NO.PZ2019092801000016
问题如下：
Calixto reviews the endowment’s future liquidity requirements and analyzes one of its holdings in a private distressed debt fund. He notes the following about the fund:
· As of the most recent year end:
· The NAV of the endowment’s investment in the fund was €25,000,000.
· All capital had been called.
· At the end of the current year, Calixto expects a distribution of 18% to be paid.
· Calixto estimates an expected growth rate of 11% for the fund.
Calculate the expected NAV of the fund at
the end of the current year .
选项：
解释：
The expected NAV of
the fund at the end of the current year is €22,755,000, calculated as follows:
First, the expected
distribution at the end of the current year is calculated as
Expected distribution = [Prior-year NAV × (1 + Growth rate)] ×
(Distribution rate).
Expected distribution = [(€25,000,000 × 1.11) × 18%] = €4,995,000.
Therefore, the expected NAV of the fund at the end of the current year is
Expected NAV = Prior-year NAV × (1 + Growth rate) + Capital contributions – Distributions.
Expected NAV = (€25,000,000 × 1.11) + 0 – €4,995,000 = €22,755,000.
这个就是要记住公式
考试的时候，主观题的计算题是什么评分标准呢？
只需要回答的最后答案数字是正确的就可以拿满分吗？
还是每一步都需要写计算公式，分别拿分
