How we calculate
For Selic and Prefixado, the entered rate is used directly as the nominal annual rate. For IPCA+, the real rate is compounded with projected inflation to get the nominal rate. The regressive income tax table then applies based on the term in days.
Formula used
IPCA+: nominal rate = (1 + real rate) × (1 + projected inflation) − 1. Net return = gross return − (gross return × regressive tax rate).
Valor líquido = Valor bruto − (Rendimento bruto × alíquota de IR regressivo)
Practical example
An IPCA+ bond with a 6% real rate, 4% projected inflation, R$ 10,000 invested for 24 months results in roughly a 10.24% nominal annual rate before tax.
How to interpret the result
Compare the final net value across the three bond types and against other fixed-income products.
Limitations
Assumes a constant rate throughout the term. Does not include B3's custody fee or brokerage fees.