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RENTA Variable
Diferida |
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El punto de valoración de la renta
α es anterior al origen de la renta t0. |
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Quien se difiere es la renta en d = t0 - α, pero el valor
que calcularemos es el actual. |
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PostPagable |
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El croquis para esta renta es, |
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C1 |
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C2 |
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Cs-1 |
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Cs |
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Cn-1 |
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Cn |
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··· |
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d |
t0 |
i1 |
t1 |
i2 |
t2 |
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ts-1 |
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is |
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ts |
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tn-1 |
in |
tn |
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| - |
VALOR Actual |
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( Vα )n | L |
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( Vt0 )n | L |
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d |
t0 |
i1 |
t1 |
i2 |
t2 |
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ts-1 |
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is |
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ts |
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tn-1 |
in |
tn |
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| - |
Luego el valor actual de la renta
diferida se obtiene como, |
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(
Vα )n | L = t0 - α / ( Vt0 )n | L = ∑s1,n Cs · u*(α,ts;p) |
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Las dos valoraciones en α y en t0 vistos como capitales
deben ser equivalentes, |
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(
Vα )n | L = t0 - α / ( Vt0 )n | L = ( Vt0 )n | L · u*(α,t0;p) |
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| - |
PERPETUA |
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(
Vα )∞ | L = t0 - α / ( Vt0 )∞ | L = ( Vt0 )∞ | L · u*(α,t0;p) |
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PrePagable |
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El croquis para esta renta es, |
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C1 |
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C2 |
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C3 |
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Cs |
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Cs+1 |
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Cn |
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d |
t0 |
i1 |
t1 |
i2 |
t2 |
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ts-1 |
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is |
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ts |
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tn-1 |
in |
tn |
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| - |
VALOR Actual |
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( ··Vα )n | L |
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( ··Vt0 )n | L |
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d |
t0 |
i1 |
t1 |
i2 |
t2 |
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ts-1 |
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is |
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ts |
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tn-1 |
in |
tn |
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| - |
Luego el valor actual de la renta
diferida se obtiene como, |
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(
··Vα )n | L = t0 - α / ( ··Vt0 )n | L = ∑s1,n Cs · u*(α,ts-1;p) |
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| - |
Las dos valoraciones en α y en t0 vistos como capitales
deben ser equivalentes, |
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(
··Vα )n | L = t0 - α / ( ··Vt0 )n | L = ( ··Vt0 )n | L · u*(α,t0;p) |
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| - |
PERPETUA |
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(
··Vα )∞ | L = t0 - α / ( ··Vt0 )∞ | L = ( ··Vt0 )∞ | L · u*(α,t0;p) |
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