NO.PZ2023052302000013
问题如下：
At the beginning of the year, an investor holds EUR10,000 in a hedge fund. The investor borrowed 25 percent of the purchase price, EUR2,500, at an annual interest rate of 6 percent and expects to pay a 30 percent tax on the return she earns from his investment. At the end of the year, the hedge fund reported the information in Exhibit 22:
The investor’s after-tax return on the hedge fund investment is closest to:
选项：
A.3.60 percent.
B.3.98 percent
C.5.00 percent
解释：
C is correct. The first step is to compute the investor’s net return from the hedge fund investment. The net return is the fund’s gross return less managerial and administrative expenses of 1.60 percent, or 8.46% – 1.60% = 6.86%. Note that trading expenses are already reflected in the gross return, so they are not subtracted.
The second step is to compute the investor’s leveraged return (the investor borrowed EUR2,500 (25 percent) of the purchase), calculated as: follows
The final step is to compute the after-tax return:
After-tax return = 7.15% (1 – 0.30) = 5.00%
Note that trading expenses are already reflected in the gross return, so they are not subtracted.
--解释中有这样一句话， 可是在accouting 科目里面， trading expense是单独减去的， 为什么这题就不用单独减去了， 怎么看出是包含在gross return 当中
