<td class="xl104">DPBS06653-0037</td>
<td class="xl112">30/10/2015</td>
<td class="xl79" style="width: 6pt;" width="8"></td>
<td class="xl128" style="width: 53pt;" width="71">08/10/2012</td>
<td class="xl129" style="width: 11pt;" width="15">al</td>
<td class="xl128" style="width: 53pt;" width="71">26/10/2012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">02/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">01/02/2013</td>
<td class="xl104">16</td>
<td class="xl103" style="width: 59pt;" width="79">10.95</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">704</td>
<td class="xl79" style="width: 44pt;" width="58">6653</td>
<td class="xl104">DPBS06653-0046</td>
<td class="xl112">12/08/2016</td>
<td class="xl79" style="width: 6pt;" width="8"></td>
<td class="xl76" style="width: 53pt;" width="71">22/10/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">09/11/2012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">16/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">15/02/2013</td>
<td class="xl104">16</td>
<td class="xl125">10.93</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">704</td>
<td class="xl79" style="width: 44pt;" width="58">6653</td>
<td class="xl104">DPBS06653-0055</td>
<td class="xl112">29/12/2016</td>
<td class="xl126"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">03/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">04/04/2013</td>
<td class="xl104">14</td>
<td class="xl92">14.1250</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">705</td>
<td class="xl79" style="width: 44pt;" width="58">6662</td>
<td class="xl98" style="width: 83pt;" width="110">DPBS06662-0026</td>
<td class="xl112">28/03/2013</td>
<td class="xl79" style="width: 6pt;" width="8"></td>
<td class="xl76" style="width: 53pt;" width="71">17/12/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">21/12/2012</td>
<td class="xl77" style="width: 5pt;" width="7"></td>
<td class="xl105">27/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">28/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">16</td>
<td class="xl127" style="width: 59pt;" width="79">9.10</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">705</td>
<td class="xl79" style="width: 44pt;" width="58">6662</td>
<td class="xl98" style="width: 83pt;" width="110">DPBS06662-0035</td>
<td class="xl112">21/03/2014</td>
<td class="xl79" style="width: 6pt;" width="8"></td>
<td class="xl131" style="width: 53pt;" width="71">26/11/2012</td>
<td class="xl129" style="width: 11pt;" width="15">al</td>
<td class="xl131" style="width: 53pt;" width="71">14/12/2012</td>
<td class="xl77" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">21/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">22/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">15</td>
<td class="xl127" style="width: 59pt;" width="79">9.10</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">707</td>
<td class="xl79" style="width: 44pt;" width="58">6682</td>
<td class="xl98" style="width: 83pt;" width="110">DPBS06682-0011</td>
<td class="xl112">25/04/2013</td>
<td class="xl79" style="width: 6pt;" width="8"></td>
<td class="xl76" style="width: 53pt;" width="71">01/10/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">19/10/2012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">25/10/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">24/01/2013</td>
<td class="xl98" style="width: 18pt;" width="24">15</td>
<td class="xl91" style="width: 59pt;" width="79">10.97</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">710</td>
<td class="xl79" style="width: 44pt;" width="58">7219</td>
<td class="xl98" style="width: 83pt;" width="110">DPBS07219-0016</td>
<td class="xl112">20/02/2015</td>
<td class="xl79" style="width: 6pt;" width="8"></td>
<td class="xl76" style="width: 53pt;" width="71">29/10/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">16/11/2012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">23/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">22/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">13</td>
<td class="xl103" style="width: 59pt;" width="79">11.41</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">710</td>
<td class="xl79" style="width: 44pt;" width="58">7219</td>
<td class="xl104">DPBS07219-0025</td>
<td class="xl112">02/03/2017</td>
<td class="xl79" style="width: 6pt;" width="8"></td>
<td class="xl76" style="width: 53pt;" width="71">12/11/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">30/11/2012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">06/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">07/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">13</td>
<td class="xl91" style="width: 59pt;" width="79">11.89</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">710</td>
<td class="xl79" style="width: 44pt;" width="58">7219</td>
<td class="xl104">DPBS07219-0034</td>
<td class="xl112">06/05/2016</td>
<td class="xl79" style="width: 6pt;" width="8"></td>
<td class="xl76" style="width: 53pt;" width="71">15/10/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">02/11/20122012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">09/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">08/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">12</td>
<td class="xl91" style="width: 59pt;" width="79">11.95</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">710</td>
<td class="xl79" style="width: 44pt;" width="58">7219</td>
<td class="xl104">DPBS07219-0043</td>
<td class="xl112">12/04/2018</td>
<td class="xl79" style="width: 6pt;" width="8"></td>
<td class="xl76" style="width: 53pt;" width="71">10/12/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">28/12/2012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">17/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">18/04/2013</td>
<td class="xl98" style="width: 18pt;" width="24">13</td>
<td class="xl91" style="width: 59pt;" width="79">13.02</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">710</td>
<td class="xl79" style="width: 44pt;" width="58">7219</td>
<td class="xl104">DPBS07219-0052</td>
<td class="xl112">01/02/2019</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">15/10/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">02/11/20122012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">09/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">08/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">12</td>
<td class="xl108">13.95</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">711 </td>
<td class="xl79" style="width: 44pt;" width="58">7328 </td>
<td class="xl104">DPBS07328-0013</td>
<td class="xl112">26/11/2020</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">12/11/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">30/11/2012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">06/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">07/03/2013</td>
<td class="xl78">12</td>
<td class="xl91" style="width: 59pt;" width="79">14.89</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">711 </td>
<td class="xl79" style="width: 44pt;" width="58">7328 </td>
<td class="xl104">DPBS07328-0022</td>
<td class="xl112">25/02/2016</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">29/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">28/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">11</td>
<td class="xl92">18.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl79" height="17" style="height: 12.75pt; width: 44pt;" width="58">711</td>
<td class="xl79" style="width: 44pt;" width="58">7328</td>
<td class="xl104">DPBS07328-0031</td>
<td class="xl105">17/06/2016</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">21/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">22/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">10</td>
<td class="xl92">18.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">713 </td>
<td class="xl79" style="width: 44pt;" width="58">7329 </td>
<td class="xl104">DPBS07329-0021</td>
<td class="xl112">08/08/2014</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl105">09/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">08/02/2013</td>
<td class="xl78">11</td>
<td class="xl92">16.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">713 </td>
<td class="xl79" style="width: 44pt;" width="58">7329 </td>
<td class="xl104">DPBS07329-0030</td>
<td class="xl112">13/12/2013</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">14/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">15/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">12</td>
<td class="xl92">15.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">713 </td>
<td class="xl79" style="width: 44pt;" width="58">7329 </td>
<td class="xl104">DPBS07329-0049</td>
<td class="xl112">17/07/2014</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">10/12/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">28/12/2012</td>
<td class="xl76" style="width: 5pt;" width="7"></td>
<td class="xl105">17/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">18/04/2013</td>
<td class="xl98" style="width: 18pt;" width="24">12</td>
<td class="xl91" style="width: 59pt;" width="79">11.27</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">713 </td>
<td class="xl79" style="width: 44pt;" width="58">7329 </td>
<td class="xl104">DPBS07329-0058</td>
<td class="xl112">17/10/2013</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl105">17/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">18/04/2013</td>
<td class="xl98" style="width: 18pt;" width="24">12</td>
<td class="xl92">15.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">713 </td>
<td class="xl79" style="width: 44pt;" width="58">7329 </td>
<td class="xl104">DPBS07329-0067</td>
<td class="xl112">17/04/2014</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl105">17/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">18/04/2013</td>
<td class="xl98" style="width: 18pt;" width="24">12</td>
<td class="xl92">16.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">713 </td>
<td class="xl79" style="width: 44pt;" width="58">7329 </td>
<td class="xl104">DPBS07329-0076</td>
<td class="xl112">28/05/2015</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">29/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">28/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">12</td>
<td class="xl92">17.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">713 </td>
<td class="xl79" style="width: 44pt;" width="58">7329 </td>
<td class="xl104">DPBS07329-0085</td>
<td class="xl112">30/01/2015</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl105">02/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">01/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">11</td>
<td class="xl92">17.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">715</td>
<td class="xl79" style="width: 44pt;" width="58">7989</td>
<td class="xl104">DPBS07989-0018</td>
<td class="xl105">31/12/2015</td>
<td class="xl94"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl98" style="width: 5pt;" width="7"></td>
<td class="xl105">03/01/2013</td>
<td class="xl105">al</td>
<td class="xl105">04/04/2013</td>
<td class="xl98" style="width: 18pt;" width="24">9</td>
<td class="xl92">17.2500</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">715</td>
<td class="xl79" style="width: 44pt;" width="58">7989</td>
<td class="xl104">DPBS07989-0027</td>
<td class="xl105">29/12/2016</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">10/12/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">28/12/2012</td>
<td class="xl82"></td>
<td class="xl105">03/01/2013</td>
<td class="xl106">al</td>
<td class="xl105">04/04/2013</td>
<td class="xl98" style="width: 18pt;" width="24">9</td>
<td class="xl74">15.52</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">715</td>
<td class="xl79" style="width: 44pt;" width="58">7989</td>
<td class="xl104">DPBS07989-0036</td>
<td class="xl105">08/12/2017</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">19/11/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">07/12/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">14/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">15/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">9</td>
<td class="xl91" style="width: 59pt;" width="79">16.40</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">715</td>
<td class="xl79" style="width: 44pt;" width="58">7989</td>
<td class="xl104">DPBS07989-0045</td>
<td class="xl105">23/11/2017</td>
<td class="xl101"></td>
<td class="xl76" style="width: 53pt;" width="71">05/11/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">23/11/2012</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">29/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">28/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">8</td>
<td class="xl111">16.40</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">715</td>
<td class="xl79" style="width: 44pt;" width="58">7989</td>
<td class="xl104">DPBS07989-0054</td>
<td class="xl105">18/11/2016</td>
<td class="xl101"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl105">23/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">22/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">8</td>
<td class="xl107">18.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">715</td>
<td class="xl79" style="width: 44pt;" width="58">7989</td>
<td class="xl104">DPBS07989-0063</td>
<td class="xl105">02/03/2017</td>
<td class="xl101"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">06/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">07/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">7</td>
<td class="xl107">18.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">715</td>
<td class="xl79" style="width: 44pt;" width="58">7989</td>
<td class="xl104">DPBS07989-0072</td>
<td class="xl112">08/06/2018</td>
<td class="xl101"></td>
<td class="xl76" style="width: 53pt;" width="71">19/11/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">07/12/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">14/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">15/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">7</td>
<td class="xl108">16.90</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">714</td>
<td class="xl79" style="width: 44pt;" width="58">7990</td>
<td class="xl78">DPBS07990-0014</td>
<td class="xl112">17/06/2016</td>
<td class="xl101"></td>
<td class="xl131" style="width: 53pt;" width="71">26/11/2012</td>
<td class="xl129" style="width: 11pt;" width="15">al</td>
<td class="xl131" style="width: 53pt;" width="71">14/12/2012</td>
<td class="xl102" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">21/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">22/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">8</td>
<td class="xl108">15.47</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">714</td>
<td class="xl79" style="width: 44pt;" width="58">7990</td>
<td class="xl78">DPBS07990-0023</td>
<td class="xl112">25/10/2019</td>
<td class="xl101"></td>
<td class="xl128" style="width: 53pt;" width="71">08/10/2012</td>
<td class="xl128" style="width: 11pt;" width="15">al</td>
<td class="xl128" style="width: 53pt;" width="71">26/10/2012</td>
<td class="xl82"></td>
<td class="xl105">02/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">01/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">7</td>
<td class="xl108">17.20</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl78" height="17" style="height: 12.75pt;">716</td>
<td class="xl78">7993</td>
<td class="xl78">DPBS07993-0011</td>
<td class="xl112">01/09/2016</td>
<td class="xl94"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl98" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">06/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">07/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">8</td>
<td class="xl92">18.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl78" height="17" style="height: 12.75pt;">716</td>
<td class="xl78">7993</td>
<td class="xl78">DPBS07993-0020</td>
<td class="xl112">12/06/2015</td>
<td class="xl94"></td>
<td class="xl76" style="width: 53pt;" width="71">19/11/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">07/12/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">14/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">15/03/2013</td>
<td class="xl98" style="width: 18pt;" width="24">7</td>
<td class="xl108">14.40</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl78" height="17" style="height: 12.75pt;">716</td>
<td class="xl78">7993</td>
<td class="xl78">DPBS07993-0039</td>
<td class="xl112">11/08/2017</td>
<td class="xl94"></td>
<td class="xl100">22/10/2012</td>
<td class="xl100">al</td>
<td class="xl100">09/11/2012</td>
<td class="xl98" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">16/11/2012</td>
<td class="xl106">al</td>
<td class="xl76" style="width: 67pt;" width="89">15/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">7</td>
<td class="xl108">16.43</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl78" height="17" style="height: 12.75pt;">716</td>
<td class="xl78">7993</td>
<td class="xl78">DPBS07993-0048</td>
<td class="xl106">19/07/2018</td>
<td class="xl94"></td>
<td class="xl100">01/10/2012</td>
<td class="xl100">al</td>
<td class="xl100">19/10/2012</td>
<td class="xl98" style="width: 5pt;" width="7"></td>
<td class="xl76" style="width: 67pt;" width="89">25/10/2012</td>
<td class="xl106">al</td>
<td class="xl76" style="width: 67pt;" width="89">24/01/2013</td>
<td class="xl98" style="width: 18pt;" width="24">7</td>
<td class="xl108">16.97</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl96" height="17" style="height: 12.75pt;">723</td>
<td class="xl96">8323</td>
<td class="xl96">DPBS08323-0019</td>
<td class="xl106">03/02/2017</td>
<td class="xl109"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl98" style="width: 5pt;" width="7"></td>
<td class="xl105">09/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">08/02/2013</td>
<td class="xl98" style="width: 18pt;" width="24">6</td>
<td class="xl130">18.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl93" height="17" style="height: 12.75pt; width: 44pt;" width="58">726</td>
<td class="xl79" style="width: 44pt;" width="58">8771</td>
<td class="xl104">DPBS08771-0018</td>
<td class="xl106">02/01/2020</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">10/12/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">28/12/2012</td>
<td class="xl99" style="width: 5pt;" width="7"></td>
<td class="xl105">10/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl105">11/04/2013</td>
<td class="xl104">5</td>
<td class="xl103" style="width: 59pt;" width="79">17.52</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl84" height="17" style="height: 12.75pt;">726</td>
<td class="xl78">8771</td>
<td class="xl78">DPBS08771-0027</td>
<td class="xl106">18/06/2020</td>
<td class="xl78"></td>
<td class="xl82">12/3/2012</td>
<td class="xl100">al</td>
<td class="xl82">12/21/2012</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">27/12/2012</td>
<td class="xl106">al</td>
<td class="xl76" style="width: 67pt;" width="89">28/03/2013</td>
<td class="xl78">4</td>
<td class="xl74">17.49</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl84" height="17" style="height: 12.75pt;">725</td>
<td class="xl78">8772</td>
<td class="xl78">DPBS08772-0017</td>
<td class="xl106">29/01/2021</td>
<td class="xl78"></td>
<td class="xl76" style="width: 53pt;" width="71">15/10/2012</td>
<td class="xl76" style="width: 11pt;" width="15">al</td>
<td class="xl76" style="width: 53pt;" width="71">02/11/20122012</td>
<td class="xl82"></td>
<td class="xl105">09/11/2012</td>
<td class="xl106">al</td>
<td class="xl105">08/02/2013</td>
<td class="xl78">3</td>
<td class="xl111">17.70</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl84" height="17" style="height: 12.75pt;">725</td>
<td class="xl78">8772</td>
<td class="xl78">DPBS08772-0026</td>
<td class="xl106">18/04/2019</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">25/10/2012</td>
<td class="xl106">al</td>
<td class="xl76" style="width: 67pt;" width="89">24/01/2013</td>
<td class="xl78">3</td>
<td class="xl110">16.0000</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl84" height="17" style="height: 12.75pt;">724</td>
<td class="xl78">8773</td>
<td class="xl78">DPBS08773-0016</td>
<td class="xl106">12/04/2018</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">17/01/2013</td>
<td class="xl106">al</td>
<td class="xl76" style="width: 67pt;" width="89">18/04/2013</td>
<td class="xl78">5</td>
<td class="xl110">18.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl84" height="17" style="height: 12.75pt;">724</td>
<td class="xl78">8773</td>
<td class="xl78">DPBS08773-0025</td>
<td class="xl106">18/04/2019</td>
<td class="xl78"></td>
<td class="xl82">10/1/2012</td>
<td class="xl100">al</td>
<td class="xl82">10/19/2012</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">25/10/2012</td>
<td class="xl106">al</td>
<td class="xl76" style="width: 67pt;" width="89">24/01/2013</td>
<td class="xl78">5</td>
<td class="xl111">17.22</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl84" height="17" style="height: 12.75pt;">724</td>
<td class="xl78">8773</td>
<td class="xl78">DPBS08773-0034</td>
<td class="xl106">23/08/2018</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">29/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">28/02/2013</td>
<td class="xl78">4</td>
<td class="xl110">16.0000</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl84" height="17" style="height: 12.75pt;">724</td>
<td class="xl78">8773</td>
<td class="xl78">DPBS08773-0043</td>
<td class="xl106">28/03/2019</td>
<td class="xl78"></td>
<td class="xl82">12/10/2012</td>
<td class="xl100">al</td>
<td class="xl82">12/28/2012</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">03/01/2013</td>
<td class="xl106">al</td>
<td class="xl76" style="width: 67pt;" width="89">04/04/2013</td>
<td class="xl78">4</td>
<td class="xl111">17.27</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl84" height="17" style="height: 12.75pt;">728</td>
<td class="xl78">9115</td>
<td class="xl78">DPBS09115-0015</td>
<td class="xl106">20/05/2021</td>
<td class="xl78"></td>
<td class="xl82">11/5/2012</td>
<td class="xl100">al</td>
<td class="xl82">11/23/2012</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">29/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">28/02/2013</td>
<td class="xl78">3</td>
<td class="xl111">17.65</td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl78" height="17" style="height: 12.75pt;">728</td>
<td class="xl78">9115</td>
<td class="xl78">DPBS09115-0024</td>
<td class="xl82">11/21/2019</td>
<td class="xl90"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl90"></td>
<td class="xl76" style="width: 67pt;" width="89">29/11/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">28/02/2013</td>
<td class="xl78">2</td>
<td align="right" class="xl114">16.0000</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl78" height="17" style="height: 12.75pt;">728</td>
<td class="xl78">9115</td>
<td class="xl78">DPBS09115-0033</td>
<td class="xl82">11/26/2020</td>
<td class="xl90"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl90"></td>
<td class="xl76" style="width: 67pt;" width="89">06/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">07/03/2013</td>
<td class="xl78">2</td>
<td align="right" class="xl114">17.0000</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl78" height="17" style="height: 12.75pt;">728</td>
<td class="xl78">9115</td>
<td class="xl78">DPBS09115-0042</td>
<td class="xl82">9/11/2020</td>
<td class="xl90"></td>
<td class="xl82">11/26/2012</td>
<td class="xl100">al</td>
<td class="xl82">12/14/2012</td>
<td class="xl90"></td>
<td class="xl76" style="width: 67pt;" width="89">21/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">22/03/2013</td>
<td class="xl78">2</td>
<td align="right" class="xl113">17.47</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl78" height="17" style="height: 12.75pt;">728</td>
<td class="xl78">9115</td>
<td class="xl78">DPBS09115-0051</td>
<td class="xl82">12/10/2021</td>
<td class="xl90"></td>
<td class="xl82">11/26/2012</td>
<td class="xl100">al</td>
<td class="xl82">12/14/2012</td>
<td class="xl90"></td>
<td class="xl76" style="width: 67pt;" width="89">21/12/2012</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">22/03/2013</td>
<td class="xl78">2</td>
<td align="right" class="xl113">17.72</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl84" height="17" style="height: 12.75pt;">729</td>
<td class="xl78">9345</td>
<td class="xl78">DPBS09345-0014</td>
<td class="xl82">2/4/2021</td>
<td class="xl78"></td>
<td class="xl76" colspan="3" style="width: 117pt;" width="157">Tasa Fija</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">17/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">14/02/2013</td>
<td class="xl78">1</td>
<td class="xl110">16.5000</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl84" height="17" style="height: 12.75pt;">729</td>
<td class="xl78">9345</td>
<td class="xl78">DPBS09345-0023</td>
<td class="xl82">2/10/2022</td>
<td class="xl78"></td>
<td class="xl82">12/10/2012</td>
<td class="xl100">al</td>
<td class="xl82">12/28/2012</td>
<td class="xl82"></td>
<td class="xl76" style="width: 67pt;" width="89">17/01/2013</td>
<td class="xl76" style="width: 13pt;" width="17">al</td>
<td class="xl76" style="width: 67pt;" width="89">21/02/2013</td>
<td class="xl78">1</td>
<td class="xl74">17.52</td>
</tr>
<tr height="18" style="height: 13.5pt;">
<td class="xl132" height="18" style="height: 13.5pt;">729</td>
<td class="xl80">9345</td>
<td class="xl80">DPBS09345-0032</td>
<td class="xl133">1/19/2023</td>
<td class="xl80"> </td>
<td class="xl133">12/10/2012</td>
<td class="xl134">al</td>
<td class="xl133">12/28/2012</td>
<td class="xl133"> </td>
<td class="xl135" style="width: 67pt;" width="89">17/01/2013</td>
<td class="xl135" style="width: 13pt;" width="17">al</td>
<td class="xl135" style="width: 67pt;" width="89">31/01/2013</td>
<td class="xl80">1</td>
<td class="xl136">17.77</td>
</tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-69681275130903193312013-01-19T19:24:00.000-08:002013-01-19T19:24:09.291-08:00Operaciones Interbancarias<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 590px;">
<colgroup><col style="mso-width-alt: 3157; mso-width-source: userset; width: 83pt;" width="111"></col>
<col style="mso-width-alt: 4039; mso-width-source: userset; width: 107pt;" width="142"></col>
<col style="mso-width-alt: 711; mso-width-source: userset; width: 19pt;" width="25"></col>
<col style="mso-width-alt: 2247; mso-width-source: userset; width: 59pt;" width="79"></col>
<col style="mso-width-alt: 711; mso-width-source: userset; width: 19pt;" width="25"></col>
<col style="mso-width-alt: 2247; mso-width-source: userset; width: 59pt;" width="79"></col>
<col style="mso-width-alt: 711; mso-width-source: userset; width: 19pt;" width="25"></col>
<col style="mso-width-alt: 2247; mso-width-source: userset; width: 59pt;" width="79"></col>
<col style="mso-width-alt: 711; mso-width-source: userset; width: 19pt;" width="25"></col>
</colgroup><tbody>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl101" colspan="9" height="20" style="height: 15.0pt; width: 443pt;" width="590">BANCO CENTRAL DE VENEZUELA</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl101" colspan="9" height="20" style="height: 15.0pt; width: 443pt;" width="590">OPERACIONES INTERBANCARIAS</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl101" colspan="9" height="20" style="height: 15.0pt; width: 443pt;" width="590"> (PLAZO: 1 DIA)</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl90" height="20" style="height: 15.0pt;"></td>
<td class="xl92"></td>
<td class="xl90"></td>
<td class="xl91"></td>
<td class="xl90"></td>
<td class="xl91"></td>
<td class="xl90"></td>
<td class="xl97"></td>
<td class="xl69" style="width: 19pt;" width="25"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl70" height="20" style="height: 15.0pt;"> </td>
<td class="xl75"> </td>
<td class="xl71"> </td>
<td class="xl72"> </td>
<td class="xl72"> </td>
<td class="xl71"> </td>
<td class="xl71"> </td>
<td class="xl71"> </td>
<td class="xl73"> </td>
</tr>
<tr height="21" style="height: 15.75pt; mso-height-source: userset;">
<td class="xl80" height="21" style="height: 15.75pt;"> </td>
<td class="xl74">MONTO NEGOCIADO </td>
<td class="xl74"> </td>
<td align="center" class="xl81" colspan="6">TASA (%)</td>
</tr>
<tr height="21" style="height: 15.75pt; mso-height-source: userset;">
<td class="xl76" height="21" style="height: 15.75pt;">DIA</td>
<td class="xl76"> (Millones de Bs.)</td>
<td class="xl76"> </td>
<td class="xl82">MINIMA a /</td>
<td class="xl77"> </td>
<td class="xl82">MAXIMA a /</td>
<td class="xl77"> </td>
<td class="xl82">PROMEDIO b /</td>
<td class="xl77"> </td>
</tr>
<tr height="21" style="height: 15.75pt; mso-height-source: userset;">
<td class="xl85" height="21" style="height: 15.75pt;"> </td>
<td class="xl78"> </td>
<td class="xl75"> </td>
<td class="xl98"> </td>
<td class="xl71"> </td>
<td class="xl96"> </td>
<td class="xl99"> </td>
<td class="xl98"> </td>
<td class="xl71"> </td>
</tr>
<tr height="21" style="height: 15.75pt; mso-height-source: userset;">
<td class="xl85" height="21" style="height: 15.75pt;">1/18/2013</td>
<td class="xl88">79.5</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.25</td>
<td class="xl99"> </td>
<td class="xl89">0.25</td>
<td class="xl85"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/17/2013</td>
<td class="xl88">17.2</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.25</td>
<td class="xl99"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/16/2013</td>
<td class="xl88">5.0</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.25</td>
<td class="xl99"> </td>
<td class="xl89">0.25</td>
<td class="xl85"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/15/2013</td>
<td class="xl88">27.1</td>
<td class="xl75"> </td>
<td class="xl89">0.24</td>
<td class="xl71"> </td>
<td class="xl100">0.25</td>
<td class="xl99"> </td>
<td class="xl89">0.24</td>
<td class="xl71"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/14/2013</td>
<td class="xl88">16.8</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.30</td>
<td class="xl99"> </td>
<td class="xl89">0.27</td>
<td class="xl71"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/11/2013</td>
<td class="xl88">21.4</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.25</td>
<td class="xl99"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/10/2013</td>
<td class="xl88">38.5</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.30</td>
<td class="xl99"> </td>
<td class="xl89">0.27</td>
<td class="xl71"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/9/2013</td>
<td class="xl88">30.8</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.30</td>
<td class="xl99"> </td>
<td class="xl89">0.28</td>
<td class="xl71"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/8/2013</td>
<td class="xl88">30.0</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.29</td>
<td class="xl99"> </td>
<td class="xl89">0.26</td>
<td class="xl71"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/7/2013</td>
<td class="xl88">30.8</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.30</td>
<td class="xl99"> </td>
<td class="xl89">0.28</td>
<td class="xl71"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/4/2013</td>
<td class="xl88">36.0</td>
<td class="xl75"> </td>
<td class="xl89">0.25</td>
<td class="xl71"> </td>
<td class="xl100">0.28</td>
<td class="xl99"> </td>
<td class="xl89">0.25</td>
<td class="xl87"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/3/2013</td>
<td class="xl88">10.0</td>
<td class="xl75"> </td>
<td class="xl89">0.30</td>
<td class="xl71"> </td>
<td class="xl100">0.32</td>
<td class="xl99"> </td>
<td class="xl89">0.31</td>
<td class="xl85"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl85" height="20" style="height: 15.0pt;">1/2/2013</td>
<td class="xl88">70.0</td>
<td class="xl75"> </td>
<td class="xl89">0.30</td>
<td class="xl71"> </td>
<td class="xl100">0.35</td>
<td class="xl99"> </td>
<td class="xl89">0.31</td>
<td class="xl79"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl75" height="20" style="height: 15.0pt;"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl71"> </td>
<td class="xl75"> </td>
<td class="xl71"> </td>
<td class="xl75"> </td>
<td class="xl79"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl93" colspan="4" height="20" style="height: 15.0pt; mso-ignore: colspan;">a
/ Se refiere a las tasas mínima y máxima del período</td>
<td class="xl95"> </td>
<td class="xl95"> </td>
<td class="xl95"> </td>
<td class="xl95"> </td>
<td class="xl79"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl86" colspan="3" height="20" style="height: 15.0pt; mso-ignore: colspan;">b/ Se refiere al Promedio ponderado del
período.</td>
<td class="xl68"> </td>
<td class="xl68"> </td>
<td class="xl68"> </td>
<td class="xl68"> </td>
<td class="xl68"> </td>
<td class="xl79"></td>
</tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-15897108749188954612013-01-19T19:21:00.001-08:002013-01-19T19:21:58.361-08:00Bolsa de Valores de Caracas (2003-1997)<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 776px;">
<colgroup><col style="mso-width-alt: 6582; mso-width-source: userset; width: 135pt;" width="180"></col>
<col style="mso-width-alt: 3254; mso-width-source: userset; width: 67pt;" width="89"></col>
<col style="mso-width-alt: 3218; mso-width-source: userset; width: 66pt;" width="88"></col>
<col style="mso-width-alt: 3328; mso-width-source: userset; width: 68pt;" width="91"></col>
<col span="4" style="mso-width-alt: 2998; mso-width-source: userset; width: 62pt;" width="82"></col>
</colgroup><tbody>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td align="center" class="xl81" colspan="8" height="20" style="height: 15.0pt; mso-ignore: colspan; width: 584pt;" width="776">BOLSA
DE VALORES DE
CARACAS</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td align="center" class="xl81" colspan="8" height="20" style="height: 15.0pt; mso-ignore: colspan;">TRANSACCIONES
EN VALORES </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td align="center" class="xl82" colspan="8" height="20" style="height: 15.0pt; mso-ignore: colspan;">(Millones de bolívares)</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl73" height="20" style="height: 15.0pt;"> </td>
<td class="xl76">2003</td>
<td class="xl76">2002</td>
<td class="xl76">2001</td>
<td class="xl76">2000</td>
<td class="xl76">1999</td>
<td class="xl76">1998</td>
<td class="xl76">1997</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl74" height="20" style="height: 15.0pt;">TOTAL</td>
<td align="right" class="xl84">1,622,589.14</td>
<td align="right" class="xl84">564,763.73</td>
<td align="right" class="xl84">1,059,049.21</td>
<td align="right" class="xl84">1,703,959.49</td>
<td align="right" class="xl84">892,166.05</td>
<td align="right" class="xl84">1,733,280.13</td>
<td class="xl77">2,736,440.95</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl83"> </td>
<td class="xl72"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">VALORES PUBLICOS</td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"> </td>
<td class="xl72"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">Bonos Deuda Pública</td>
<td align="right" class="xl83">742,974.99</td>
<td align="right" class="xl83">159,538.36</td>
<td class="xl79"> -</td>
<td align="right" class="xl83">2,024.13</td>
<td class="xl87">47,016.63</td>
<td align="right" class="xl83">91,308.45</td>
<td class="xl78">70,047.62</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">Bonos BCV</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl83"></td>
<td class="xl85"></td>
<td class="xl79"></td>
<td class="xl79"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">Bonos Brady</td>
<td align="right" class="xl83">76,038.22</td>
<td class="xl87">232,530.34</td>
<td class="xl87">190,232.07</td>
<td align="right" class="xl83">174,834.77</td>
<td class="xl87">269,702.27</td>
<td align="right" class="xl83">801,111.26</td>
<td class="xl78">726,379.83</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">Letras y Bonos del Tesoro</td>
<td class="xl83"> -</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl83"></td>
<td class="xl79"></td>
<td class="xl79"></td>
<td class="xl79"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;"></td>
<td class="xl83"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl83"></td>
<td class="xl86"></td>
<td class="xl72"></td>
<td class="xl72"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">VALORES PRIVADOS</td>
<td class="xl83"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl83"></td>
<td class="xl86"></td>
<td class="xl72"></td>
<td class="xl72"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">Bonos Empresas Privadas</td>
<td class="xl78">390,888.54</td>
<td class="xl78">46,124.71</td>
<td class="xl79"> -</td>
<td class="xl83"></td>
<td class="xl85"></td>
<td class="xl79"></td>
<td class="xl78">1.26</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">Cédulas Hipotecarias</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl83"></td>
<td class="xl85"></td>
<td class="xl72"></td>
<td class="xl79"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">Derechos</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl83"></td>
<td class="xl86"></td>
<td align="right" class="xl72">5.21</td>
<td class="xl78">1,155.63</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">Acciones</td>
<td class="xl87">303,853.59</td>
<td class="xl87">126,570.32</td>
<td class="xl87">868,817.14</td>
<td align="right" class="xl83">1,527,100.60</td>
<td class="xl87">575,447.14</td>
<td align="right" class="xl83">840,850.86</td>
<td class="xl78">1,928,515.71</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">GDS's</td>
<td class="xl87">108,833.80</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl83"></td>
<td class="xl86">0.02</td>
<td align="right" class="xl72">4.35</td>
<td class="xl78">10,340.90</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;">Warrants</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl79"> -</td>
<td class="xl72"></td>
<td class="xl88"></td>
<td class="xl79"></td>
<td class="xl79"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl75" height="20" style="height: 15.0pt;"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl72" height="20" style="height: 15.0pt;"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
<td class="xl72"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl80" colspan="5" height="20" style="height: 15.0pt; mso-ignore: colspan;">Notas:
Los pagarés, GDS's y Warrants, son
transacciones realizadas en moneda extranjera,</td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl80" colspan="3" height="20" style="height: 15.0pt; mso-ignore: colspan;"> convertidas a bolívares al tipo de
cambio de cada período.</td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl80" colspan="5" height="20" style="height: 15.0pt; mso-ignore: colspan;"> Las transacciones en valores
corresponden a las
operaciones transadas, pero
no</td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl80" colspan="2" height="20" style="height: 15.0pt; mso-ignore: colspan;"> materializadas en
su totalidad.</td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
</tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-71368651587746192412013-01-19T19:17:00.002-08:002013-01-19T19:18:11.639-08:00Sección G1 (2012-2013) Matemática Financiera<div class="separator" style="clear: both; text-align: center;">
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<br />Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-20080401931920216062013-01-19T19:13:00.000-08:002013-01-19T19:13:42.773-08:00Interes Simple (Clase)<br />
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La Capitalización Simple<o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: 14.05pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;"> La capitalización simple es una formula
financiera que permite calcular el equivalente de un capital en un momento
posterior. Es una ley que se utiliza exclusivamente en el corto plazo (periodos
menores de 1 año), ya que para periodos más largos se utiliza la
"Capitalización compuesta", que veremos en la siguiente lección.<o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La
formula que nos sirve para calcular los intereses que genera un capital es
la siguientes: <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = Co * i * t<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" I " son los intereses que se generan<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" Co " es el capital inicial (en el momento t=0)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" i " es la tasa de interés que se aplica<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" t " es el tiempo que dura la inversión<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos
un ejemplo: calcular los intereses que generan 5 millones de pesetas a un
tipo del 15% durante un plazo de 1 año. <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = 5.000.000 * 0,15 * 1 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = 750.000 ptas. <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Una
vez que hemos calculado el importe de los intereses, podemos calcular el
importe del capital final:<o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co + I<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co + ( Co * i * t )<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<b><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(sustituyendo "I" por su equivalente)</span></b><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co * ( 1 + ( i * T ))<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<b><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(sacando factor común "Co")</span></b><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" Cf " es el capital final<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ejemplo:
¿ Cual era el capital final en el ejemplo anterior ? <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co + I<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = 5.000.000 + 750.000<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = 5.750.000<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Hay
un aspecto que es importante tener en cuenta: el tipo de interés y el
plazo deben referirse a la misma medida temporal (si el tipo es anual, el
plazo debe de ir en año, si el tipo es mensual, el plazo irá en mesas,
etc).<o:p></o:p></span></li>
</ul>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">¿
Como se calcula el tipo de interés equivalente, según distinta unidad de
tiempo ? Muy fácil, lo vamos a ver con un ejemplo: tipos equivalentes a
una tasa anual del 15%. <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal">
<br /></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Base temporal<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Calculo<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Tipo resultante <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Año<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 1 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Semestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 2<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">7,5 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cuatrimestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 3 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Trimestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 4 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">3,75 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Mes<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 12 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">1,25 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Día<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 365 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">0,041 %<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">El
resultado que se habría obtenido en el anterior ejemplo es independiente
del tipo de base temporal que se hubiera tomado. Eso sí, si el interés va
en base semestral, el plazo irá en semestre, etc. <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div class="MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Base temporal<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Intereses<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Año<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,15 * 1 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Semestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,075 * 2 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cuatrimestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,05 * 3 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Trimestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,0375 * 4 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Mes<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,0125 * 12 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Día<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,0041 * 365 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos
ahora un ejemplo:<o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="margin-left: 1in; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: ES-VE;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ejemplo: calcular los intereses que producen 1
millón de pesetas al 15% anual durante 3 meses: <o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Si utilizo como base temporal meses, tengo que
calcular el tipo mensual equivalente al 15% anual: 1,25% (= 15 / 12)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ya puedo aplicar la formula: I = Co * i + t<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = 5.000.000 * 0,0125 * 3 = 187.500<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La Capitalización Simple<o:p></o:p></span></div>
<div class="MsoNormal" style="text-indent: 14.05pt;">
<br /></div>
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La
capitalización simple es una formula financiera que permite calcular el
equivalente de un capital en un momento posterior. Es una ley que se utiliza
exclusivamente en el corto plazo (periodos menores de 1 año), ya que para
periodos más largos se utiliza la "Capitalización compuesta", que
veremos en la siguiente lección.<o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La
formula que nos sirve para calcular los intereses que genera un capital es
la siguientes: <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = Co * i * t<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" I " son los intereses que se generan<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" Co " es el capital inicial (en el momento t=0)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" i " es la tasa de interés que se aplica<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" t " es el tiempo que dura la inversión<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos
un ejemplo: calcular los intereses que generan 5 millones de pesetas a un
tipo del 15% durante un plazo de 1 año. <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = 5.000.000 * 0,15 * 1 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = 750.000 ptas. <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Una
vez que hemos calculado el importe de los intereses, podemos calcular el importe
del capital final:<o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co + I<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co + ( Co * i * t )<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<b><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(sustituyendo "I" por su equivalente)</span></b><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co * ( 1 + ( i * T ))<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<b><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(sacando factor común "Co")</span></b><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;"><o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">" Cf " es el capital final<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ejemplo:
¿ Cual era el capital final en el ejemplo anterior ? <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co + I<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = 5.000.000 + 750.000<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = 5.750.000<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Hay
un aspecto que es importante tener en cuenta: el tipo de interés y el
plazo deben referirse a la misma medida temporal (si el tipo es anual, el
plazo debe de ir en año, si el tipo es mensual, el plazo irá en mesas,
etc).<o:p></o:p></span></li>
</ul>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">¿
Como se calcula el tipo de interés equivalente, según distinta unidad de
tiempo ? Muy fácil, lo vamos a ver con un ejemplo: tipos equivalentes a
una tasa anual del 15%. <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal">
<br /></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Base temporal<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Calculo<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Tipo resultante <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Año<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 1 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Semestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 2<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">7,5 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cuatrimestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 3 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Trimestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 4 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">3,75 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Mes<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 12 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">1,25 %<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Día<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 365 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">0,041 %<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">El
resultado que se habría obtenido en el anterior ejemplo es independiente
del tipo de base temporal que se hubiera tomado. Eso sí, si el interés va
en base semestral, el plazo irá en semestre, etc. <o:p></o:p></span></li>
</ul>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div class="MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Base temporal<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Intereses<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Año<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,15 * 1 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Semestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,075 * 2 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cuatrimestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,05 * 3 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Trimestre<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,0375 * 4 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Mes<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,0125 * 12 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Día<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5.000.000 * 0,0041 * 365 = 750.000 <o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<ul type="disc">
<li class="MsoNormal"><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos
ahora un ejemplo:<o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="margin-left: 1in; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: ES-VE;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ejemplo: calcular los intereses que producen 1
millón de pesetas al 15% anual durante 3 meses: <o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Si utilizo como base temporal meses, tengo que
calcular el tipo mensual equivalente al 15% anual: 1,25% (= 15 / 12)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">x<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ya puedo aplicar la formula: I = Co * i + t<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 100.0%;" width="100%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = 5.000.000 * 0,0125 * 3 = 187.500<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div align="center" class="MsoNormal" style="text-align: center;">
<u><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Capitalización compuesta vs
capitalización simple</span></u><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ambas leyes de capitalización dan
resultados diferentes. Vamos a analizar en que medida la aplicación de
una u otra ley en el cálculo de los intereses da resultados mayores o
menores, y para ello vamos a distinguir tres momentos:<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">a)
Periodos inferiores a la unidad de referencia (en nuestro caso el año): en este
supuesto, los intereses calculados con la ley de capitalización simple son
mayores que los calculados con la ley de capitalización compuesta.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 5pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos un ejemplo: calcular los
intereses devengados por un capital de 4 millones de pesetas, durante 3 meses,
a un tipo de interés del 12%:<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 75%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">a.1.)
Capitalización simple<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = Co
* i * t<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 4.000.000 * 0,12 * 0,25 (hemos puesto tipo y plazo en base anual)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 120.000 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">a.2.)
Capitalización compuesta<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = Co
* (((1 + i) ^ t) - 1)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 4.000.000 * (((1 + 0,12) ^ 0,25) - 1)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 4.000.000 * (1,029 - 1)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 116.000 ptas.<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin-bottom: 5pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Se comprueba, por tanto, como el
interés calculado con la formula de la capitalización simple es superior al
calculado con la formula de capitalización compuesta.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">b)
Periodos iguales a un año: en estos casos, ambas formulas dan resultados
idénticos.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 5pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos un ejemplo: calcular los
intereses devengados por un capital de 2 millones de pesetas, durante 1 año, a
un tipo de interés del 15%:<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 75%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">a.1.)
Capitalización simple<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = Co
* i * t<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 2.000.000 * 0,15 * 1 (tipo y plazo en base anual)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 300.000 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">a.2.)
Capitalización compuesta<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = Co
* (((1 + i) ^ t) - 1)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 2.000.000 * (((1 + 0,15) ^ 1) - 1)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 2.000.000 * (1,15 - 1)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 300.000 ptas.<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin-bottom: 5pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Se comprueba, por tanto, como los
intereses calculados con ambas formulas son iguales.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">c)
Periodos superiores a un año: en estos casos, los intereses calculados con la
formula de capitalización compuesta son superiores a los calculados con la
formula de capitalización simple.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 5pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos un ejemplo: calcular los
intereses devengados por un capital de 5 millones de pesetas, durante 2 años, a
un tipo de interés del 10%:<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 75%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">a.1.)
Capitalización simple<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = Co
* i * t<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 5.000.000 * 0,10 * 2 (tipo y plazo en base anual)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 1.000.000 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">a.2.)
Capitalización compuesta<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">I = Co
* (((1 + i) ^ t) - 1)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 5.000.000 * (((1 + 0,1) ^ 2) - 1)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 5.000.000 * (1,21 - 1)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Luego,
I = 1.050.000 ptas.<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Se puede
comprobar, por tanto, como en este caso el interés calculado con la formula de
capitalización compuesta es más elevado.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 5pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">No obstante, como ya hemos
indicado en lecciones anteriores, la formula de capitalización simple sólo se
utiliza con operaciones de corto plazo (menos de 1 año), mientras que la de
capitalización compuesta se puede utilizar en el corto y en el largo
plazo. <o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Descuento comercial<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La operación financiera de
descuento es la inversa a la operación de capitalización. Con esta operación se
calcula el capital equivalente en un momento anterior de un importe futuro.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Mientras que la ley de
capitalización calcula unos intereses que se les añade al importe principal,
compensando el aplazamiento en el tiempo de su disposición. En las leyes de
descuento es justo al contrario: se calculan los intereses que hay que pagar
por adelantar la disposición del capital.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Dentro de las leyes de descuento,
se pueden distinguir tres modelos: <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;"> Descuento
comercial<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">
<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">
Descuento racional<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">
<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 5pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">
Descuento económico<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Vamos a empezar con el estudio
del descuento comercial.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<u><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">A) DESCUENTO COMERCIAL</span></u><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;"> <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La ley financiera del descuento
comercial, que permite calcular el importe del descuento, es la siguiente:<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">D = Co
* d * t<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
D " son los intereses que hay que pagar<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
Co " es el capital inicial (en el momento t=0)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
d " es la tasa de descuento que se aplica<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
t " es el tiempo que dura la inversión<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos un ejemplo: calcular los
intereses de descuento que generan 2 millones de pesetas, descontados a
un tipo del 15%, durante un plazo de 1 año.<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">D =
2.000.000 * 0,15 * 1 <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">D =
300.000 ptas. <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Una vez que conocemos el importe
del descuento, se puede calcular el capital final (que </span><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: ES-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-US; mso-no-proof: yes;"><v:shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f">
<v:stroke joinstyle="miter">
<v:formulas>
<v:f eqn="if lineDrawn pixelLineWidth 0">
<v:f eqn="sum @0 1 0">
<v:f eqn="sum 0 0 @1">
<v:f eqn="prod @2 1 2">
<v:f eqn="prod @3 21600 pixelWidth">
<v:f eqn="prod @3 21600 pixelHeight">
<v:f eqn="sum @0 0 1">
<v:f eqn="prod @6 1 2">
<v:f eqn="prod @7 21600 pixelWidth">
<v:f eqn="sum @8 21600 0">
<v:f eqn="prod @7 21600 pixelHeight">
<v:f eqn="sum @10 21600 0">
</v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:formulas>
<v:path gradientshapeok="t" o:connecttype="rect" o:extrusionok="f">
<o:lock aspectratio="t" v:ext="edit">
</o:lock></v:path></v:stroke></v:shapetype><v:shape alt="http://www.aulafacil.com/Imagens/gif1x1.gif" id="Imagen_x0020_1" o:spid="_x0000_i1025" style="height: 11.25pt; mso-wrap-style: square; visibility: visible; width: 11.25pt;" type="#_x0000_t75">
<v:imagedata o:title="gif1x1" src="file:///C:\Users\Andrea\AppData\Local\Temp\msohtmlclip1\01\clip_image001.gif">
</v:imagedata></v:shape></span><span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">equivale
al capital inicial menos el importe del descuento):<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co
- D<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co
- ( Co * d * t )<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(sustituyendo
"D" por su equivalente)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co
* ( 1 - ( d * t ))<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(sacando
factor común "Co")<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
Cf " es el capital final<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ejemplo: ¿ Cual era el capital
final en el ejemplo anterior ? <o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co
- D<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf =
2.000.000 - 300.000<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf =
1.700.000 ptas.<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Al igual que ya hemos visto con
las leyes de capitalización, es importante tener en cuenta que el tipo de
interés y el plazo deben referirse a la misma medida temporal. El tipo de
interés equivalente se calcula tal como visto al estudiar la capitalización
simple.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Recordemos el ejemplo: tipos
equivalentes a una tasa anual del 15%. <o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%"></td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%"></td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Base temporal <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Calculo <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Tipo resultante <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%"></td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<br /></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Año <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 1 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 % <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Semestre <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 2 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">7,5 % <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cuatrimestre <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 3 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">5 % <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Trimestre <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 4 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">3,75 % <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Mes <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 12 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">1,25 % <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Día <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">15 / 365 <o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">0,041 % <o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos un ejemplo: calcular los
intereses de descuento de un capital de 600.000 pesetas al 15% anual durante 3
meses:<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Si utilizo como base temporal meses, tengo que
calcular el tipo mensual de descuento equivalente al 15% anual: 1,25% (= 15 /
12)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ya puedo aplicar la formula: D = Co * d + t<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 33.0%;" width="33%">
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">D = 600.000 * 0,0125 * 3 = 22.500 ptas.<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La ley de descuento comercial, al
igual que la de capitalización simple, sólo se utiliza en el corto plazo
(operaciones a menos de 1 año).<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Descuento racional.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La ley financiera de descuento
racional viene definida de la siguiente manera:<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">D = (
Co * d * t ) / (1 + d * t)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
D " son los intereses que hay que pagar<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
Co " es el capital inicial (en el momento t=0)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
d " es la tasa de descuento que se aplica<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
t " es el tiempo que dura la inversión<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Una vez que sabemos calcular los
intereses de descuento, podemos ver como se determina el capital final:<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 70%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%"></td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 34.0%;" width="34%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co
- D<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 34.0%;" width="34%">
<div class="MsoNormal">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;"> <o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co
- (( Co * d * t ) / (1 + d * t))<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 34.0%;" width="34%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(sustituyendo
"D")<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co
* ( 1 - ( d * t ) / (1 + d * t))<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 34.0%;" width="34%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(sacando
factor común "Co")<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Cf = Co
* ( ( 1 + d * t - d * t ) / (1 + d * t))<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 34.0%;" width="34%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(operando
en el paréntesis)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%"></td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 34.0%;" width="34%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,<b>
</b>Cf = Co / (1 + d * t)<o:p></o:p></span></div>
</td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 34.0%;" width="34%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">"
Cf " es el capital final<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 66.0%;" width="66%"></td>
<td style="padding: .75pt .75pt .75pt .75pt; width: 34.0%;" width="34%"></td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos un ejemplo: Calcular los
intereses de descuento por anticipar un capital de 1.200.000 ptas., durante 8
meses, a un tipo de interés del 14%.<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Aplicamos
la fórmula D = ( Co * d * t ) / (1 + d * t)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
D = ( 1.200.000 * 0,14 * 0,666 ) / (1 + 0,14 * 0,666)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(0,666
es el equivalente anual de 8 meses)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
D = 102.345 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Podemos
ahora calcular el capital final. Lo vamos a calcular de dos maneras:<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">a)
Aplicando la fórmula Cf = Co - D (capital final es igual al capital inicial
menos los intereses de descuento):<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 1.200.000 - 102.345<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 1.097.655 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">b)
Aplicando la fórmula Cf = Co / (1 + d * t)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 1.200.000 / (1 + 0,14 * 0,666)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 1.200.000 / 1,09324<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 1.097.655 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">La ley de descuento racional es
el equivalente, en sentido inverso, de la ley de capitalización simple, y, al
igual que ésta, sólo se suele utilizar en operaciones a menos de 1 año. Esta
relación de equivalencia no se cumple con la ley de descuento comercial.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Con el término equivalente nos
referimos al hecho de que descontando un capital a un tipo de interés, y
capitalizando el capital resultante con el mismo tipo de interés, volvemos al
capital de partida.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Veamos un ejemplo: Descontar un
capital de 1.000.000 ptas., por un plazo de 6 meses al 10%, y el importe
resultante capitalizarlo (capitalización simple) por el mismo plazo y con el
mismo tipo de interés. a) Aplicando el descuento racional; b) Aplicando el
descuento comercial.<o:p></o:p></span></div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="margin-left: .5in; mso-cellspacing: 0in; mso-yfti-tbllook: 1184; width: 68%px;">
<tbody>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">a)
Aplicando el descuento racional<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Primero
descuento aplicando la fórmula Cf = Co / (1 + d * t)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 1.000.000 / (1 + 0,1 * 0,5)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 952.381 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Una vez
obtenido el capital descontado, lo capitalizo aplicando la fórmula de
capitalización simple Cf = Co * (1 + (i * t))<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">(El
capital descontado, 952.381 ptas, pasa a ser ahora "Co")<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 952.381 * (1 + (0,1 * 0,5))<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 1.000.000 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Vemos
que se ha cumplido la ley de equivalencia, y que hemos vuelto al capital de
partida<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">b)
Aplicando el descuento comercial<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Primero
descuento aplicando la fórmula Cf = Co * ( 1 - ( d * t ))<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 1.000.000 * (1 - 0,1 * 0,5)<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 950.000 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Ahora
capitalizo Cf = Co * (1 + (i * t))<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 950.000 * (1 + (0,1 * 0,5))<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">luego,
Cf = 997.500 ptas.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%">
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">No se
cumple, por tanto, la relación de equivalencia<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="padding: .75pt .75pt .75pt .75pt; width: 50.0%;" width="50%"></td>
</tr>
</tbody></table>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0.0001pt 0.5in;">
<span lang="ES-VE" style="font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: ES-VE;">Como se ha podido ver en el
ejemplo, el descuento que se calcula aplicando la ley de descuento racional es
menor que el que se calcula aplicando la ley de descuento comercial <o:p></o:p></span></div>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com2tag:blogger.com,1999:blog-1286621742896442268.post-88388346087100190482013-01-19T19:11:00.000-08:002013-01-19T19:11:06.563-08:00Tipos de Cambio<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 670px;">
<colgroup><col style="mso-width-alt: 950; mso-width-source: userset; width: 20pt;" width="26"></col>
<col style="mso-width-alt: 1462; mso-width-source: userset; width: 30pt;" width="40"></col>
<col style="mso-width-alt: 6509; mso-width-source: userset; width: 134pt;" width="178"></col>
<col span="2" style="mso-width-alt: 4022; mso-width-source: userset; width: 83pt;" width="110"></col>
<col style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
<col style="mso-width-alt: 4022; mso-width-source: userset; width: 83pt;" width="110"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt;">
<td class="xl63" height="17" style="height: 12.75pt; width: 20pt;" width="26"></td>
<td class="xl63" colspan="2" style="mso-ignore: colspan; width: 164pt;" width="218">BANCO
CENTRAL DE VENEZUELA</td>
<td class="xl63" style="width: 83pt;" width="110"></td>
<td class="xl63" style="width: 83pt;" width="110"></td>
<td class="xl63" style="width: 72pt;" width="96"></td>
<td align="right" class="xl66" style="width: 83pt;" width="110">11/01/2013 04:31 PM</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl67" colspan="3">TIPOS DE CAMBIO DE
REFERENCIA</td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64" colspan="2">Fecha Operación :
11/01/2013</td>
<td class="xl64" colspan="2"> Fecha Valor : 15/01/2013</td>
<td class="xl64"></td>
<td class="xl64"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64" colspan="6">_______________________________________________________________________________________________</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64"></td>
<td class="xl64"></td>
<td class="xl64" colspan="2"> (*) Cotización Reuters DIV/US$</td>
<td class="xl64" colspan="2"> Bs./DIV </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl64" height="17" style="height: 12.75pt;"></td>
<td class="xl64" colspan="2"> Moneda/País</td>
<td class="xl64"> Compra (BID)</td>
<td class="xl64"> Venta (ASK)</td>
<td class="xl64"> Compra (BID)</td>
<td class="xl64"> Venta (ASK)</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65" colspan="6">_______________________________________________________________________________________________</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">USD</td>
<td class="xl65">E.U.A.</td>
<td align="right" class="xl65">1.00000000</td>
<td align="right" class="xl65">1.00000000</td>
<td align="right" class="xl65">4.28930000</td>
<td align="right" class="xl65">4.30000000</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">ARS</td>
<td class="xl65">Argentina</td>
<td align="right" class="xl65">4.93750000</td>
<td align="right" class="xl65">4.94300000</td>
<td align="right" class="xl65">0.86775238</td>
<td align="right" class="xl65">0.87088608</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">BRL</td>
<td class="xl65">Brasil</td>
<td align="right" class="xl65">2.03300000</td>
<td align="right" class="xl65">2.03350000</td>
<td align="right" class="xl65">2.10931891</td>
<td align="right" class="xl65">2.11510084</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">BOB</td>
<td class="xl65">Bolivia</td>
<td align="right" class="xl65">6.96000000</td>
<td align="right" class="xl65">7.06000000</td>
<td align="right" class="xl65">0.60754958</td>
<td align="right" class="xl65">0.61781609</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">CAD</td>
<td class="xl65">Canada</td>
<td align="right" class="xl65">0.98430000</td>
<td align="right" class="xl65">0.98460000</td>
<td align="right" class="xl65">4.35638838</td>
<td align="right" class="xl65">4.36858681</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">COP</td>
<td class="xl65">Colombia</td>
<td align="right" class="xl65">1,762.40000000</td>
<td align="right" class="xl65">1,764.40000000</td>
<td align="right" class="xl65">0.00243102</td>
<td align="right" class="xl65">0.00243985</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">CLP</td>
<td class="xl65">Chile</td>
<td align="right" class="xl65">472.17000000</td>
<td align="right" class="xl65">472.77000000</td>
<td align="right" class="xl65">0.00907270</td>
<td align="right" class="xl65">0.00910689</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">MXP</td>
<td class="xl65">Mexico</td>
<td align="right" class="xl65">12.63500000</td>
<td align="right" class="xl65">12.64500000</td>
<td align="right" class="xl65">0.33920917</td>
<td align="right" class="xl65">0.34032450</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">PEN</td>
<td class="xl65">Perú</td>
<td align="right" class="xl65">2.54300000</td>
<td align="right" class="xl65">2.54800000</td>
<td align="right" class="xl65">1.68339874</td>
<td align="right" class="xl65">1.69091624</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">DOP</td>
<td class="xl65">Republica Dominicana</td>
<td align="right" class="xl65">40.30000000</td>
<td align="right" class="xl65">40.50000000</td>
<td align="right" class="xl65">0.10590864</td>
<td align="right" class="xl65">0.10669975</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">TTD</td>
<td class="xl65">Trinidad y Tobago</td>
<td align="right" class="xl65">6.38000000</td>
<td align="right" class="xl65">6.45000000</td>
<td align="right" class="xl65">0.66500775</td>
<td align="right" class="xl65">0.67398119</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">UYU</td>
<td class="xl65">Uruguay</td>
<td align="right" class="xl65">19.20000000</td>
<td align="right" class="xl65">19.40000000</td>
<td align="right" class="xl65">0.22109794</td>
<td align="right" class="xl65">0.22395833</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">ANG</td>
<td class="xl65">Curazao</td>
<td align="right" class="xl65">1.75000000</td>
<td align="right" class="xl65">1.75000000</td>
<td align="right" class="xl65">2.45102857</td>
<td align="right" class="xl65">2.45714286</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">CZK</td>
<td class="xl65">Republica Checa</td>
<td align="right" class="xl65">19.18500000</td>
<td align="right" class="xl65">19.19300000</td>
<td align="right" class="xl65">0.22348252</td>
<td align="right" class="xl65">0.22413344</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">DKK</td>
<td class="xl65">Dinamarca</td>
<td align="right" class="xl65">5.59330000</td>
<td align="right" class="xl65">5.59730000</td>
<td align="right" class="xl65">0.76631590</td>
<td align="right" class="xl65">0.76877693</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">NOK</td>
<td class="xl65">Noruega</td>
<td align="right" class="xl65">5.52980000</td>
<td align="right" class="xl65">5.53480000</td>
<td align="right" class="xl65">0.77496929</td>
<td align="right" class="xl65">0.77760498</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">GBP</td>
<td class="xl65">Reino Unido</td>
<td align="right" class="xl65">1.61200000</td>
<td align="right" class="xl65">1.61220000</td>
<td align="right" class="xl65">6.91435160</td>
<td align="right" class="xl65">6.93246000</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">SEK</td>
<td class="xl65">Suecia</td>
<td align="right" class="xl65">6.46720000</td>
<td align="right" class="xl65">6.47020000</td>
<td align="right" class="xl65">0.66293159</td>
<td align="right" class="xl65">0.66489362</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">CHF</td>
<td class="xl65">Suiza</td>
<td align="right" class="xl65">0.91330000</td>
<td align="right" class="xl65">0.91370000</td>
<td align="right" class="xl65">4.69442924</td>
<td align="right" class="xl65">4.70820103</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">KRW</td>
<td class="xl65">Corea del Sur</td>
<td align="right" class="xl65">1,056.04000000</td>
<td align="right" class="xl65">1,056.94000000</td>
<td align="right" class="xl65">0.00405822</td>
<td align="right" class="xl65">0.00407182</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">CNY</td>
<td class="xl65">China</td>
<td align="right" class="xl65">6.21560000</td>
<td align="right" class="xl65">6.21660000</td>
<td align="right" class="xl65">0.68997523</td>
<td align="right" class="xl65">0.69180771</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">TWD</td>
<td class="xl65">Taiwan</td>
<td align="right" class="xl65">28.93700000</td>
<td align="right" class="xl65">28.95700000</td>
<td align="right" class="xl65">0.14812653</td>
<td align="right" class="xl65">0.14859868</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">ILS</td>
<td class="xl65">Israel</td>
<td align="right" class="xl65">3.73500000</td>
<td align="right" class="xl65">3.74220000</td>
<td align="right" class="xl65">1.14619742</td>
<td align="right" class="xl65">1.15127175</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">JPY</td>
<td class="xl65">Japon</td>
<td align="right" class="xl65">89.20000000</td>
<td align="right" class="xl65">89.21000000</td>
<td align="right" class="xl65">0.04808093</td>
<td align="right" class="xl65">0.04820628</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">HKD</td>
<td class="xl65">Hong Kong</td>
<td align="right" class="xl65">7.75170000</td>
<td align="right" class="xl65">7.75220000</td>
<td align="right" class="xl65">0.55330100</td>
<td align="right" class="xl65">0.55471703</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">CNH</td>
<td class="xl65">Hong Kong</td>
<td align="right" class="xl65">6.18330000</td>
<td align="right" class="xl65">6.18530000</td>
<td align="right" class="xl65">0.69346677</td>
<td align="right" class="xl65">0.69542154</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">JOD</td>
<td class="xl65">Jordania </td>
<td align="right" class="xl65">0.70820000</td>
<td align="right" class="xl65">0.70970000</td>
<td align="right" class="xl65">6.04382133</td>
<td align="right" class="xl65">6.07173115</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">AUD</td>
<td class="xl65">Australia</td>
<td align="right" class="xl65">1.05270000</td>
<td align="right" class="xl65">1.05370000</td>
<td align="right" class="xl65">4.51534611</td>
<td align="right" class="xl65">4.53091000</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">DEG</td>
<td class="xl65">D.E.G.</td>
<td align="right" class="xl65">1.53573000</td>
<td class="xl65">
----------------</td>
<td align="right" class="xl65">6.58720669</td>
<td class="xl65">
----------------</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65">EUR</td>
<td class="xl65">Zona Euro</td>
<td align="right" class="xl65">1.33340000</td>
<td align="right" class="xl65">1.33370000</td>
<td align="right" class="xl65">5.71935262</td>
<td align="right" class="xl65">5.73491000</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl65" colspan="6">_______________________________________________________________________________________________</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"></td>
<td class="xl68" colspan="6">(*) Las cotizaciones GBP,
AUD, DEG y EUR están expresadas en términos de dólar de los EEUU por divisa.</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td height="17" style="height: 12.75pt;"></td>
<td class="xl69" colspan="6">Fuente: Reuters,
a excepción del
DEG cuya única
cotización se toma
directamente de la
página WEB</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td height="17" style="height: 12.75pt;"></td>
<td class="xl69" colspan="2">del FMI (www.imf.org).</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td height="17" style="height: 12.75pt;"></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td height="17" style="height: 12.75pt;"></td>
<td class="xl69">Nota:</td>
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td height="17" style="height: 12.75pt;"></td>
<td class="xl69" colspan="6">Tipo de Cambio Bs./US$ de
conformidad con el
Convenio Cambiario N° 14,
publicado en la Gaceta Oficial
de la</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td height="17" style="height: 12.75pt;"></td>
<td class="xl69" colspan="5"> República Bolivariana de Venezuela, N°
39.584, de fecha 30 de Diciembre de 2010.</td>
<td></td>
</tr>
</tbody></table>
<br />Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-68260856477976127002013-01-19T18:24:00.000-08:002013-01-19T18:24:37.653-08:00Deuda Externa (Segundo Trimestre 2012)<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 605px;">
<colgroup><col style="mso-width-alt: 1609; mso-width-source: userset; width: 33pt;" width="44"></col>
<col style="mso-width-alt: 1462; mso-width-source: userset; width: 30pt;" width="40"></col>
<col style="mso-width-alt: 1572; mso-width-source: userset; width: 32pt;" width="43"></col>
<col style="mso-width-alt: 6144; mso-width-source: userset; width: 126pt;" width="168"></col>
<col style="width: 60pt;" width="80"></col>
<col style="mso-width-alt: 2962; mso-width-source: userset; width: 61pt;" width="81"></col>
<col style="mso-width-alt: 2706; mso-width-source: userset; width: 56pt;" width="74"></col>
<col style="mso-width-alt: 2742; mso-width-source: userset; width: 56pt;" width="75"></col>
</colgroup><tbody>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td align="center" class="xl77" colspan="8" height="23" style="height: 17.25pt; mso-ignore: colspan; width: 454pt;" width="605">Deuda externa </td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td align="center" class="xl77" colspan="8" height="23" style="height: 17.25pt; mso-ignore: colspan;">Saldos al cierre del período a valor de mercado</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td align="center" class="xl77" colspan="8" height="20" style="height: 15.0pt; mso-ignore: colspan;">Por sectores e instrumentos</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td align="center" class="xl78" colspan="8" height="20" style="height: 15.0pt; mso-ignore: colspan;">(Millones de US $)</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td align="center" class="xl77" colspan="8" height="20" style="height: 15.0pt; mso-ignore: colspan;">Año 2012 (*)</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl80" height="20" style="height: 15.0pt;"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl90"> </td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl80"></td>
</tr>
<tr height="19" style="height: 14.25pt;">
<td class="xl90" height="19" style="height: 14.25pt;"> </td>
<td class="xl90"> </td>
<td class="xl90"> </td>
<td class="xl80"></td>
<td class="xl91">IV</td>
<td class="xl91">III</td>
<td class="xl91">II</td>
<td class="xl91">I</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="border-top: none; height: 15.0pt;"> </td>
<td class="xl82" style="border-top: none;"> </td>
<td class="xl82" style="border-top: none;"> </td>
<td class="xl82"> </td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl80"></td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl83" colspan="4" height="23" style="height: 17.25pt; mso-ignore: colspan;">Deuda
externa total</td>
<td class="xl84"></td>
<td align="right" class="xl84">109,222</td>
<td align="right" class="xl84">101,007</td>
<td align="right" class="xl84">104,045</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl83" height="20" style="height: 15.0pt;"></td>
<td class="xl80" colspan="3">Bonos y pagarés</td>
<td class="xl84"></td>
<td align="right" class="xl84">40,912</td>
<td align="right" class="xl84">35,919</td>
<td align="right" class="xl84">37,897</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl83" height="20" style="height: 15.0pt;"></td>
<td class="xl80" colspan="3">Instrumentos del mercado
monetario</td>
<td class="xl84"></td>
<td align="right" class="xl84">0</td>
<td align="right" class="xl84">0</td>
<td align="right" class="xl84">0</td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl83" height="23" style="height: 17.25pt;"></td>
<td class="xl80" colspan="3">Créditos comerciales 2/</td>
<td class="xl84"></td>
<td align="right" class="xl84">9,126</td>
<td align="right" class="xl84">10,182</td>
<td align="right" class="xl84">11,040</td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl83" height="23" style="height: 17.25pt;"></td>
<td class="xl80" colspan="3">Préstamos 2/</td>
<td class="xl84"></td>
<td align="right" class="xl84">39,010</td>
<td align="right" class="xl84">35,694</td>
<td align="right" class="xl84">35,820</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl83" height="20" style="height: 15.0pt;"></td>
<td class="xl85" colspan="3">Moneda y depósitos</td>
<td class="xl84"></td>
<td align="right" class="xl84">40</td>
<td align="right" class="xl84">38</td>
<td align="right" class="xl84">53</td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl83" height="23" style="height: 17.25pt;"></td>
<td class="xl85" colspan="2">Otros 2/ 3/</td>
<td class="xl80"></td>
<td class="xl84"></td>
<td align="right" class="xl84">20,134</td>
<td align="right" class="xl84">19,174</td>
<td align="right" class="xl84">19,235</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl83" height="20" style="height: 15.0pt;"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl84"></td>
<td class="xl84"></td>
<td class="xl84"></td>
<td class="xl84"></td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl83" colspan="3" height="23" style="height: 17.25pt; mso-ignore: colspan;">Deuda
pública </td>
<td class="xl85"></td>
<td class="xl84"></td>
<td align="right" class="xl84">95,691</td>
<td align="right" class="xl84">86,636</td>
<td align="right" class="xl84">90,423</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl86" height="20" style="height: 15.0pt;"></td>
<td class="xl80" colspan="3">Bonos y pagarés</td>
<td class="xl84"></td>
<td align="right" class="xl84">40,912</td>
<td align="right" class="xl84">35,919</td>
<td align="right" class="xl84">37,897</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl86" height="20" style="height: 15.0pt;"></td>
<td class="xl80" colspan="3">Instrumentos del mercado
monetario</td>
<td class="xl84"></td>
<td align="right" class="xl84">0</td>
<td align="right" class="xl84">0</td>
<td align="right" class="xl84">0</td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl86" height="23" style="height: 17.25pt;"></td>
<td class="xl80" colspan="3">Créditos comerciales 2/</td>
<td class="xl84"></td>
<td align="right" class="xl84">2,113</td>
<td align="right" class="xl84">2,025</td>
<td align="right" class="xl84">3,337</td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl86" height="23" style="height: 17.25pt;"></td>
<td class="xl80" colspan="3">Préstamos 2/</td>
<td class="xl84"></td>
<td align="right" class="xl84">36,994</td>
<td align="right" class="xl84">33,730</td>
<td align="right" class="xl84">33,922</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl86" height="20" style="height: 15.0pt;"></td>
<td class="xl85" colspan="3">Moneda y depósitos</td>
<td class="xl84"></td>
<td align="right" class="xl84">14</td>
<td align="right" class="xl84">14</td>
<td align="right" class="xl84">31</td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl86" height="23" style="height: 17.25pt;"></td>
<td class="xl85" colspan="2">Otros 2/ 3/</td>
<td class="xl80"></td>
<td class="xl84"></td>
<td align="right" class="xl84">15,658</td>
<td align="right" class="xl84">14,948</td>
<td align="right" class="xl84">15,236</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl86" height="20" style="height: 15.0pt;"></td>
<td class="xl80"></td>
<td class="xl85"></td>
<td class="xl80"></td>
<td class="xl84"></td>
<td class="xl84"></td>
<td class="xl84"></td>
<td class="xl84"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl83" colspan="3" height="20" style="height: 15.0pt; mso-ignore: colspan;">Deuda
privada</td>
<td class="xl80"></td>
<td class="xl84"></td>
<td align="right" class="xl84">13,531</td>
<td align="right" class="xl84">14,371</td>
<td align="right" class="xl84">13,622</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl80" height="20" style="height: 15.0pt;"></td>
<td class="xl80" colspan="3">Bonos y pagarés</td>
<td class="xl84"></td>
<td align="right" class="xl84">0</td>
<td align="right" class="xl84">0</td>
<td align="right" class="xl84">0</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl80" height="20" style="height: 15.0pt;"></td>
<td class="xl80" colspan="3">Instrumentos del mercado
monetario</td>
<td class="xl84"></td>
<td align="right" class="xl84">0</td>
<td align="right" class="xl84">0</td>
<td align="right" class="xl84">0</td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl80" height="23" style="height: 17.25pt;"></td>
<td class="xl80" colspan="3">Créditos comerciales 2/</td>
<td class="xl84"></td>
<td align="right" class="xl84">7,013</td>
<td align="right" class="xl84">8,157</td>
<td align="right" class="xl84">7,703</td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl80" height="23" style="height: 17.25pt;"></td>
<td class="xl80" colspan="3">Préstamos 2/</td>
<td class="xl84"></td>
<td align="right" class="xl84">2,016</td>
<td align="right" class="xl84">1,964</td>
<td align="right" class="xl84">1,898</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl80" height="20" style="height: 15.0pt;"></td>
<td class="xl85" colspan="3">Moneda y depósitos</td>
<td class="xl84"></td>
<td align="right" class="xl84">26</td>
<td align="right" class="xl84">24</td>
<td align="right" class="xl84">22</td>
</tr>
<tr height="23" style="height: 17.25pt; mso-height-source: userset;">
<td class="xl80" height="23" style="height: 17.25pt;"></td>
<td class="xl85" colspan="2">Otros 2/</td>
<td class="xl85"></td>
<td class="xl84"></td>
<td align="right" class="xl84">4,476</td>
<td align="right" class="xl84">4,226</td>
<td align="right" class="xl84">3,999</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl87" height="20" style="height: 15.0pt;"> </td>
<td class="xl87"> </td>
<td class="xl87"> </td>
<td class="xl87"> </td>
<td class="xl87"> </td>
<td class="xl87"> </td>
<td class="xl87"> </td>
<td class="xl87"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl80" height="20" style="height: 15.0pt;"></td>
<td class="xl85"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl80"></td>
</tr>
<tr height="36" style="height: 27.0pt; mso-height-source: userset;">
<td class="xl92" colspan="8" height="36" style="height: 27.0pt; width: 454pt;" width="605">1/
Calculada según los lineamientos metodológicos de la quinta versión del
Manual de Balanza de Pagos del FMI (1993) y Estadísticas de Deuda Externa,
Guía para Compiladores y Usuarios (2003) con participación del FMI, BM, BPI,
y OCDE.</td>
</tr>
<tr height="26" style="height: 19.5pt; mso-height-source: userset;">
<td class="xl88" colspan="4" height="26" style="height: 19.5pt; mso-ignore: colspan;">2/
Incluye deuda con relacionados y no relacionados.</td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl80"></td>
</tr>
<tr height="39" style="height: 29.25pt; mso-height-source: userset;">
<td class="xl92" colspan="8" height="39" style="height: 29.25pt; width: 454pt;" width="605">3/ Incluye pasivos de reserva. Adicionalmente, siguiendo los
principios contables internacionales, se registra en los saldos de otros
pasivos a largo plazo de la autoridad monetaria el valor acumulado de las
asignaciones de DEGs al país.</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl88" colspan="3" height="20" style="height: 15.0pt; mso-ignore: colspan;">(*)
Cifras provisionales.</td>
<td class="xl80"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl80"></td>
</tr>
<tr height="14" style="height: 10.5pt; mso-height-source: userset;">
<td class="xl89" height="14" style="height: 10.5pt;"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl80"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl80"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl89" colspan="4" height="20" style="height: 15.0pt; mso-ignore: colspan;">Fuente:
Banco Central de Venezuela.</td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl81"></td>
<td class="xl80"></td>
</tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-45382286820717759192013-01-19T18:09:00.001-08:002013-01-19T18:09:02.421-08:00Monedas en Circulación (BCV)<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 1409px;">
<colgroup><col span="2" style="width: 60pt;" width="80"></col>
<col span="12" style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
<col style="mso-width-alt: 3547; mso-width-source: userset; width: 73pt;" width="97"></col>
</colgroup><tbody>
<tr height="21" style="height: 15.75pt;">
<td class="xl66" colspan="15" height="21" style="height: 15.75pt; width: 1057pt;" width="1409">BANCO CENTRAL DE VENEZUELA</td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl67" colspan="15" height="21" style="height: 15.75pt;">MONEDAS EN
CIRCULACIÓN AL CIERRE DE CADA MES </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" colspan="15" height="17" style="height: 12.75pt;">(Saldos en miles
de Bolívares)<br /><br /><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 288px;">
<colgroup><col span="3" style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt;">
<td class="xl76" height="34" rowspan="2" style="border-bottom: .5pt solid black; height: 25.5pt; width: 72pt;" width="96">Año</td>
<td class="xl78" rowspan="2" style="border-bottom: .5pt solid black; width: 72pt;" width="96">Meses</td>
<td class="xl76" rowspan="2" style="border-bottom: .5pt solid black; width: 72pt;" width="96">Total</td>
</tr>
<tr height="17" style="height: 12.75pt;">
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl69"> </td>
<td class="xl68"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2012</td>
<td class="xl69">Diciembre</td>
<td align="right" class="xl73">1,145,605.9</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Noviembre</td>
<td align="right" class="xl73">1,134,027.6</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Octubre</td>
<td align="right" class="xl73">1,114,538.3</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Septiembre</td>
<td align="right" class="xl73">1,103,649.2</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Agosto</td>
<td align="right" class="xl73">1,077,947.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Julio</td>
<td align="right" class="xl73">1,064,976.9</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Junio</td>
<td class="xl72"> 1,042,683.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Mayo</td>
<td class="xl72"> 1,034,210.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Abril</td>
<td align="right" class="xl73">1,023,528.6</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Marzo</td>
<td align="right" class="xl73">1,014,966.0</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Febrero</td>
<td align="right" class="xl73">1,003,063.5</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Enero</td>
<td align="right" class="xl73">989,016.6</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl69"> </td>
<td class="xl68"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2011</td>
<td class="xl69">Diciembre</td>
<td class="xl72"> 981,354.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Noviembre</td>
<td class="xl72"> 972,608.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Octubre</td>
<td class="xl72"> 958,509.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Septiembre</td>
<td class="xl72"> 948,353.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Agosto</td>
<td class="xl72"> 933,034.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Julio</td>
<td class="xl72"> 923,781.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Junio</td>
<td class="xl72"> 907,953.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Mayo</td>
<td class="xl72"> 893,116.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Abril</td>
<td class="xl72"> 880,843.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Marzo</td>
<td class="xl72"> 874,799.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Febrero</td>
<td class="xl72"> 865,568.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Enero</td>
<td class="xl72"> 851,487.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl69"> </td>
<td class="xl72"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2010</td>
<td class="xl69">Diciembre</td>
<td class="xl72"> 843,580.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Noviembre</td>
<td class="xl72"> 834,376.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Octubre</td>
<td class="xl72"> 820,552.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Septiembre</td>
<td class="xl72"> 808,838.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Agosto</td>
<td class="xl72"> 801,423.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Julio</td>
<td class="xl72"> 787,307.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Junio</td>
<td class="xl72"> 776,786.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Mayo</td>
<td class="xl72"> 768,107.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Abril</td>
<td class="xl72"> 757,645.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl66">Marzo</td>
<td class="xl72"> 738,648.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl66">Febrero</td>
<td class="xl72"> 718,915.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl66">Enero</td>
<td class="xl72"> 711,875.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69"> </td>
<td class="xl72"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2009</td>
<td class="xl69">Diciembre</td>
<td class="xl72"> 696,876.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Noviembre</td>
<td class="xl72"> 678,176.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Octubre</td>
<td class="xl72"> 662,889.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Septiembre</td>
<td class="xl72"> 648,743.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Agosto</td>
<td class="xl72"> 632,549.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Julio</td>
<td class="xl72"> 615,603.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Junio</td>
<td class="xl72"> 600,766.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Mayo</td>
<td class="xl72"> 583,783.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Abril</td>
<td class="xl72"> 572,724.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl66">Marzo</td>
<td class="xl72"> 553,359.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl66">Febrero</td>
<td class="xl72"> 526,309.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl66">Enero</td>
<td class="xl72"> 517,242.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl69"> </td>
<td class="xl72"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2008</td>
<td class="xl69">Diciembre</td>
<td class="xl72"> 501,099.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Noviembre</td>
<td class="xl72"> 485,195.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Octubre</td>
<td class="xl72"> 476,748.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Septiembre</td>
<td class="xl72"> 460,472.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Agosto</td>
<td class="xl72"> 453,206.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Julio</td>
<td class="xl72"> 437,781.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Junio</td>
<td class="xl72"> 427,817.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl66" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Mayo</td>
<td class="xl72"> 430,813.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Abril</td>
<td class="xl72"> 440,766.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Marzo</td>
<td class="xl72"> 446,232.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl68" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Febrero</td>
<td class="xl72"> 442,074.7 </td>
</tr>
<tr height="18" style="height: 13.5pt;">
<td class="xl70" height="18" style="height: 13.5pt;"> </td>
<td class="xl71">Enero</td>
<td class="xl72"> 430,134.4 </td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl74" colspan="3" height="34" rowspan="2" style="height: 25.5pt; width: 216pt;" width="288">Nota: Incluye el efectivo en poder del público y las
instituciones bancarias.</td>
</tr>
<tr height="17" style="height: 12.75pt;">
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-36061772760228508222013-01-19T18:07:00.002-08:002013-01-19T18:07:25.442-08:00Billetes En Circulación (BCV)<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 834px;">
<colgroup><col style="width: 60pt;" width="80"></col>
<col style="mso-width-alt: 2998; mso-width-source: userset; width: 62pt;" width="82"></col>
<col span="7" style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
</colgroup><tbody>
<tr height="21" style="height: 15.75pt;">
<td class="xl86" colspan="9" height="21" style="height: 15.75pt; width: 626pt;" width="834">BANCO CENTRAL DE VENEZUELA</td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl87" colspan="9" height="21" style="height: 15.75pt;">BILLETES EN
CIRCULACIÓN AL CIERRE DE CADA MES</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" colspan="9" height="17" style="height: 12.75pt;">(Saldos en miles de
Bolívares)</td>
</tr>
<tr height="22" style="height: 16.5pt;">
<td class="xl75" height="22" style="height: 16.5pt;"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl76"> </td>
<td class="xl77"> </td>
<td class="xl77"> </td>
<td class="xl79"> </td>
<td class="xl79"> </td>
<td class="xl79"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl75" height="17" style="height: 12.75pt;"> </td>
<td class="xl75"> </td>
<td class="xl75"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 288px;">
<colgroup><col span="3" style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="34" rowspan="2" style="border-bottom: .5pt solid black; height: 25.5pt; width: 72pt;" width="96">Año</td>
<td class="xl74" rowspan="2" style="border-bottom: .5pt solid black; width: 72pt;" width="96">Meses</td>
<td class="xl67" rowspan="2" style="border-bottom: .5pt solid black; width: 72pt;" width="96">Total</td>
</tr>
<tr height="17" style="height: 12.75pt;">
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68"> </td>
<td class="xl70"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2012</td>
<td class="xl68">Diciembre</td>
<td class="xl70"> 91,758,260.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Noviembre</td>
<td class="xl70"> 83,651,871.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Octubre</td>
<td class="xl70"> 65,290,420.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Septiembre</td>
<td class="xl70"> 61,229,748.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Agosto</td>
<td class="xl70"> 57,442,312.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Julio</td>
<td class="xl70"> 55,139,292.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Junio</td>
<td class="xl70"> 52,384,448.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Mayo</td>
<td class="xl70"> 52,384,334.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Abril</td>
<td class="xl70"> 51,472,424.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Marzo</td>
<td class="xl70"> 52,216,457.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Febrero</td>
<td class="xl70"> 50,614,043.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Enero</td>
<td class="xl70"> 50,509,675.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68"> </td>
<td class="xl70"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2011</td>
<td class="xl68">Diciembre</td>
<td class="xl70"> 57,694,464.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Noviembre</td>
<td class="xl70"> 52,522,814.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Octubre</td>
<td class="xl70"> 42,328,548.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Septiembre</td>
<td class="xl70"> 39,779,741.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Agosto</td>
<td class="xl70"> 39,506,844.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Julio</td>
<td class="xl70"> 39,545,902.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Junio</td>
<td class="xl70"> 38,626,780.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Mayo</td>
<td class="xl70"> 36,278,690.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Abril</td>
<td class="xl70"> 38,079,336.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Marzo</td>
<td class="xl70"> 36,728,453.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Febrero</td>
<td class="xl70"> 37,492,510.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Enero</td>
<td class="xl70"> 39,944,753.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68"> </td>
<td class="xl70"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2010</td>
<td class="xl68">Diciembre</td>
<td class="xl70"> 45,626,796.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Noviembre</td>
<td class="xl70"> 38,843,871.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Octubre</td>
<td class="xl70"> 31,768,207.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Septiembre</td>
<td class="xl70"> 31,917,985.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Agosto</td>
<td class="xl70"> 31,649,066.8 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Julio</td>
<td class="xl70"> 31,521,248.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Junio</td>
<td class="xl70"> 30,798,269.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Mayo</td>
<td class="xl70"> 28,160,786.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Abril</td>
<td class="xl70"> 28,522,425.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Marzo</td>
<td class="xl70"> 29,520,134.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Febrero</td>
<td class="xl70"> 29,330,153.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Enero</td>
<td class="xl70"> 30,759,697.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68"> </td>
<td class="xl70"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2009</td>
<td class="xl68">Diciembre</td>
<td class="xl70"> 35,715,011.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Noviembre</td>
<td class="xl70"> 28,510,278.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Octubre</td>
<td class="xl70"> 23,949,753.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Septiembre</td>
<td class="xl70"> 23,518,359.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Agosto</td>
<td class="xl70"> 23,658,836.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Julio</td>
<td class="xl70"> 23,422,343.1 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Junio</td>
<td class="xl70"> 22,821,128.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Mayo</td>
<td class="xl70"> 22,742,357.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Abril</td>
<td class="xl70"> 23,163,830.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Marzo</td>
<td class="xl70"> 23,107,776.6 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Febrero</td>
<td class="xl70"> 23,753,994.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl69">Enero</td>
<td class="xl70"> 23,596,514.2 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl68"> </td>
<td class="xl70"> </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl67" height="17" style="height: 12.75pt;">2008</td>
<td class="xl68">Diciembre</td>
<td class="xl70"> 27,816,638.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Noviembre</td>
<td class="xl70"> 24,964,737.9 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Octubre</td>
<td class="xl70"> 19,525,612.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Septiembre</td>
<td class="xl70"> 18,373,882.7 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Agosto</td>
<td class="xl70"> 18,378,217.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Julio</td>
<td class="xl70"> 17,784,942.3 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl72" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Junio</td>
<td class="xl70"> 16,891,875.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Mayo</td>
<td class="xl70"> 16,823,807.0 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Abril</td>
<td class="xl70"> 16,771,156.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Marzo</td>
<td class="xl70"> 18,078,599.5 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl65" height="17" style="height: 12.75pt;"> </td>
<td class="xl68">Febrero</td>
<td class="xl70"> 19,218,373.7 </td>
</tr>
<tr height="18" style="height: 13.5pt;">
<td class="xl66" height="18" style="height: 13.5pt;"> </td>
<td class="xl71">Enero</td>
<td class="xl70"> 22,362,365.4 </td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl76" colspan="3" height="34" rowspan="2" style="height: 25.5pt; width: 216pt;" width="288">Nota: Incluye el efectivo en poder del público y las
instituciones bancarias.</td>
</tr>
<tr height="17" style="height: 12.75pt;">
</tr>
</tbody></table>
</td><td class="xl69" rowspan="2" style="border-bottom: .5pt solid black;"><br /></td><td class="xl84" rowspan="2" style="border-bottom: .5pt solid black;"><br /></td><td class="xl69" rowspan="2" style="border-bottom: .5pt solid black;"><br /></td><td class="xl67"><br /></td><td class="xl67"><br /></td><td class="xl67"><br /></td></tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-8308895054774711942013-01-19T18:01:00.003-08:002013-01-19T18:01:19.054-08:00Bolsa De Valores de Caracas (1992-2003)<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 399px;">
<colgroup><col style="mso-width-alt: 2523; mso-width-source: userset; width: 52pt;" width="69"></col>
<col span="3" style="mso-width-alt: 4022; mso-width-source: userset; width: 83pt;" width="110"></col>
</colgroup><tbody>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td align="center" class="xl72" colspan="4" height="20" style="height: 15.0pt; mso-ignore: colspan; width: 301pt;" width="399">BOLSA
DE VALORES DE
CARACAS</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td align="center" class="xl72" colspan="4" height="20" style="height: 15.0pt; mso-ignore: colspan;">INDICES DE PRECIOS</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl71" height="20" style="height: 15.0pt;"></td>
<td class="xl71"></td>
<td class="xl68"></td>
<td class="xl71"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl75" height="20" style="height: 15.0pt;"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
<td class="xl75"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl76" height="20" style="height: 15.0pt;"> </td>
<td class="xl77">GENERAL</td>
<td class="xl78"> FINANCIERO</td>
<td class="xl78"> INDUSTRIAL</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl79" height="20" style="height: 15.0pt;"></td>
<td class="xl80"></td>
<td class="xl81"></td>
<td class="xl81"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">2003</td>
<td class="xl83">22,203.95</td>
<td class="xl84">36,939.28</td>
<td class="xl84">19,512.55</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">2002</td>
<td class="xl83">8,015.17</td>
<td class="xl84">13,384.17</td>
<td class="xl84">7,068.10</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">2001</td>
<td class="xl83">6,570.25</td>
<td class="xl84">11,644.32</td>
<td class="xl84">5,628.01</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">2000</td>
<td class="xl83">6,825.25</td>
<td class="xl84">11,097.57</td>
<td class="xl84">6,187.47</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">1999</td>
<td class="xl83">5,418.01</td>
<td class="xl84">9,098.01</td>
<td class="xl84">4,846.63</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">1998</td>
<td class="xl83">4,788.68</td>
<td class="xl84">9,681.93</td>
<td class="xl84">4,049.62</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">1997</td>
<td class="xl85">8,656.04</td>
<td class="xl86">10,867.91</td>
<td class="xl86">8,015.15</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">1996</td>
<td class="xl85">6,690.06</td>
<td class="xl86">9,568.61</td>
<td class="xl86">5,837.88</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">1995</td>
<td class="xl85">2,019.39</td>
<td class="xl86">1,814.16</td>
<td class="xl86">2,080.14</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">1994</td>
<td class="xl85">1,348.83</td>
<td class="xl86">1,216.20</td>
<td class="xl86">1,388.09</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">1993</td>
<td class="xl85">21,903.36</td>
<td class="xl86">28,357.02</td>
<td class="xl86">18,428.32</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl82" height="20" style="height: 15.0pt;">1992</td>
<td class="xl85">19,847.07</td>
<td class="xl86">33,495.49</td>
<td class="xl86">12,539.46</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl87" height="20" style="height: 15.0pt;"> </td>
<td class="xl88"> </td>
<td class="xl88"> </td>
<td class="xl88"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl89" height="20" style="height: 15.0pt;"> </td>
<td class="xl90"> </td>
<td class="xl91"> </td>
<td class="xl91"> </td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl71" colspan="3" height="20" style="height: 15.0pt; mso-ignore: colspan;">Notas:
Período 1992-1994, Base 1971=100.</td>
<td class="xl93"></td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl71" colspan="3" height="20" style="height: 15.0pt; mso-ignore: colspan;"> Período 1995-1999, Base 1993=1000.</td>
<td class="xl93"></td>
</tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-39592849657689616202013-01-19T17:59:00.001-08:002013-01-19T17:59:06.221-08:00Tarifas y Comisiones Bancarias (BCV)<br />
<ul>
<li>100% Banco, Banco Comercial C.A, <a href="http://www.bcv.org.ve/tarifas/pdf/156.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/156.pdf</a></li>
<li>Banco Activo, Banco Comercial C.A. <a href="http://www.bcv.org.ve/tarifas/pdf/171.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/171.pdf</a></li>
<li>Banco Caroni C.A., Banco Universal <a href="http://www.bcv.org.ve/tarifas/pdf/128.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/128.pdf</a></li>
<li>Banco de Venezuela <a href="http://www.bcv.org.ve/tarifas/pdf/102.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/102.pdf</a> </li>
<li>Banco del Tesoro C.A., Banco Universal <a href="http://www.bcv.org.ve/tarifas/pdf/163.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/163.pdf</a></li>
<li>Banco Exterior C.A, <a href="http://www.bcv.org.ve/tarifas/pdf/115.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/115.pdf</a></li>
<li>Banco industrial de Venezuela <a href="http://www.bcv.org.ve/tarifas/pdf/3.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/3.pdf</a></li>
<li>Banco Mercantil C.A., Banco Universal <a href="http://www.bcv.org.ve/tarifas/pdf/105.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/105.pdf</a></li>
<li>Banco Nacional de Credito C.A., Banco Universal <a href="http://www.bcv.org.ve/tarifas/pdf/191.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/191.pdf</a></li>
<li>Banco Occidental de Descuento Banco Universal C.A, <a href="http://www.bcv.org.ve/tarifas/pdf/116.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/116.pdf</a></li>
<li>Banco Plaza C.A. <a href="http://www.bcv.org.ve/tarifas/pdf/138.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/138.pdf</a></li>
<li>Banesco Banco Universal <a href="http://www.bcv.org.ve/tarifas/pdf/134.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/134.pdf</a></li>
<li>Banplus Entidad de Ahorro y Préstamo C.A. <a href="http://www.bcv.org.ve/tarifas/pdf/428.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/428.pdf</a></li>
<li>BFC Banco Fondo Comun C.A, Banco Universal <a href="http://www.bcv.org.ve/tarifas/pdf/151.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/151.pdf</a></li>
<li>Citibank N.A. Sucursal Venezuela <a href="http://www.bcv.org.ve/tarifas/pdf/190.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/190.pdf</a></li>
<li>Venezolano de Credito <a href="http://www.bcv.org.ve/tarifas/pdf/104.pdf" target="_blank">http://www.bcv.org.ve/tarifas/pdf/104.pdf</a></li>
</ul>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com1tag:blogger.com,1999:blog-1286621742896442268.post-69754513197163730342013-01-19T17:27:00.000-08:002013-01-19T17:27:46.002-08:00TASAS DE INTERÉS ANUALES NOMINALES PROMEDIO PONDERADAS COBERTURA NACIONAL<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 559px;">
<colgroup><col style="mso-width-alt: 3291; mso-width-source: userset; width: 68pt;" width="90"></col>
<col style="mso-width-alt: 2523; mso-width-source: userset; width: 52pt;" width="69"></col>
<col style="mso-width-alt: 694; mso-width-source: userset; width: 14pt;" width="19"></col>
<col style="mso-width-alt: 4937; mso-width-source: userset; width: 101pt;" width="135"></col>
<col style="mso-width-alt: 4425; mso-width-source: userset; width: 91pt;" width="121"></col>
<col style="mso-width-alt: 4571; mso-width-source: userset; width: 94pt;" width="125"></col>
</colgroup><tbody>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl99" colspan="6" height="20" style="height: 15.0pt; width: 420pt;" width="559">SEIS
PRINCIPALES BANCOS COMERCIALES Y UNIVERSALES</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl99" colspan="6" height="20" style="height: 15.0pt;">TASAS DE INTERÉS
ANUALES NOMINALES PROMEDIO PONDERADAS</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl99" colspan="6" height="20" style="height: 15.0pt;">COBERTURA NACIONAL</td>
</tr>
<tr height="20" style="height: 15.0pt; mso-height-source: userset;">
<td class="xl99" colspan="6" height="20" style="height: 15.0pt;">(Porcentajes)</td>
</tr>
<tr height="8" style="height: 6.0pt; mso-height-source: userset;">
<td class="xl94" height="8" style="height: 6.0pt;"></td>
<td class="xl97"></td>
<td class="xl97"></td>
<td class="xl94"></td>
<td class="xl94"></td>
<td class="xl94"></td>
</tr>
<tr height="22" style="height: 16.5pt; mso-height-source: userset;">
<td class="xl98" height="44" rowspan="2" style="border-bottom: .5pt solid black; height: 33.0pt; width: 68pt;" width="90"></td>
<td class="xl98" rowspan="2" style="border-bottom: .5pt solid black; border-top: none; width: 52pt;" width="69">Base de Cálculo</td>
<td class="xl98" style="border-top: none; width: 14pt;" width="19"></td>
<td class="xl98" rowspan="2" style="border-bottom: .5pt solid black; width: 101pt;" width="135">Operaciones Activas <span class="font5"><sup>1/</sup></span></td>
<td class="xl107" rowspan="2" style="border-bottom: .5pt solid black; width: 91pt;" width="121">Depósitos a Plazo a 90 días</td>
<td class="xl107" rowspan="2" style="border-bottom: .5pt solid black; width: 94pt;" width="125">Depósitos de Ahorro</td>
</tr>
<tr height="22" style="height: 16.5pt; mso-height-source: userset;">
<td class="xl105" height="22" style="height: 16.5pt; width: 14pt;" width="19"></td>
</tr>
<tr height="17" style="height: 12.75pt; mso-height-source: userset;">
<td class="xl96" height="17" style="height: 12.75pt;"></td>
<td class="xl96"></td>
<td class="xl96"></td>
<td class="xl96"></td>
<td class="xl96"></td>
<td class="xl96"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">2013</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Enero</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106"></td>
<td class="xl106"></td>
<td class="xl106"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">11/01/13</td>
<td class="xl99"></td>
<td class="xl104">15.12</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">04/01/13</td>
<td class="xl99"></td>
<td class="xl104">11.36</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102"></td>
<td class="xl99"></td>
<td class="xl104"></td>
<td class="xl104"></td>
<td class="xl103"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">2012</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Diciembre</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">15.57</td>
<td class="xl106">14.55</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">28/12/12</td>
<td class="xl99"></td>
<td class="xl104">14.64</td>
<td class="xl104">14.83</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">21/12/12</td>
<td class="xl99"></td>
<td class="xl104">15.37</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">14/12/12</td>
<td class="xl99"></td>
<td class="xl104">16.07</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">07/12/12</td>
<td class="xl99"></td>
<td class="xl104">16.03</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Noviembre</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">15.94</td>
<td class="xl106">14.63</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">30/11/12</td>
<td class="xl99"></td>
<td class="xl104">15.67</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">23/11/12</td>
<td class="xl99"></td>
<td class="xl104">16.53</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">16/11/12</td>
<td class="xl99"></td>
<td class="xl104">15.71</td>
<td class="xl104">14.82</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">09/11/12</td>
<td class="xl99"></td>
<td class="xl104">16.45</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Octubre</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">16.49</td>
<td class="xl106">14.50</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">02/11/12</td>
<td class="xl99"></td>
<td class="xl104">16.00</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">26/10/12</td>
<td class="xl99"></td>
<td class="xl104">17.57</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">19/10/12</td>
<td class="xl99"></td>
<td class="xl104">16.14</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">11/10/12</td>
<td class="xl99"></td>
<td class="xl104">17.66</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">05/10/12</td>
<td class="xl99"></td>
<td class="xl104">15.71</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Septiembre</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">16.80</td>
<td class="xl106">14.50</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">28/09/12</td>
<td class="xl99"></td>
<td class="xl104">16.44</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">21/09/12</td>
<td class="xl99"></td>
<td class="xl104">17.50</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">14/09/12</td>
<td class="xl99"></td>
<td class="xl104">17.01</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">07/09/12</td>
<td class="xl99"></td>
<td class="xl104">16.59</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Agosto</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">16.51</td>
<td class="xl106">14.62</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">31/08/12</td>
<td class="xl99"></td>
<td class="xl104">16.37</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">24/08/12</td>
<td class="xl99"></td>
<td class="xl104">17.41</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">17/08/12</td>
<td class="xl99"></td>
<td class="xl104">16.42</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">10/08/12</td>
<td class="xl99"></td>
<td class="xl104">17.55</td>
<td class="xl104">15.00</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">03/08/12</td>
<td class="xl99"></td>
<td class="xl104">15.35</td>
<td class="xl104">14.94</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Julio</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">16.20</td>
<td class="xl106">14.50</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">27/07/12</td>
<td class="xl99"></td>
<td class="xl104">17.10</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">20/07/12</td>
<td class="xl99"></td>
<td class="xl104">17.66</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">13/07/12</td>
<td class="xl99"></td>
<td class="xl104">17.11</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">06/07/12</td>
<td class="xl99"></td>
<td class="xl104">14.24</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Junio</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">16.25</td>
<td class="xl106">14.50</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">29/06/12</td>
<td class="xl99"></td>
<td class="xl104">15.65</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">22/06/12</td>
<td class="xl99"></td>
<td class="xl104">16.61</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">15/06/12</td>
<td class="xl99"></td>
<td class="xl104">18.15</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">08/06/12</td>
<td class="xl99"></td>
<td class="xl104">17.51</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Mayo</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">16.75</td>
<td class="xl106">14.50</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">01/06/12</td>
<td class="xl99"></td>
<td class="xl104">15.90</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">25/05/12</td>
<td class="xl99"></td>
<td class="xl104">16.86</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">18/05/12</td>
<td class="xl99"></td>
<td class="xl104">17.63</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">11/05/12</td>
<td class="xl99"></td>
<td class="xl104">16.42</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">04/05/12</td>
<td class="xl99"></td>
<td class="xl104">16.22</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Abril</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">16.31</td>
<td class="xl106">14.50</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">27/04/12</td>
<td class="xl99"></td>
<td class="xl104">16.74</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">20/04/12</td>
<td class="xl99"></td>
<td class="xl104">14.82</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">13/04/12</td>
<td class="xl99"></td>
<td class="xl104">17.40</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">04/04/12</td>
<td class="xl99"></td>
<td class="xl104">17.62</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Marzo</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">15.43</td>
<td class="xl106">14.50</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">30/03/12</td>
<td class="xl99"></td>
<td class="xl104">14.05</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">23/03/12</td>
<td class="xl99"></td>
<td class="xl104">16.59</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">16/03/12</td>
<td class="xl99"></td>
<td class="xl104">17.61</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">09/03/12</td>
<td class="xl99"></td>
<td class="xl104">17.83</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102"></td>
<td class="xl99"></td>
<td class="xl104"></td>
<td class="xl104"></td>
<td class="xl103"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Febrero</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">15.65</td>
<td class="xl106">14.70</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">02/03/12</td>
<td class="xl99"></td>
<td class="xl104">14.25</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">24/02/12</td>
<td class="xl99"></td>
<td class="xl104">16.56</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">17/02/12</td>
<td class="xl99"></td>
<td class="xl104">17.43</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">10/02/12</td>
<td class="xl99"></td>
<td class="xl104">18.23</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">03/02/12</td>
<td class="xl99"></td>
<td class="xl104">16.71</td>
<td class="xl104">14.84</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;"></td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl99" height="18" style="height: 13.5pt;">Enero</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl106">16.90</td>
<td class="xl106">14.50</td>
<td class="xl106">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"> Semana al:</td>
<td class="xl100"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
<td class="xl99"></td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">27/01/12</td>
<td class="xl99"></td>
<td class="xl104">17.46</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">20/01/12</td>
<td class="xl99"></td>
<td class="xl104">18.76</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">13/01/12</td>
<td class="xl99"></td>
<td class="xl104">17.36</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
<tr height="18" style="height: 13.5pt; mso-height-source: userset;">
<td class="xl101" height="18" style="height: 13.5pt;"></td>
<td class="xl102">06/01/12</td>
<td class="xl99"></td>
<td class="xl104">13.80</td>
<td class="xl104">14.50</td>
<td class="xl103">12.50</td>
</tr>
</tbody></table>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-63442547660247293732013-01-19T15:59:00.001-08:002013-01-19T15:59:17.547-08:00Reseña Histórica de las Matemáticas Financieras<br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
<b><span lang="ES-VE" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Reseña
histórica y evolución de Matemática
Financiera.<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify; text-indent: 34.8pt;">
<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Las matemáticas han sido aplicadas a muchas
áreas de las finanzas a través de los años. No hay mucha información acerca de
la historia de las matemáticas financieras, ni de cuál era el problema que se
intentaba solucionar con ellas, lo que se cree es que se dieron como un
desarrollo involuntario, pero necesario, que complementaba algunas
transacciones comerciales o determinados pagos, por ejemplo los que habían de
realizar los aldeanos a sus señores feudales en la época del feudalismo en
Europa. Las matemáticas financieras aparecieron inicialmente con los intereses,
se cree que "alguien" se dio cuenta que si otro le debía dinero o
vacas o cabras o lo que fuera, él debía recibir una compensación por el tiempo
que esta persona tardara en cancelar la deuda. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify; text-indent: 34.8pt;">
<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">En la segunda mitad del siglo XX hemos
asistido a una notable evolución de la economía financiera, que sólo ha sido
posible mediante la aplicación sistemática y con intensidad creciente del
pensamiento matemático. Una vez más, las matemáticas han permitido formular con
rigor los principios de otra ciencia, y han proporcionado un método de análisis
que conduce al establecimiento de propiedades y relaciones que, lejos de ser
triviales, incorporan un alto nivel de complejidad, son fáciles de contrastar
desde el punto de vista empírico y tienen aplicación práctica inmediata. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">La prueba más clara de lo anterior se
encuentra en la teoría de los mercados financieros, los planteamientos de
Markowitz, Sharpe, Fama, Black, Scholes y Merton, entre otros muchos, cambiaron
radicalmente los análisis que se hacían hasta entonces. Este nuevo enfoque, que
coincide con el nacimiento de la teoría de los mercados eficientes, permite que
disciplinas como la teoría de la optimización, el cálculo de probabilidades, el
cálculo estocástico, la teoría de ecuaciones diferenciales y en derivadas
parciales, etc., pasen a ser de vital importancia en el estudio de problemas de
valoración de activos financieros, selección de inversiones o equilibrio en los
mercados de capitales. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Otro paso importante se da cuando Ross
introduce el concepto de arbitraje, verdadera piedra angular en el estudio de
la valoración de activos y el equilibrio de mercados. Fueron numerosos
economistas y matemáticos los que consiguieron extender este concepto y
caracterizar la ausencia de arbitraje a través de la existencia de funciones lineales
de valoración neutral al riesgo o la teoría de la martingala. Vemos que
disciplinas como el análisis funcional o la teoría de la medida pasan a jugar
un papel esencial para probar resultados fundamentales de la economía
financiera. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify; text-indent: 34.8pt;">
<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Un mundo como el financiero, en constante
crecimiento y evolución, está generando problemas que tienen cada vez mayor
complejidad. Hoy nos encontramos ante cuestiones que tienen un gran contenido
matemático y del máximo interés para las instituciones financieras, quienes se
encuentran ante una competitividad muy intensa, un mercado con márgenes cada
vez menores y un mundo sin fronteras. Temas como la gestión y medición de
riesgos, el riesgo de crédito, la valoración de nuevos activos o la valoración
de nuevos derivados con subyacente no negociable (temperaturas, catástrofes
naturales, sequías), no almacenable (electricidad) o al menos no
financiero(mercancías) presenta cada vez más dificultades matemáticas. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="text-align: justify; text-indent: 34.8pt;">
<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Finalmente, la teoría de mercados financieros
está motivando el desarrollo de otras partes de la economía financiera
(finanzas empresariales, gestión de tesorería, mercados emergentes etc ) en las
que también hay un alto contenido en formulación y razonamiento matemático. Por
consiguiente, desde el análisis funcional hasta el cálculo de probabilidades,
todas las ramas que constituyen la matemática han jugado un papel esencial en
el proceso de desarrolllo de la economía financiera.<o:p></o:p></span></div>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com1tag:blogger.com,1999:blog-1286621742896442268.post-52048306492981568862013-01-19T15:56:00.000-08:002013-01-19T15:56:20.201-08:00Definición e Importancia de las Matemáticas Financieras<br />
<div class="MsoNormal" style="text-align: justify; text-indent: 35.4pt;">
</div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<b><span lang="ES-VE" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Definición
de Matemática Financiera<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<b><span lang="ES-VE" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></b></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<span lang="ES-VE">Las Matemáticas Financieras son una disciplina que tiene por objeto
el estudio de un importante cuerpo de fenómenos de la actividad económica
conocidos con el nombre de operaciones financieras. <a href="http://www.blogger.com/blogger.g?blogID=1286621742896442268" name="_GoBack"></a>La actividad financiera
surge paralelamente a la economía monetaria, en la que el dinero es unidad de
cuenta, medio de pago o instrumento de cambio, depósito de valor o activo
financiero, y en la que los bienes económicos son expresados en función de dos
magnitudes, capital financiero, medido en unidades monetarias, y tiempo o
momento en el que se puede disponer del mismo; de esta manera, el intercambio
de bienes económicos así entendido da lugar a la aparición de los fenómenos y
las operaciones financieras</span></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<span lang="ES-VE">La Matemática Financiera es una rama de la Matemática Aplicada, pero
no se basa en la existencia de leyes regidas, absolutas. Son un conjunto de herramientas matemáticas, las
cuales permiten analizar cuantitativamente la viabilidad o factibilidad
económica y financiera de los proyectos de inversión.</span></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<span lang="ES-VE">En las operaciones financieras intervienen los hombres que deciden
qué operación realizar, cómo y cuándo, deciden sobre qué ley financiera van a
realizar sus operaciones, de manera que
los agentes económicos participantes
salgan satisfechos. En toda
operación financiera tiene que existir la EQUIVALENCIA FINANCIERA entre las
partes que intervienen en una operación. La Matemática Financiera se basa en
este principio.</span></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<span lang="ES-VE"><br /></span></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<b><span lang="ES-VE" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Las
matemáticas financieras en el mundo de los
negocios<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Como herramienta para la toma de decisiones
empresariales, las matemáticas financieras nos ayudan a tomar decisiones que
tienen que ver entre otras con alguna o varias de las siguientes operaciones
financieras:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 71.4pt; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Inversiones
<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 71.4pt; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Financiamiento<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 71.4pt; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Cobertura
<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 71.4pt; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Crecimiento<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 71.4pt; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Diversificación<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 71.4pt; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nuevos
negocios<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 71.4pt; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Valoración
de Empresas<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 71.4pt; text-indent: -0.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Alianzas
estratégicas<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<b><span lang="ES-VE" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Importancia
de la Matemática Financiera<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<b><span lang="ES-VE" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></b></div>
<div class="MsoNormal" style="text-indent: 35.4pt;">
<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">La importancia de la matemática financiera
radica en su aplicación a las operaciones bancarias y bursátiles, en temas
económicos y en muchas áreas de las finanzas, ya que le permiten al
administrador financiero tomar decisiones de forma rápida y acertada. Asimismo,
es la base de casi todo análisis de proyectos de inversión, ya que siempre es
necesario considerar el efecto del interés que opera en las cantidades de
efectivo con el paso del tiempo. En la actualidad, el uso de las Matemáticas
Financieras es de vital importancia en el mundo de las entidades, ya sean
públicas o privadas.<o:p></o:p></span></div>
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<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Cualquier tipo de transacción se hace sobre la
base de comparaciones de intereses, capitales, tasas, tiempos, montos, saldos.
Debido a que a través de eso se toman las decisiones más trascendentales a la
hora de realizar el manejo de los recursos financieros, máxime si estos son del
Erario Público.<o:p></o:p></span></div>
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<span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">La Matemática Financiera ha demostrado ser una
disciplina fundamental en el mundo de la empresa y la banca. <o:p></o:p></span></div>
<br />Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com4tag:blogger.com,1999:blog-1286621742896442268.post-12866442720202817542013-01-19T15:55:00.000-08:002013-01-19T15:55:57.274-08:00Conceptos Básicos Utilizados en las Matemáticas Financieras<br />
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<b><span lang="ES-VE" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Conceptos
básicos utilizados en Matemática Financiera.<o:p></o:p></span></b></div>
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<b><span lang="ES-VE" style="font-size: 13.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></b></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Tiempo:</span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> Es el intervalo durante el cual tiene lugar
la operación financiera en estudio, la unidad de tiempo es el año.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Periodo:</span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> Es el intervalo de tiempo en el que se
liquida la tasa de interés (año, semestre, trimestre, bimestre, mes, quincena,
semana, diario, etc.).<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Capital:</span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> Es el dinero que se presta, comúnmente se le
denomina valor presente.<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Monto:</span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> Es el capital formado por el capital actual
más los intereses devengados en el periodo, comúnmente se le denomina valor
futuro.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Valor inicial:</span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> es el dinero o capital que se invierte al
comienzo de una operación financiera. También se conoce como valor presente. Es
la cantidad de dinero que se invierte o se toma en préstamo a una tasa de
interés dada y durante n períodos de tiempo.<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Valor final:</span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> también conocido como valor futuro, es la
cantidad de dinero de la cual se dispone al final del plazo de la operación
financiera. El valor futuro es la suma del valor presente y los intereses
devengados durante el tiempo en que se efectuó la inversión.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Interés:</span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> es la retribución que reciben los
inversionistas y prestamistas por ceder el
uso del dinero o capital propio o el costo que pagan los prestatarios
por utilizar el dinero o capital ajeno y
se expresa en valor absoluto.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Tasa de interés: </span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">cuando expresamos el interés en forma
porcentual, hablamos de tasa de interés. Esta resulta de la relación matemática
que existe entre el monto del interés que se retribuye al capital y el monto
del capital invertido inicialmente.<b><o:p></o:p></b></span></div>
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<br /></div>
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<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Interés simple: </span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">esta modalidad de interés se caracteriza
porque los intereses generados en un período no ganan intereses en los períodos
siguientes. Lo anterior implica que sólo el capital produce intereses, y que
los intereses generados en cada período van perdiendo poder adquisitivo, lo cual
se convierte en una gran desventaja. Es por esto que la aplicación dada al
interés simple es mínima en el campo financiero.<b><o:p></o:p></b></span></div>
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<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Interés compuesto: </span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">esta modalidad de interés se caracteriza
porque para la liquidación de los intereses se toma como base el capital más
los intereses liquidados y no pagados en períodos anteriores. Esto quiere decir
que los intereses liquidados en el pasado se han convertido en capital y por lo
tanto generan nuevos intereses, fenómeno conocido como la capitalización de
intereses.<b><o:p></o:p></b></span></div>
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<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Tasa de interés nominal: </span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">la tasa de interés nominal es aquella que se
utiliza para anunciar las operaciones financieras, bien sean de financiamiento
o de inversión, es decir, que con la tasa de interés nominal se presentan las
condiciones de liquidación de los intereses de un negocio. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Tasa de interés efectiva: </span></b><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">la tasa de interés efectiva es la que
realmente se paga o se obtiene durante un período de liquidación de intereses.
Si se trata de varios períodos de liquidación de intereses, es necesario suponer
que estos se capitalizan en cada período.<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="ES-VE" style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;">C<b>apitalización simple</b><span class="apple-converted-space">: </span>es un tipo de<span class="apple-converted-space"> </span></span><span lang="ES-VE"><a href="http://es.wikipedia.org/wiki/Capitalizaci%C3%B3n" title="Capitalización"><span style="background: white; color: #0b0080; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; text-decoration: none; text-underline: none;">capitalización</span></a></span><span class="apple-converted-space"><span lang="ES-VE" style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;"> </span></span><span lang="ES-VE" style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;">de recursos
financieros que se caracteriza porque la variación que sufre el capital no es
acumulativa. Los intereses que se generan en cada periodo no se agregan al
capital para el cálculo de los nuevos intereses del siguiente periodo. De esta
manera los intereses generados en cada uno de los periodos serán iguales.</span><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--><span lang="ES-VE" style="font-family: Symbol; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><b><span lang="ES-VE" style="font-size: 12pt; line-height: 115%;">Capitalización Compuesta</span></b><span lang="ES-VE" style="background-color: #fffff9; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;">:<span class="apple-converted-space"> </span></span><span lang="ES-VE"><a href="http://es.mimi.hu/economia/incorporacion.html"><span style="color: black; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; text-decoration: none; text-underline: none;">Incorporación</span></a></span><span class="apple-converted-space"><span lang="ES-VE" style="background-color: #fffff9; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;"> </span></span><span lang="ES-VE" style="background-color: #fffff9; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;">al capital
inicial de una inversión de los<span class="apple-converted-space"> </span></span><span lang="ES-VE"><a href="http://es.mimi.hu/economia/intereses.html"><span style="color: black; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; text-decoration: none; text-underline: none;">intereses</span></a></span><span class="apple-converted-space"><span lang="ES-VE" style="background-color: #fffff9; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;"> </span></span><span lang="ES-VE" style="background-color: #fffff9; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;">generados por
la misma. Produciéndose de esta forma en el periodo siguiente<span class="apple-converted-space"> </span></span><span lang="ES-VE"><a href="http://es.mimi.hu/economia/intereses.html"><span style="color: black; font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; text-decoration: none; text-underline: none;">intereses</span></a></span><span class="apple-converted-space"><span lang="ES-VE" style="background-color: #fffff9; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;"> </span></span><span lang="ES-VE" style="background-color: #fffff9; background-position: initial initial; background-repeat: initial initial; font-size: 12pt; line-height: 115%;">sobre este
nuevo capital acumulado.</span><span lang="ES-VE" style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></div>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com13tag:blogger.com,1999:blog-1286621742896442268.post-76803646131057604512012-12-10T21:21:00.000-08:002012-12-10T21:22:45.031-08:00Ejemplos de Interes Compuesto<a href="http://www.youtube.com/watch?v=D53P8NDjlqM" target="_blank">http://www.youtube.com/watch?v=D53P8NDjlqM</a><br />
<br />
<br />
<a href="http://www.youtube.com/watch?v=VQf6ZFd05KI" target="_blank">http://www.youtube.com/watch?v=VQf6ZFd05KI</a>Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-9894724019775065962012-12-10T21:19:00.000-08:002012-12-10T21:19:44.060-08:00Videos de Tasas Nominales, Efectivas y Equivalentes (ejemplos)<br />
<div style="background-color: white; color: #2a2a2a; font-family: 'Segoe UI', Tahoma, Verdana, Arial, sans-serif; font-size: 13px; line-height: 17px;">
<a href="http://www.youtube.com/watch?v=Ye8uEqNWMNI" target="_blank">http://www.youtube.com/watch?v=Ye8uEqNWMNI </a></div>
Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0tag:blogger.com,1999:blog-1286621742896442268.post-44895456894835976652012-12-10T21:17:00.003-08:002012-12-10T21:17:40.680-08:00Videos de Valor Presente y Valor Futuro<a href="http://www.youtube.com/watch?v=pKD8cmh7nvo" target="_blank">http://www.youtube.com/watch?v=pKD8cmh7nvo</a>Matemática Financierahttp://www.blogger.com/profile/01649050603567699628noreply@blogger.com0