NO.PZ202301041000002203
问题如下：
The human
resources department of The Tredway Medical Group hired Joe Boylan, a private
wealth consultant, to provide a series of presentations to its employees
covering the fundamentals of financial planning.
Boylan’s current
presentation deals with two aspects of personal risk management related to age:
premature death and outliving one’s resources. He begins his presentation by
stating that people often harbor misleading views about life insurance. As an
example, he provides them with the following three comments which he claims to
have heard many times in the past:
Comment 1 Since everyone is going to die, everyone
needs life insurance.
Comment 2 Life insurance is an efficient method of
risk reduction.
Comment 3 Premiums on a newly issued life insurance
policy are higher when interest rates are lower.
Boylan states that
when considering life insurance needs and investment strategies, it is
important to understand the notion of human capital. He provides the following
four examples of individuals connected to the health care industry in
Exhibit 1 and asks the audience which of them has the highest human
capital risk.
Boylan provides
selected information from standard mortality tables along with some market data
and characteristics of Marie’s medical specialty in Exhibit 2. In addition,
he also includes several assumptions which he uses to determine Marie’s total
assets under a holistic balance sheet.
One of the
attendees at the presentation told Boylan that she had accessed several life
insurance carrier websites but found that it was very hard to compare the costs
of their whole life policy offerings, as the companies often used different
assumptions about the amount of the death benefit, premiums, cash value growth
rates and dividend reinvestment rates. Using the information in Exhibit 3
for a hypothetical whole life policy, Boylan illustrates a convenient method
for comparing the cost of different policies when these variables change.
Boylan turns his
attention to investments. He tells his audience that if the twins, Janice and
Jason, wish to invest optimally, they should consider the nature of their human
capital when making asset allocation decisions. He asks how this would affect
their relative allocation to high grade government bonds.
Boylan tells the
audience that life annuities are a convenient investment to deal with longevity
risk. He again uses the twins, Jason and Janice, as an example, in discussing
some of the characteristics of these annuities. Assuming that they were both to
invest the same amount into this product, he makes the following statements:
Statement 1 If
both of them were to purchase the annuity immediately, they would both receive
the same annual income yield.
Statement 2 If
Jason were to purchase the annuity in 10 years rather than immediately, his
annual income yield would be higher at that time than now.
Statement 3 If Janice were to add a 10-yearperiod certain option to her annuity, her income yield would be reduced when compared to not having the option, but it would be reduced by greater amounts the longer she waits to purchase the annuity.
Using Exhibits 1 and 2, Marie’s total assets under a holistic balance sheet are closest to:
选项：
A.$6,616,857.
$6,563,000.
$4,808,000.
解释：
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
这样理解对吗
本题是Plans on retiring in two years, on the day before she turns 64 所以没有64岁的工资
如果是when she turns 64就是拿64岁的工资？
这道题只算了62和63岁的工资
