请问答案里为什么会提到税率？上限税率？

NO.PZ2020012102000008问题如下analyst a reestate investment management firm seeks to establish expectations for rate of return for properties in the instrisector over the next year. She hobtainethe following information:Estimate the expectereturn from the instrisector properties baseon the ta provi The expectechange in the crate from 5.7% to 5.5% represents a (5.5% – 5.7%)/5.7% = 3.5% crease.Using the expression E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7% + (1% + 1.5%) – (–3.5%) = 11.7%.Note: the crate is expecteto crease, property values are expecteto increase, henthe crate change contributes to the expectereturn. 解析上限率从5.7%到5.5%的预期变化为(5.5% -5.7%)/5.7% = 3.5%。使用表达式E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.注意到，由于 crate预期会下降，物业价值预期会上升，因此上限税率的改变对预期回报有贡献。 算出来的是expectereturn，第一项不应该是expectecrate吗？

NO.PZ2020012102000008 问题如下 analyst a reestate investment management firm seeks to establish expectations for rate of return for properties in the instrisector over the next year. She hobtainethe following information:Estimate the expectereturn from the instrisector properties baseon the ta provi The expectechange in the crate from 5.7% to 5.5% represents a (5.5% – 5.7%)/5.7% = 3.5% crease.Using the expression E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7% + (1% + 1.5%) – (–3.5%) = 11.7%.Note: the crate is expecteto crease, property values are expecteto increase, henthe crate change contributes to the expectereturn. 解析上限率从5.7%到5.5%的预期变化为(5.5% -5.7%)/5.7% = 3.5%。使用表达式E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.注意到，由于 crate预期会下降，物业价值预期会上升，因此上限税率的改变对预期回报有贡献。 老师好，请问考试的时候主观题公式我直接像下边写数字行嘛，需要写文字版公式吗

NO.PZ2020012102000008 问题如下 analyst a reestate investment management firm seeks to establish expectations for rate of return for properties in the instrisector over the next year. She hobtainethe following information:Estimate the expectereturn from the instrisector properties baseon the ta provi The expectechange in the crate from 5.7% to 5.5% represents a (5.5% – 5.7%)/5.7% = 3.5% crease.Using the expression E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7% + (1% + 1.5%) – (–3.5%) = 11.7%.Note: the crate is expecteto crease, property values are expecteto increase, henthe crate change contributes to the expectereturn. 解析上限率从5.7%到5.5%的预期变化为(5.5% -5.7%)/5.7% = 3.5%。使用表达式E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.注意到，由于 crate预期会下降，物业价值预期会上升，因此上限税率的改变对预期回报有贡献。 expectereturn of reestate = crate+nominNOI growth rate-crate %crate =5.7%nominNOI growth rate=1%+1.5%=2.5%crate %=(5.5%-5.7%)/5.7%=-3.51%so expectereturn of reestate =5.7%+2.5%+3.51%=11.71%另外变化率的三角怎么打出来啊？

NO.PZ2020012102000008 问题如下 analyst a reestate investment management firm seeks to establish expectations for rate of return for properties in the instrisector over the next year. She hobtainethe following information:Estimate the expectereturn from the instrisector properties baseon the ta provi The expectechange in the crate from 5.7% to 5.5% represents a (5.5% – 5.7%)/5.7% = 3.5% crease.Using the expression E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7% + (1% + 1.5%) – (–3.5%) = 11.7%.Note: the crate is expecteto crease, property values are expecteto increase, henthe crate change contributes to the expectereturn. 解析上限率从5.7%到5.5%的预期变化为(5.5% -5.7%)/5.7% = 3.5%。使用表达式E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.注意到，由于 crate预期会下降，物业价值预期会上升，因此上限税率的改变对预期回报有贡献。 the crate is expecteto crease, property values are expecteto increase, henthe crate change contributes to the expectereturn.为何放公式里 是 - (ExpecteCRate - Current CRate)/Current CRateExpecteCRate不是Target Rate 拽到预期上吗？为何还要减预期