为什么44771不需要在最后纳税？

问题如下：

An investor plans to invest GBP25,000 in an investment opportunity expected to generate 6% in taxable income per year over the next 10 years. The appropriate tax rate is 40%, and taxes on the returns are paid annually. Demonstrate that the tax drag of this investment is greater than the tax rate

解释：

FV = GBP25, 000 × [1 + 0.06 × (1 − 0.40)]^10=GBP35,607

Comparing the result with the no-tax alternative, the investment would have grown to:

FV = GBP25, 000 × (1 + 0.06)^10=GBP44,771

The additional growth due to the absence of taxes, GBP44,771 – GBP35,607, is GBP9,164. The tax drag is 9164/(44771-25000)=46%

which is greater than the 40% tax rate. The negative impact of taxes on the investment’s net returns reduced the overall performance and growth of an investment by 46%