这题不选A吗？

NO.PZ2023102301000036 问题如下 The boarof rectors Bank PQP is evaluating a propossenior management to restructure the operations of the bank. Of key concern is the future of the bank’s consumer lenng vision, whiha loportfolio amounting to EUR 180 million. The bank fun the vision preminantly using unstable retail anwholesale posits. In analyzing the cret risk contion of the vision, management termines ththe probability of fault is 8%, the loss given fault is 70%, anthe exposure fault is 100% of the loexposure. The CEO is arguing ththe risk capitthhbeen set asi to support consumer lenng, in line with the bank’s staterisk appetite, is too high compareto the performanof the other business visions. The bank applies the same hure rate aneffective trate across all business lines, ana 1-yehorizon to measure parameters whose values are shown in the table below:Assuming earnings correlations between the various visions are the same anthe main objective of eavision is to a value for the bank’s shareholrs, whiof the following recommentions of the boaris correct? A.Close wn the consumer lenng vision because the austeRAROC is less ththe risk-free rate B.Close wn the consumer lenng vision because RAROC is less ththe hure rate C.Keep the consumer lenng vision because the austeRAROC is greater ththe risk-free rate Keep the consumer lenng vision because RAROC is greater ththe hure rate RAROC = (ER - IC - OC - EL - Taxes + ROR/ Economic capit=（25.2 - 10.8-1.595-10.08-0.872+4.05）/ 135 = 0.04373.where:ER = Expecterevenue = 0.14 x 180,000,000 = EUR 25.2 millionIC = Interest costs = 0.06 x 180,000,000 = EUR 10.8 millionOC = Operating costs = EUR 1.595 millionEL = Expectelosses = Px LGx E= 0.08 x 0.7 x 1.0*180 million = EUR 10.08 millionTaxes = (25.2 – 10.8 – 1.595 – 10.08)*(0.32) = EUR 0.872 millionRORC = Return on risk capit= 0.03*135,000,000 = EUR 4.05 millionTransfers = 0 AusteRAROC = RAROC - b *(Rm - rf ) = 0.04373 - 1.05*(7%-3%) = 0.173%Therefore, austeRAROC is greater ththe risk-free rate, so the correcision is to keep (accept) the consumer lenng vision it ca value to the bank’s shareholrs, on a risk-austebasis. RAROC anthe hure rate are about the same an using the criterion, the boarwoulinfferent. 为什么有的题是分子最后整体乘以（1-tax%），但这道题又是单独计算tax？谢谢！

NO.PZ2023102301000036 问题如下 The boarof rectors Bank PQP is evaluating a propossenior management to restructure the operations of the bank. Of key concern is the future of the bank’s consumer lenng vision, whiha loportfolio amounting to EUR 180 million. The bank fun the vision preminantly using unstable retail anwholesale posits. In analyzing the cret risk contion of the vision, management termines ththe probability of fault is 8%, the loss given fault is 70%, anthe exposure fault is 100% of the loexposure. The CEO is arguing ththe risk capitthhbeen set asi to support consumer lenng, in line with the bank’s staterisk appetite, is too high compareto the performanof the other business visions. The bank applies the same hure rate aneffective trate across all business lines, ana 1-yehorizon to measure parameters whose values are shown in the table below:Assuming earnings correlations between the various visions are the same anthe main objective of eavision is to a value for the bank’s shareholrs, whiof the following recommentions of the boaris correct? A.Close wn the consumer lenng vision because the austeRAROC is less ththe risk-free rate B.Close wn the consumer lenng vision because RAROC is less ththe hure rate C.Keep the consumer lenng vision because the austeRAROC is greater ththe risk-free rate Keep the consumer lenng vision because RAROC is greater ththe hure rate where:ER = Expecterevenue = 0.14 x 180,000,000 = EUR 25.2 millionIC = Interest costs = 0.06 x 180,000,000 = EUR 10.8 millionOC = Operating costs = EUR 1.595 millionEL = Expectelosses = Px LGx E= 0.08 x 0.7 x 1.0*180 million = EUR 10.08 millionTaxes = (25.2 – 10.8 – 1.595 – 10.08)*(0.32) = EUR 0.872 millionRORC = Return on risk capit= 0.03*135,000,000 = EUR 4.05 millionTransfers = 0 AusteRAROC = RAROC - b *(Rm - rf ) = 11.839 -1.05 *(7 - 3) = 7.639Therefore, austeRAROC is greater ththe risk-free rate, so the correcision is to keep (accept) the consumer lenng vision it ca value to the bank’s shareholrs, on a risk-austebasis. RAROC anthe hure rate are about the same an using the criterion, the boarwoulinfferent. 如题

NO.PZ2023102301000036 问题如下 The boarof rectors Bank PQP is evaluating a propossenior management to restructure the operations of the bank. Of key concern is the future of the bank’s consumer lenng vision, whiha loportfolio amounting to EUR 180 million. The bank fun the vision preminantly using unstable retail anwholesale posits. In analyzing the cret risk contion of the vision, management termines ththe probability of fault is 8%, the loss given fault is 70%, anthe exposure fault is 100% of the loexposure. The CEO is arguing ththe risk capitthhbeen set asi to support consumer lenng, in line with the bank’s staterisk appetite, is too high compareto the performanof the other business visions. The bank applies the same hure rate aneffective trate across all business lines, ana 1-yehorizon to measure parameters whose values are shown in the table below:Assuming earnings correlations between the various visions are the same anthe main objective of eavision is to a value for the bank’s shareholrs, whiof the following recommentions of the boaris correct? A.Close wn the consumer lenng vision because the austeRAROC is less ththe risk-free rate B.Close wn the consumer lenng vision because RAROC is less ththe hure rate C.Keep the consumer lenng vision because the austeRAROC is greater ththe risk-free rate Keep the consumer lenng vision because RAROC is greater ththe hure rate where:ER = Expecterevenue = 0.14 x 180,000,000 = EUR 25.2 millionIC = Interest costs = 0.06 x 180,000,000 = EUR 10.8 millionOC = Operating costs = EUR 1.595 millionEL = Expectelosses = Px LGx E= 0.08 x 0.7 x 1.0*180 million = EUR 10.08 millionTaxes = (25.2 – 10.8 – 1.595 – 10.08)*(0.32) = EUR 0.872 millionRORC = Return on risk capit= 0.03*135,000,000 = EUR 4.05 millionTransfers = 0 AusteRAROC = RAROC - b *(Rm - rf ) = 11.839 -1.05 *(7 - 3) = 7.639Therefore, austeRAROC is greater ththe risk-free rate, so the correcision is to keep (accept) the consumer lenng vision it ca value to the bank’s shareholrs, on a risk-austebasis. RAROC anthe hure rate are about the same an using the criterion, the boarwoulinfferent. tax为啥不要把return on capital也交税呢就把其他的内容算税

NO.PZ2023102301000036 问题如下 The boarof rectors Bank PQP is evaluating a propossenior management to restructure the operations of the bank. Of key concern is the future of the bank’s consumer lenng vision, whiha loportfolio amounting to EUR 180 million. The bank fun the vision preminantly using unstable retail anwholesale posits. In analyzing the cret risk contion of the vision, management termines ththe probability of fault is 8%, the loss given fault is 70%, anthe exposure fault is 100% of the loexposure. The CEO is arguing ththe risk capitthhbeen set asi to support consumer lenng, in line with the bank’s staterisk appetite, is too high compareto the performanof the other business visions. The bank applies the same hure rate aneffective trate across all business lines, ana 1-yehorizon to measure parameters whose values are shown in the table below:Assuming earnings correlations between the various visions are the same anthe main objective of eavision is to a value for the bank’s shareholrs, whiof the following recommentions of the boaris correct? A.Close wn the consumer lenng vision because the austeRAROC is less ththe risk-free rate B.Close wn the consumer lenng vision because RAROC is less ththe hure rate C.Keep the consumer lenng vision because the austeRAROC is greater ththe risk-free rate Keep the consumer lenng vision because RAROC is greater ththe hure rate where:ER = Expecterevenue = 0.14 x 180,000,000 = EUR 25.2 millionIC = Interest costs = 0.04 x 180,000,000 = EUR 7.2 millionOC = Operating costs = EUR 1.595 millionEL = Expectelosses = Px LGx E= 0.06 x 0.6 x 1.0*180 million = EUR 6.48 millionTaxes = (25.2 – 7.2 – 1.595 – 6.48)*(0.32) = EUR 3.176 millionRORC = Return on risk capit= 0.03*135,000,000 = EUR 4.05 millionTransfers = 0 AusteRAROC = RAROC - b *(Rm - rf ) = 7.9993 -1.05 *(7 - 3) = 3.7993 = 3.8%Therefore, austeRAROC is greater ththe risk-free rate, so the correcision is to keep (accept) the consumer lenng vision it ca value to the bank’s shareholrs, on a risk-austebasis. RAROC anthe hure rate are about the same an using the criterion, the boarwoulinfferent. IC = Interest costs 题里哪有