烦请老师帮忙看下是否可以这么回答，谢谢老师

NO.PZ202410180200002402问题如下 termine whether Patel shoulsell half of his securities portfolio to buy the vacation home. To termine whether Patel shoulsell the securities, analysis cne to compare the expecteafter-tvalue of the home purchase anthe expecteafter-tvalue of the securities portfolio the enof the 10-yetime horizon. If half of the securities portfolio (i.e., EUR2,000,000) is sol then Patel will realize a capitgain of EURl,500,000 (i.e., half of the capitgain of the full portfolio). Thus, the ton the sale of the securities will EUR300,000 (=20% x 1,500,000), anPatel will have EURl, 700,000 (=2,000,000 - 300,000) to buy the house. Alternatively, Patel coulchoose to forego buying the vacation home anmaintain his securities portfolio for another 10 years (i.e., continue to invest EUR2,000,000). For both alternatives, use the following equation to calculate the after-tvalues:FVAcgb=B [(1 + r)^T(1—tcg) + t(B)]For the vacation home purchase alternative, the basis (is equto EURl, 700,000 anthe expectepretrate of return r is equto 8%. If the vacation home is foregone anthe portfolio is fully reinveste the expectepretrate of return is equto 6.5%. In both cases, the time horizon (1) is 10 years anthe capitgains trate (tcg) is 20%. After-tvalue of vacation home = 1,700,000 [(1 + 0.08) 10 (1—0.20) + 0.20 (l,700,000/1,700,000)] = 3,276,138After-tvalue of reinvesting = 2,000,000 [(1 + 0.065)^ 10 (1—0.20) + 0.20*1/4]+2,000,000*[1+2%*(1-40%)]^10-2,000,000 = 3,356,804 Thus, although the pretinvestment return on the securities portfolio is lower ththe pretreturn on the vacation, the higher-value solution on after-tbasis is to keep the securities portfolio in place. This is because a return cearneon the capitgains tamount thwoulhave to paiif the securities were liquite Patel shoulconsir alternative sourof funng for the vacation home. 如果买了一半，结合第一小问的答案，是否每年可以收取的收益也会对应减少，那样第一小问的目标也不能达成了，这样是肯定不能卖的，但是如果说数据比例调整以后，使得卖了组合比买房子划算，但是会导致第一小问的每年收入不够，那应该如何？CFA协会的考题会有前后小问相关联的情况么？

NO.PZ202410180200002402问题如下 termine whether Patel shoulsell half of his securities portfolio to buy the vacation home. To termine whether Patel shoulsell the securities, analysis cne to compare the expecteafter-tvalue of the home purchase anthe expecteafter-tvalue of the securities portfolio the enof the 10-yetime horizon. If half of the securities portfolio (i.e., EUR2,000,000) is sol then Patel will realize a capitgain of EURl,500,000 (i.e., half of the capitgain of the full portfolio). Thus, the ton the sale of the securities will EUR300,000 (=20% x 1,500,000), anPatel will have EURl, 700,000 (=2,000,000 - 300,000) to buy the house. Alternatively, Patel coulchoose to forego buying the vacation home anmaintain his securities portfolio for another 10 years (i.e., continue to invest EUR2,000,000). For both alternatives, use the following equation to calculate the after-tvalues:FVAcgb=B [(1 + r)^T(1—tcg) + t(B)]For the vacation home purchase alternative, the basis (is equto EURl, 700,000 anthe expectepretrate of return r is equto 8%. If the vacation home is foregone anthe portfolio is fully reinveste the expectepretrate of return is equto 6.5%. In both cases, the time horizon (1) is 10 years anthe capitgains trate (tcg) is 20%. After-tvalue of vacation home = 1,700,000 [(1 + 0.08) 10 (1—0.20) + 0.20 (l,700,000/1,700,000)] = 3,276,138After-tvalue of reinvesting = 2,000,000 [(1 + 0.065)^ 10 (1—0.20) + 0.20*1/4]+2,000,000*[1+2%*(1-40%)]^10-2,000,000 = 3,356,804 Thus, although the pretinvestment return on the securities portfolio is lower ththe pretreturn on the vacation, the higher-value solution on after-tbasis is to keep the securities portfolio in place. This is because a return cearneon the capitgains tamount thwoulhave to paiif the securities were liquite Patel shoulconsir alternative sourof funng for the vacation home. 为什么那个公式里有四分之一？

NO.PZ202410180200002402 问题如下 termine whether Patel shoulsell half of his securities portfolio to buy the vacation home. To termine whether Patel shoulsell the securities, analysis cne to compare the expecteafter-tvalue of the home purchase anthe expecteafter-tvalue of the securities portfolio the enof the 10-yetime horizon. If half of the securities portfolio (i.e., EUR2,000,000) is sol then Patel will realize a capitgain of EURl,500,000 (i.e., half of the capitgain of the full portfolio). Thus, the ton the sale of the securities will EUR300,000 (=20% x 1,500,000), anPatel will have EURl, 700,000 (=2,000,000 - 300,000) to buy the house. Alternatively, Patel coulchoose to forego buying the vacation home anmaintain his securities portfolio for another 10 years (i.e., continue to invest EUR2,000,000). For both alternatives, use the following equation to calculate the after-tvalues:FVAcgb=B [(1 + r)^T(1—tcg) + t(B)]For the vacation home purchase alternative, the basis (is equto EURl, 700,000 anthe expectepretrate of return r is equto 8%. If the vacation home is foregone anthe portfolio is fully reinveste the expectepretrate of return is equto 6.5%. In both cases, the time horizon (1) is 10 years anthe capitgains trate (tcg) is 20%. After-tvalue of vacation home = 1,700,000 [(1 + 0.08) 10 (1—0.20) + 0.20 (l,700,000/1,700,000)] = 3,276,138After-tvalue of reinvesting = 2,000,000 [(1 + 0.065)^ 10 (1—0.20) + 0.20*1/4]+2,000,000*[1+2%*(1-40%)]^10-2,000,000 = 3,356,804 Thus, although the pretinvestment return on the securities portfolio is lower ththe pretreturn on the vacation, the higher-value solution on after-tbasis is to keep the securities portfolio in place. This is because a return cearneon the capitgains tamount thwoulhave to paiif the securities were liquite Patel shoulconsir alternative sourof funng for the vacation home. 考试的时候是否需要像答案自己想一个plb出来

NO.PZ202410180200002402 问题如下 termine whether Patel shoulsell half of his securities portfolio to buy the vacation home. To termine whether Patel shoulsell the securities, analysis cne to compare the expecteafter-tvalue of the home purchase anthe expecteafter-tvalue of the securities portfolio the enof the 10-yetime horizon. To avoiaitioncomplexity, the analysis minitially avoiconsiring the cash stributions of the securities portfolio. If half of the securities portfolio (i.e., EUR2,000,000) is sol then Patel will realize a capitgain of EURl,500,000 (i.e., half of the capitgain of the full portfolio). Thus, the ton the sale of the securities will EUR300,000 (=20% x 1,500,000), anPatel will have EURl, 700,000 (=2,000,000 - 300,000) to buy the house. Alternatively, Patel coulchoose to forego buying the vacation home anmaintain his securities portfolio for another 10 years (i.e., continue to invest EUR2,000,000). For both alternatives, use the following equation to calculate the after-tvalues:FVAcgb=B [(1 + r)^T(1—tcg) + t(B)]For the vacation home purchase alternative, the basis (is equto EURl, 700,000 anthe expectepretrate of return r is equto 8%. If the vacation home is foregone anthe portfolio is fully reinveste the basis is equto EUR2,000,000 anthe expectepretrate of return is equto 6.5%. In both cases, the time horizon (1) is 10 years anthe capitgains trate (tcg) is 20%. After-tvalue of vacation home = 1,700,000 [(1 + 0.08) 10 (1—0.20) + 0.20 (l,700,000/1,700,000)] = 3,276,138After-tvalue of reinvesting = 2,000,000 [(1 + 0.065)^ 10 (1—0.20) + 0.20 (2,000,000/2,000,000)] = 3,403,420 Thus, although the pretinvestment return on the securities portfolio is lower ththe pretreturn on the vacation, the higher-value solution on after-tbasis is to keep the securities portfolio in place. This is because a return cearneon the capitgains tamount thwoulhave to paiif the securities were liquite Patel shoulconsir alternative sourof funng for the vacation home. 请问这个 investment value = 3,403,420是怎么算出来的呀？可以再详细的讲一下么？