Nominala = 11% d =

q = qi exp(-at) qn = qn-1 exp(-a)0 1/1/2010 1,000 1,000 1 1 2/1/2010 896 8962 1 3/1/2010 803 8033 1 4/1/2010 719 7194 1 5/1/2010 644 6445 1 6/1/2010 577 5776 1 7/1/2010 517 5177 1 8/1/2010 463 4638 1 9/1/2010 415 4159 1 10/1/2010 372 372

10 1 11/1/2010 333 33311 1 12/1/2010 298 29812 1 1/1/2011 267 26713 1 2/1/2011 239 23914 1 3/1/2011 214 21415 1 4/1/2011 192 19216 1 5/1/2011 172 17217 1 6/1/2011 154 15418 1 7/1/2011 138 13819 1 8/1/2011 124 12420 1 9/1/2011 111 11121 1 10/1/2011 99 9922 1 11/1/2011 89 8923 1 12/1/2011 80 8024 1 1/1/2012 71 7125 1 2/1/2012 64 6426 1 3/1/2012 57 5727 1 4/1/2012 51 5128 1 5/1/2012 46 4629 1 6/1/2012 41 4130 1 7/1/2012 37 3731 1 8/1/2012 33 3332 1 9/1/2012 30 3033 1 10/1/2012 27 2734 1 11/1/2012 24 2435 1 12/1/2012 21 2136 1 1/1/2013 19 1937 1 2/1/2013 17 1738 1 3/1/2013 15 1539 1 4/1/2013 14 1440 1 5/1/2013 12 1241 1 6/1/2013 11 1142 1 7/1/2013 10 10

SUM 9,515 9,515 Q=(qi-q)/a 9001 9001

effective10.4%

qn = qn-1 (1-D) 1,000

896803719644577517463415372333298267239214192172154138124111

99898071645751464137333027242119171514121110

9,515 9505

0 5 10 15 20 25 30 35 40 45 -

200

400

600

800

1,000

1,200

q = qi exp(-at)

qn = qn-1 exp(-a)

qn = qn-1 (1-D)

0 5 10 15 20 25 30 35 40 45 -

200

400

600

800

1,000

1,200

q = qi exp(-at)

qn = qn-1 exp(-a)

qn = qn-1 (1-D)