问

问题如下：

An investor starts the year by placing AUD8,000 into a specialized fund. The investor borrows 30 percent of the initial amount, AUD2,400, at an annual interest rate of 5.5 percent. The investor is also subject to a 25 percent tax on the return earned from the investment. By year-end, the specialized fund provides the data illustrated in Exhibit 1:

Exhibit 1: Performance of Specialized Fund

Gross return 9.82%

Trading expenses 0.90%

Managerial and administrative expenses 1.20%

What is the investor's after-tax return on the specialized fund investment closest to?

选项：

7.47%

8.62%

9.96%

解释：

To calculate the after-tax return on the investment, follow these steps:

Calculate the net return of the fund:

Gross Return = 9.82%

Managerial and Administrative Expenses = 1.20%

Net Return = Gross Return - Managerial and Administrative Expenses

= 9.82% - 1.20%

= 8.62%

Calculate the investor's pre-tax leverage return on the investment:

Pre-Tax Return = Net Return + (VB/VE)*(Net Return-rD)

= 8.62% +(2400/5600) (8.62%-5.5%)

= 9.96%

Calculate the after-tax return by considering the tax rate:

After-Tax Return = Pre-Tax Return * (1 - Tax Rate)

= 9.96% * (1 - 25%)

= 7.47%

So, the investor's after-tax return on the specialized fund investment is closest to 7.47 percent.