NO.PZ2023080903000012
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：
A.
7.47%
B.
8.62%
C.
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.
计算中trading expenses不需要扣减吗？有什么时候需要考虑到trading expenses呢
