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Zunniyaki · 2022年11月12日

为什么第一年就要乘以1+5%的wage growth rate？

  1. CFA III
  2. 个人IPS

* 问题详情，请 查看题干

NO.PZ202109080500000203

问题如下：

Using Exhibits 1 and 2, Marie’s total assets under a holistic balance sheet are closest to:

选项：

A.$6,616,859.00 B.$4,808,000.00 C.$6,563,000.00

解释：

Solution

A is correct. In addition to the assets determined under a traditional balance sheet provided in Exhibit 1, a holistic (economic) balance sheet includes the present value of human capital and the value of any pensions.


Determination of Probability-Weighted Present Value of Marie’s Future Wages


Total Assets under Holistic Balance Sheet


C is incorrect. It does not weight the present value of wages by the probability of survival (just a PV).

Total Assets under Holistic Balance Sheet


B is incorrect. It correctly probability weights the present value of wages but ignores the value of pensions.

Total Assets under Holistic Balance Sheet


为什么第一年就要乘以1+5%的wage growth rate？

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Zunniyaki · 2022年11月12日

还有个问题是题目中说Marie有4million asset的traditional balance sheet，但是3million in stocks and bonds, and 250,000 in real estate，这后面加一起也就3.25m不到4million啊

2 个答案

王暄_品职助教 · 2022年11月12日

还有个问题是题目中说Marie有4million asset的traditional balance sheet，但是3million in stocks and bonds, and 250,000 in real estate，这后面加一起也就3.25m不到4million啊

你说的是这里吧，这里说了4 Million中包括3million stocks and bonds和250,000的RE。并不是说，这些组成了million的全部

王暄_品职助教 · 2022年11月12日

Human capital是代表未来没拿到的工资收入折现，现在当前的工资430,000是已经拿到收了（也就是说已经包括再traditional asset里了），Marie要在两年后退休，所以我们还差两笔未来的工资没有拿，那么将这两笔折现即可。

所以第一年，发生在一年之后，所以要折现

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NO.PZ202109080500000203 问题如下 Using Exhibits 1 an2, Marie’s totassets unr a holistic balansheet are closest to: A.$6,616,859.00 B.$4,808,000.00 C.$6,563,000.00 SolutionA is correct. In aition to the assets termineunr a trationbalansheet proviin Exhibit 1, a holistic (economibalansheet inclus the present value of humcapitanthe value of any pensions.termination of Probability-WeightePresent Value of Marie’s Future WagesTotAssets unr Holistic BalanSheetC is incorrect. It es not weight the present value of wages the probability of surviv(just a PV).TotAssets unr Holistic BalanSheetB is incorrect. It correctly probability weights the present value of wages but ignores the value of pensions.TotAssets unr Holistic BalanSheet 老师请问，表格最后一个column的Probability-weightePV of Wages计算出来的作用是什么呢？

2023-01-03 14:22 1 · 回答