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沪上小王子 · 2024年01月08日

1. 这样作答是否可以得满分;2. 答案中的25%的税率是哪来的

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NO.PZ202212280100005201

问题如下:

(1) The broker suggests that Young rebalance her $5.5 million money market account and the $3.0 million tax-deferred retirement account periodically in order to maintain their targeted allocations. The broker proposes the same risk profile for the equity positions with two potential target equity allocations and rebalancing ranges for the two accounts as follows:

· Alternative 1: 80% equities +/– 8.0% rebalancing range

· Alternative 2: 75% equities +/– 10.7% rebalancing range

Determine which alternative best fits each account.


选项:

解释:

alternative 2 fits $5.5 million money market account. as this account is a money market account, we should consider the tax issue when detemine the alternative. Due to the wider rebalance range of alternative 2, it will make the tax more efficient and provide a higher return after-tax. so alternative 2 fits $5.5 million money market account. 

 

alternative 1 fits $3.0 million tax-deferred retirement account.young will retire in 15 years and her living expense are fully covered by her job. it is more important to foucs on the growth of the account. the equity allocation of alternative is higher than the allocation of alternative 2. it mightl provide a higher return under the same risk. as this retirement account is a tax-deferred account, the alternative could have a narrower rebalancing range. so alternative 1 will fits $3.0 million tax-deferred retirement account.

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lynn_品职助教 · 2024年01月08日

嗨,从没放弃的小努力你好:


同学的答案很完整,但是我担心考场上时间的问题,同学自己要把握一下


25%是income tax,作为常识默认的,但是考题一般都会特意说一下。

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