NO.PZ202410180200002401
问题如下：
Determine whether the distributions from Patel’s portfolio are expected to be sufficient to cover the expected shortfall between his retirement needs and his anticipated income
选项：
解释：
The solution below shows that the expected distributions of EUR48,000 are greater than the expected shortfall of EUR30,000. Thus, the distributions are expected to be more than sufficient to help Patel meet his annual income needs in retirement. The expected shortfall between Patel's retirement needs and his anticipated income is equal to EUR30,000 (=200,000—50,000 - 120,000). The expected after-tax distributions from his portfolio are EUR48,000, as shown below:
FVA=B{[1+r(1-tx)]^T}-1=4,000,000{[1+0.02(1-0.40)]}=48,000
The current value of the portfolio or basis, B, is EUR4,000,000. The before-tax return, r, is the 2% yield from dividends and interest. The tax rate, tx ， is 40%, and Tequals 1 to reflect the annual cash distributions to augment the shortfall. Note that this return ignores the after-tax return from capital appreciation, which would add to the excess of after-tax earnings over annual income needs.
- 为什么只考虑单个年份是否满足要求？题目问题的是10年以后是否满足要求，只算当年的是不是不够严谨？
- 为什么没有考虑到通胀的情况？有的科目是调整通胀有的是不调整，答案做法也没有突出这个的区别
