NO.PZ2021090804000007
问题如下：
Johnson is a tax adviser who provides tax awareness advice to private clients. One of Johnson’s clients is Lily.who currently has $10 million invested in a tax-deferred account earning 8% per year.Lily will sell the investment at the end of the five years, withdraw the proceeds from the sale in a lump sum（ withdrawn are taxed at a 20% rate.）, and use the proceeds to purchase the villa.
Lily asked Johnson to calculate the available after-tax wealth after five years.
The after-tax wealth in Lily’s tax-deferred account at the end of the five years will be closest to:
选项：
A.$13,636,664. B.$11,754,624 C.$14,693,280解释：
B is correct.
The value of a tax-deferred account compounds using the pre tax returns and pays tax only when assets are withdrawn from the account. Lily withdraws the proceeds at the end of her five-year holding period.The value of the assets withdrawn from the tax-deferred account is calculated as follows:
FV = PV × (1 + R)n × (1 − t),
where R is the portfolio pretax return.
FV = $10,000,000 × (1 + 0.08)5 × (1 − 0.20).
FV = $11,754,624.61.
看了讲义，也还有疑问。
疑问： 这里我存100m进去，如果income tax rate是20%，取出来直接变80m了，这不合理吧。不是应该是只扣增值部分吗？ 这样的话，不就没人会想着去存钱到TDA了么，毕竟你存进去，赚了20%，再扣20%变成120-24=96，还亏了，白干。 是我理解哪里有问题
