解析错误 这里的下一年NAV计算中，按照公式和讲义上的例题，我理解应该是30 million*1.1*0.8 =26.4million。按照解析的计算结果也应该是26.4million，而不是再乘以1.1.
NO.PZ2021060201000026 问题如下 Johnson is portfolio manager who scuss with the investment committee (Iof the EUH University Enwment. He reviewethe future liquity nee of the enwment funananalyzes one of its holngs in a private stressefun He notes the following about the fun· of the enof the most recent year:· The net asset value of the enwment funinvestein the funw€30,000,000.· All capithbeen calle· the enof the current year, Johnson expects a stribution of 20% to pai· Johnson estimates ththe funs expectegrowth rate is 10%.Calculate the expecteNof the funthe enof the next year. The expecteNof the funthe enof the next yeis €29,040,000, calculatefollows:First, the expectestribution the enof the current yeis calculateasExpectestribution = [Prior-yeN× (1 + Growth rate)] × (stribution rate).Expectestribution = [(€30,000,000 × 1.1) × 20%] = €6,600,000. Therefore, the expecteNof the funthe enof the next yeisExpecteN= [Prior-yeN× (1 + Growth rate) + Capitcontributions – stributions)] × (1 + Growth rate).ExpecteN= [(€30,000,000 × 1.1) + 0 − €6,600,000] × 1.1 = €29,040,000. 这个就是要记住公式 我看了其他同学的问题以及老师的解答。是否可以这么理解:第一步，先通过the enof the most recent year的条件，用公式求出enof current year的NAV为26 400 000。第二部，再用同样公式求出enof next year的NAV。因为此时contribution和stribution都为0，所以直接是26 400 000乘以增长率(1+10%)。假如题目说每年分红为20%，那么就像第二步就也要减去26 400 000*(1+10%)*20%
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NO.PZ2021060201000026问题如下 Johnson is portfolio manager who scuss with the investment committee (Iof the EUH University Enwment. He reviewethe future liquity nee of the enwment funananalyzes one of its holngs in a private stressefun He notes the following about the fun· of the enof the most recent year:· The net asset value of the enwment funinvestein the funw€30,000,000.· All capithbeen calle· the enof the current year, Johnson expects a stribution of 20% to pai· Johnson estimates ththe funs expectegrowth rate is 10%.Calculate the expecteNof the funthe enof the next year. The expecteNof the funthe enof the next yeis €29,040,000, calculatefollows:First, the expectestribution the enof the current yeis calculateasExpectestribution = [Prior-yeN× (1 + Growth rate)] × (stribution rate).Expectestribution = [(€30,000,000 × 1.1) × 20%] = €6,600,000. Therefore, the expecteNof the funthe enof the next yeisExpecteN= [Prior-yeN× (1 + Growth rate) + Capitcontributions – stributions)] × (1 + Growth rate).ExpecteN= [(€30,000,000 × 1.1) + 0 − €6,600,000] × 1.1 = €29,040,000. 这个就是要记住公式 为什么next ye不用减去stribution？
