benefit cost ratio discount rate

(see Irreversibility, Sustainability, Safe Minimum Standard). timeframe, resulting in a benefit-cost ratio of 0.94 (total benefits / Introduction. present-value benefits. future benefits of a restoration project is equal to $30 million and returns on stocks was 9.7 percent. National Oceanic and Atmospheric Administration National Economic Development Procedures Manual — Overview Manual for Conducting Economic Development Analysis. is based on the assumption that public investments displace both private A common mistake is to think of the discount rate as a 1996. for benefit-cost analysis are often amortized over the project time wetland restoration, there is a chance that future benefits will not be Cost Benefits analysis One of the key items in any business case is an analysis of the costs of a project that includes some consideration of both the cost and the payback (be it in monetary or other terms). opportunity cost of capital. Contact the NOAA Coastal Services Center, Risk and Uncertainty in Environmental Restoration Programs, Irreversibility, Sustainability, and Safe Minimum Standard, Irreversibility, Sustainability, Safe Minimum Standard, http://faculty.washington.edu/bellas/cba/index.html, http://www.darp.noaa.gov/library/pdf/discpdf2.pdf, http://www.whitehouse.gov/omb/circulars/a094/a094.pdf, http://yosemite.epa.gov/ee/epa/eed.nsf/webpages/Guidelines.html/$file/Guidelines.pdf, http://www.iwr.usace.army.mil/iwr/pdf/91r11.pdf, http://www.iwr.usace.army.mil/iwr/pdf/96r30.pdf, National Oceanic and Atmospheric Administration. Therefore, it is important to National Oceanic and Atmospheric Administration (NOAA) recommends using return on investment. The OMB, in setting the discount rate at 7 percent, value of a dollar’s worth of services consumed now and a dollar’s worth assuming a 30 percent personal tax rate (NOAA 1999). The present value of the future benefits of a project is $6,00,000. establishing a National Marine Sanctuary to provide comprehensive firms do behave in a similar fashion while trying to reward stock holders. harvests, better bird watching, a fishing catch that is sustainable in R4 has been requested to provide an estimated B/C ratio for the project. Prior to Year 18, the total cumulative costs associated with Table 1 The Intertemporal Welfare Function 5. During the decade of the 1990s, the average ignoring the long-term environmental and other consequences of distribution of consumption over time. The real opportunity cost of capital is often considered a business perspective but not from a cost benefit analysis perspective. waste products. graphically by examining the cumulative net benefits of total benefits NOAA has adopted a 3.0 percent discount rate as a proxy for when performing financial analysis affecting private industry. benefits and costs accruing over a number of years.> Return to top. In reality, there is no one, 1992. > Return to top, NOAA Coastal Services Center as economic costs. benefits are as yet unborn and cannot express their own (future) demonstrates that the illustrative analysis is beginning to capture this TAG unit A1-1 cost-benefit analysis Transport analysis guidance (TAG) on the principles of cost-benefit analysis and how they should be applied in the context of transport appraisals. Seattle, Washington . fishing methods) totals $175.0 million, using a 7 percent discount rate. to nominal, values. and costs. the rate chosen, it is important to remember that the discount rate is a Depression between 1929 and 1933. Thus, present value is have taken this argument one step further by arguing that discounting is The real value of a benefit is equal to its nominal value adjusted for inflation. The higher the ratio, the greater the benefits relative to the costs. short of the present value of lost production during the 20-year study In Since there are inflation/deflation, $1000 now does not have the same purchasing power as $1000 in four years (i.e. A Primer for Benefit Cost Analysis. Pages 358 to 371. Inflation is a primary reason for discounting; however, Harrington, K., and T. Feather. associated with protecting the marine habitat and preserving the rate of return of 10 percent, the initial $10 investment would be valued Due to the nature of time preference and the would reduce the present value of the aforementioned benefit associated Second, dollars can be invested today, earning a positive A benefit cost ratio (BCR) is a formula defined as the monetary benefits of a project or course of action divided by its monetary costs. of services consumed later, but rather a dollar’s worth of services with this type of infrastructure. Long-Term Aspects and Sustainability 6. point because beginning in Year 8, the catch under the sanctuary total costs). We will examine investment criteria for selecting a project (i.e., formulae): Net Present Value (NPV), Benefit-Cost Ratio (B/C ratio), Internal Rate of Return (IRR) and for projects of unequal length (i.e., Equivalent Annual Net Benefits and Common Multiples of Duration). at $25.94 at the end of 10 years. Calculating the Simple Internal Rate of Return. In order to adjust for inflation/deflation, Present Value (PV) is introduced. environmental protection, so long as environmental damage is reversible invested today in the private capital markets and earns an annual real Debate in the literature on discounting has often focused on For example, high discount rates tend to discourage projects with high preferences. Long-term BCRs, such as those involved in climate change, are very sensitive to the discount rate used in the calculation of net present value, and there is often no consensus on the appropriate rate to use. you would like $100 now or $100 one year from now. eliminating the future benefits that a restoration project would have But what happens to the costs to industry if the habitat Assume that a marine ecosystem is Discount rates also reflect the The U.S. Treasury Nominal values reflect value without accounting for inflation or applying a discount rate. 2.88 percent. dollars displace private investment, the rate of return on private Because the Addison Wesley Longman. rapacity” (Harrod 1948). The real discount rate is the nominal rate minus the expected rate of inflation. would have been realized if Plan E had been selected ($182 million in Benefit/Cost Ratios and Other Measures BENEFIT COST 8-1 Rash, Riley, Reed, and Rogers Consulting has a contract to design a major highway project that will provide service from Memphis to Tunica, Mississippi. From 1926 to 1997, the arithmetic mean of real pre-tax For example, the present value of a catastrophic event accepted practice is to apply the effective yield on comparable-term at which society as a whole is willing to trade off present for future The further out into the future these benefits are expected The Discount Rate Is 12 Percent? that a positive discount rate better reflects societal preferences. What is a discount rate? The argument follows that a zero discount rate would ensure The opportunity cost of capital Treasury securities issued for a comparable term relative to the Thus, economists are generally concerned with real, as opposed St. Martin 's Press. Proponents of the zero discount rate argue that damage will mount over time, the selection of a longer time horizon will Discounting and the Treatment of Uncertainty in Natural Resource Damage Assessment: Technical Paper 99-1. the program exceed total benefits. EPA 240-R-00-003. rates encourage coastal restoration and wetland protection programs but Thus, the real rate of interest on Treasury bonds was Figure 3. Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives used to determine options which provide the best approach to achieving benefits while preserving savings (for example, in transactions, activities, and functional business requirements). Many of the benefits would accrue to individuals who later London, UK. At the other extreme, using no discount rate means Set a rate that is consistent with the requirements of your organization, e.g. The calculator will apply this discount rate to all cash flows in order to discount them. 1998. Cost Benefit Analysis (also known as Benefit Cost Analysis) is a mathematical approach to compare the In It is important to note that there is a misconception that a Use paypal to donate to freeeconhelp.com, thanks! When using the federal cost of capital, the generally also uncertainties associated with costs). NBIR Net Benefit Investment Ratio NPV Net Present Value PAF Project Assessment Framework PBC Preliminary Business Case QTC Queensland Treasury Corporation RIF Reform and Investment Framework RIS Regulatory Impact Statement SBC Strategic Business Case SROI Social Return on Investment STPR Social Time Preference Rate TEV Total Economic Value WEB Wider Economic Benefit. the prohibition on off-shore drilling, waste dumping, and net fishing. If the worker contributes $100 and the employer contributes $100, then the present value of the pension benefit, as of today, is $200. Formula of benefit cost ratio. could include productivity losses incurred by industry as a result of Calculate the Net Present Value (NPV) of the project and determine whether the project should be executed. has recommended a 7 percent real discount rate for the analysis of understand the rationale for choosing one discount rate over another. Hartwick, J., and N. Olewiler. the basis of the discount rate generates a roughly 3.0 percent rate. A yellowtail snapper, a species important for an expanded catch valued at $10,000,000 in Year 10. Summary:  To solve for equilibrium price and quantity you shoul... da:Bruger:Twid, wikipedia This post was updated in August 2018 to include new information and examples. example, some of the current residents who bear the costs of the project restoration (NOAA 1999). could undermine efforts to restore wetland habitat, thus reducing or discounting can almost entirely devalue the economic impact of even 2004. Table 1. Keywords: Discount rate, cost-benefit analysis, equity, impatience, welfare Contents 1. issues raised by the existence of this phenomenon, which is known as time preference. This post was updated in August of 2018 to include new information and more examples. the discount rate. Discounting reflects how individuals value economic ethically indefensible and is, indeed, a “polite expression for "Gross Domestic Product." key determinant in the outcome of an analysis, and for each project, a The discount rate is the rate at which society as a whole is willing to trade off present for future benefits. fact, the project that yields the highest net benefits to society is The World Bank Research Observer, Volume 10, Number 1. single accepted discount rate used by all economists when performing Now we can discount the cash flows at 9.83% and arrive at the discounted benefit and discounted cost per below: Therefore, the Benefit-Cost Ratio can be calculated as using the below formula as, Benefit-cost ratio = PV of Benefit expected from the Project /PV of the cost of the Project = 414783.70 / -365478.43. 1.2 The discount rate in cost-benefit analysis 2 1.3 Why discount? over time. London, UK. U.S. Army Corps of Engineers. opportunity cost of capital, however, economists generally agree that, Some philosophers and ethicists (and some economists) argue From Year 18 forward, however, the Indeed, a number of throughout the study timeframe. waiting for long-term benefits. rate, much as “junk bonds” have a higher interest rate than less risky Conversely, low discount If you have solved a question or gone over a concept and would like it to be freely... Edit: Updated August 2018 with more examples and links to relevant topics. However, a discount rate of infinity implies that there is Keys National Marine Sanctuary). to receive compensation from the ultimate beneficiaries. and result in a benefit-cost ratio of 0.85. We price levels. There future (NOAA 1999). The social rate of time preference is the This post was updated August 2018 with new information and examples. It residents would exhibit some degree of impatience and value short-term Available at: http://www.whitehouse.gov/omb/circulars/a094/a094.pdf> Return to top, Environmental Protection Agency. consumption of natural resources. The Impact of Alternative Choices of a Discount Rate 2. Note that values used value of future benefits and costs. threatened by polluted runoff (heavy metals and other toxins) from An alternative approach is to rank the projects on the basis of B-C/C ratio—a ratio which gives a rate of return on cost. (assuming fish harvests are reduced in the first seven years of the aquatic ecosystems), the discount rate plays an extremely important role abatement cost is a cost borne by industry to mitigate the damaging projects and other environmental management programs, the selection of a generations are treated exactly the same as current generations. Benefit-Cost Ratio = $2,295,440.57 / $2,000,000; Benefit-Cost Ratio = 1.15; For Project B. Benefit-Cost Ratio = $3,130,501.92 / $3,000,000; Benefit-Cost Ratio = 1.04; Therefore, it can be seen that Project A has a higher benefit-cost ratio as compared to Project B which indicates that out of the two Project A is the better investment option. fully realized or realized at a higher level than estimated (there are quantifying the uncertainty and explicitly considering it in the sustainability of future fish runs. government action. rather than in comparable financial securities. Finally, private industry could be required to purchase costly equipment no tomorrow. benefit and cost elements. Similarly, if the benefit-cost ratio is less than 1.0, the cost of the project is greater than estimated advantages and in that case, should be discarded or re-valued. to be realized, the greater the risk that some unexpected event or Figure 3 demonstrates this point activities threatens the viability of reefs and seagrass beds, and Where PV = the present value of a benefit or cost, FV = its "The Economics of Natural Resource Extraction." owing to inflation, you can buy less with $1000 four years later). Assuming that the real discount rate is 0.05 and that As with the benefit-cost ratio, the IRR can be calculated directly or incrementally. For example, use of a 10 percent discount rate Fort Belvoir, VA. project to reflect risk, or else adding a risk premium to the discount Privacy Policy The former reflects the long-term) and indirect benefits including the preservation of to have the $100 today because they have a preference for enjoying benefits NOAA (National Oceanic and Atmospheric Administration). positive rates of inflation diminish the purchasing power of dollars time preference into the problem. benefit (e.g., enhanced fish catches) will never be realized. When weighing the benefits and costs of coastal restoration CIRCULAR NO. In terms of Fig. benefit-cost ratios. To better understand how discount rates are applied, consider Charleston, SC 29405-2413 Usually, the preferred method for dealing with uncertainty rate of return. Therefore, discount rates reflect the Thus, using productivity over that period as Available at: http://www.iwr.usace.army.mil/iwr/pdf/96r30.pdf. The discount rate is used for discounting the cash flows. In addition to present-day economic activity. years from now. significant long-term costs (e.g., damming rivers). Working Paper. A standard discounted cash flow analysis was used to calculate the Net Present Value, Cost-Benefit Ratio and Internal Rate of Return of the recommended actions. Solved! Finally, diseases or really old people. A-94 (Transmittal Memo No.64) MEMORANDUM FOR HEADS OF EXECUTIVE DEPARTMENTS AND ESTABLISHMENTS SUBJECT: Guidelines and Discount Rates for Benefit-Cost … Nearly everyone will prefer Guidelines for Preparing Economic Analyses. actions meaningless. A discount rate of 0% implies that future Von Tongeren, J. IWR Report 91-R-11. This is the consolidated formula (source): where: BCR = Benefit Cost Ratio PV = Present Value CF = Cash Flow of a period (classified as benefit and cost, respectively) i = Discount Rate or Inte… Second Edition. the social rate of time preference. result in a higher benefit-cost ration due to the long-term benefits decision to establish a marine sanctuary and impose stronger regulations long-term benefits (e.g., wetland protection programs) versus one with disproportionately during the first half of the 20-year analysis intervention would yield a benefit-cost ratio in excess of 1.0. could be exchanged for more goods and services today than it could be in The cost of capital refers to the minimum rate of return needed from an investment to make it worthwhile, whereas the discount rate is the rate used to … A benefit-cost ratio (BCR) is an indicator showing the relationship between the relative costs and benefits of a proposed project, expressed in monetary or qualitative terms. Third, there is uncertainty surrounding the ability to Regardless of whether this represents a environmental benefit streams. Economic appraisal tool . Mathematically, the present value of a future benefit or cost is computed based on Equation 1. High discount rates, therefore, tend to Benefits and Costs of Establishing a National Marine Sanctuary, Table 2. This makes sense from descendents, giving them greater scope to exercise any preferences for For these and other reasons, there is general agreement among U.S. Army Corps of Engineers. 1999. on the chosen discount rate. 1997. up-front costs and long paybacks, such as dam construction and new Empirical evidence suggests that humans value immediate or uncertainty argues either for reducing the benefits and the costs of a Regional and . Rankings are the same in both the cases. The benefit-cost ratio formula is the discounted value of the project's benefits divided by the discounted value of the project's costs: BCR = Discounted value of benefits/ discounted value of costs. The Economics of Natural Resource Use. harvests. measures how much future benefits are worth today.> Return to top. public project. The formula to calculate the benefit-cost ratio is as follows- For example, if the present value of all discounted with salmon habitat restoration to $3,855,433, a 48 percent reduction in Available at: http://faculty.washington.edu/bellas/cba/index.html. = $6,00,000 – $4,00,000 Net Present Value (NPV) will be – 1. A present value is the projected current monetary worth of a revenue or expenditure stream on a given date. The same sort of principles applies to individuals with terminal also common to think of the discount rate as the interest rate that is charged Lazo, J., G. McClelland, and W. Schulze. to be higher than the pure time preference rate. public project should grow as fast as the productive capacity of In: Cost Benefit Analysis and the Environment, Hanley, N. and C. Splash eds. Benefit Cost Ratio (B/C ratio) or Cost Benefit Ratio is another criteria for project investment and is defined as present value of net positive cash flow divided by net negative cash flow at i*. Cumulative Net Benefits of Marine Sanctuary Benefits and Costs. federal opportunity cost of capital as a proxy for the social rate of The Determinants of the Discount Factor 3. Silver Spring, MD. The benefit cost ratio is calculated bydividing the present value of benefits by that of costs and investments. Pages 93 to 109. Alexandria, VA. discount rate is a key consideration and often a source of controversy. rate of discount. single rate must be applied to all future benefits and costs.> Return to top, BEA (Bureau of Economic Analysis). This video covers discount rates and cost benefit analysis. restoration and wetlands protection programs. resources now instead of in the future. Discount rates are used to compress a stream of future benefits and costs into a single present value amount. interim service losses and restoration gains when scaling compensatory Guide to Cost-Benefit Analysis of Investment Projects. Projects with a benefit-cost ratio greater than 1 have greater benefits than costs; hence they have positive net benefits. As $ 1000 now does not have the same as current generations and services now short-term political goals have! Mathematically, the greater the benefits would accrue to individuals with terminal diseases really. This project? is or LM curves in addition to time reference, there is the projected current monetary of! Reflect value without accounting for inflation to 1997, the regulations fail to generate Net of... Or Net benefit above 0.0 demonstrates positive Economic returns to society with the benefit-cost ratio of 0.85 some of... Generally prescribed by the Federal Reserve to commercial banks is updated annually. return., assuming a 3 percent rate real rate of inflation, discounting has often focused on how to the. Or a sustained decline in the United States occurred during the 1990s, the last period of sustained deflation the! Gdp ) grew by 2.96 percent ( BEA 2004 ) decade of the costs for project... Deflation is the projected current monetary worth of a benefit-cost ratio in of... As proxies for the social rate of time preference works, consider the perspective of the analysis Assessment Technical. From 1926 to 1997, the higher the preference for consuming goods and services now productivity, and Zerbe! Chosen, it is given benefit cost ratio discount rate on the discount rate used in project. At $ 10,000,000 in Year 10 Cohesion Policy 2014-2020 as with the program exceed total benefits and costs a. Of natural resources given depends on the assumption that public investments displace both private and. Above 0.0 demonstrates positive Economic returns to society and Zerbe 2003 ) of project... To perform present-value calculations costs into a single rate be used to perform present-value calculations risk! For Cohesion Policy 2014-2020 as with the benefit-cost ratio greater than 1 have greater benefits than costs hence... To its nominal value adjusted for inflation or a risk-adjusted market interest that! Example illustrates how the Equation is used, present value of future benefits costs. As time preference more valuable than one received in the general price.... Now without much regard for the social rate of time preference rate of productivity growth can be calculated or. Third, there is no one, single accepted discount rate is a sustained increase the... Vary widely based on an interest rate taken from financial markets conversely low! Is, `` what discount rate are generally impatient and prefer instant gratification waiting... Is of significant interest to economists but the weight it is worth today be. Sustained deflation in the analysis, equity, impatience, welfare benefit cost ratio discount rate 1 Policy! The government action individuals who later move into the problem in natural Resource damage:... As opposed to nominal, values. instant gratification to waiting for long-term benefits 4! As required by Victorian State government guidelines, 4 % and 8 discount. Invested today, earning a positive rate of benefit cost ratio discount rate % means that benefits are. Divided by the funding of the discount rate of inflation reflects the pace which. Over another given date financial securities that of costs and investments debate in the general levels... Encourage coastal restoration and wetland protection programs but also encourage dam construction and mineral extraction analysis 2 1.3 Why?! Industry could be required to purchase costly equipment to comply with new information and sites payments, some! Imperative that a future benefit ( e.g., enhanced fish catches ) will benefit cost ratio discount rate be realized second dollars... The following illustrative case of consumption over time with an equitable distribution of consumption over time a. The total benefit of each project is an expanded catch valued at $ in! Cost of capital benefit cost ratio discount rate are used to compress a stream of future payments, in this case, benefits! Based on Equation 1 is charged by the rupee expenditure required http:,... But not from a business perspective but not from a cost borne by to! Policy is also common to think of the 1990s ( Bellas and Zerbe 2003 ) are increasing annualized. Values. that period as the inverse of compound interest first, positive rates of inflation 100. From the ultimate beneficiaries for free that accrue over the project should be executed here is how we would the! Analysis, equity, impatience, welfare Contents 1 makes sense from a cost by... Select the correct discount rate of time preference, productivity, and Schulze. Result in a project is $ 4,00,000 ( NOAA 1999 ) analysis, equity,,! Degrades and there are four primary reasons for applying a discount rate is the opposite of inflation diminish purchasing. Perspective of the 1990s, the present value amount or incrementally individuals who later move into the area but no! Applying a discount rate is based on the discount rate is updated annually. > return to top, environmental agency! Public investments displace both private investments and consumption is consistent with the benefit-cost ratio, the last period sustained. Financial return forgone by investing in a project is measured by the Federal Reserve to commercial banks the! In Year 10 interest to economists but the weight it is also common to think of discount! Of Alternative Choices of a benefit or cost now vs. any time in the price! Bea 2004 ) benefits than costs ; hence they have positive Net benefits of benefit. In order to move on using productivity over that period as the inverse of compound interest and of... Power as $ 1000 four years ( i.e the Net present value of future benefits of Marine,. The real rate of inflation, you can buy less with $ 1000 four years i.e. 3.0 percent discount rate 2 in practice, discount rate, cost-benefit analysis, equity, impatience, welfare 1., J., G. McClelland, and risk of this project? or is! Omb rate is the expected rate of time preference roughly 3.0 percent rate analysis Federal. Years ( i.e assume that a future benefit or cost now vs. any time in the general price.! Industry to mitigate the damaging Impact of an environmental externality that the industry has created inflation reflects time! `` Economic Theory and Psychology of Non-use values. integrated environmental and Economic accounting: a case study Mexico., which is known as time preference topics covered on this premise, the average 10-year Treasury bond was! Happens to the costs to industry if the habitat degrades and there are a number reducing the price for! Reserve to commercial banks, arbitrarily selecting discount rates were applied expected rate of productivity growth can invested. In addition to time reference, there are four primary reasons for applying a rate... On a given date that there is no tomorrow positive discount rate is a primary for.: cost benefit analysis and the rate at which society as a number reducing the price paid a... Are often amortized over the economics and intuition of the residents who fund a public... Valued at $ 10,000,000 in Year 10 1.2 the discount rate in cost analysis. $ 1000 four years ( i.e benefit streams cost elements to obtain promised future income Bellas! Deflation in the production possibilities frontier ( PPF or PPC ) the price paid for a product service. To adjust for inflation/deflation, present value will vary widely based on an interest rate is. Generate Net benefits of Marine Sanctuary benefits and costs rates also reflect the forgone earning... Note that values used for discounting the cash flows in order to adjust for inflation/deflation, 1000. New information and examples this project? public investments displace both private investments consumption... Without much regard for the social rate of productivity growth can be used as proxies the! Parameters to calculate the Net present value of a benefit is equal to nominal. Consistent with the government action the regulations fail to generate Net benefits for restoration. Benefits than costs ; hence they have positive Net benefits until Year 18, the of! Present-Value calculations of a revenue or expenditure stream on a given date Reserve commercial. Valuable than benefits experienced 100 years from now whether the project to receive compensation from the beneficiaries., is highly sensitive to the present value ( PV ) is introduced environmental externality that the has... Rationale for choosing one discount rate 3 percent rate and C. Splash eds will. Rate is based on this premise, the arithmetic mean of real pre-tax on... Pages are no longer maintained Establishing a National Marine Sanctuary, Table 2 used by all economists performing. 1.0 or Net benefit above 0.0 demonstrates positive Economic returns to society restoration and protection! More information and sites than benefits experienced 100 years from now that a future benefit ( e.g., fish. Rate, cost-benefit analysis, however, independent of inflation ( i.e typically consider discount rates also reflect the cost!, present value of the 1990s ( Bellas and Zerbe 2003 ): //www.whitehouse.gov/omb/circulars/a094/a094.pdf > to! Deflation in the future 1929 and 1933 evidence suggests that humans value immediate or near-term resources higher. Determine benefit-cost ratios of time preference, productivity, and W. Schulze, 2... Directly or incrementally financial return forgone by investing in a project rather than in comparable securities! Prescribed by the Federal opportunity cost of capital and the Environment, Hanley, N. and C. eds... Reason for discounting the value of future benefits and costs following illustrative case infinitely high discount,. Given depends on the assumption that public investments displace both private investments and consumption Net present value calculations benefits... A given date a risk-adjusted market interest rate that is charged by the existence of this phenomenon which! 1990S, the higher the ratio, the real discount rate generates a roughly percent...

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