NO.PZ2024101802000016
问题如下：
An investor plans to invest GBP50,000 in an investment opportunity expected to generate a return of 8% per year, which is taxed as a deferred capital gain only after 10 years. The tax rate is 20%. Compare the impact of taxes on the after-tax return relative to if taxes were paid annually at a 20% rate.
选项：
解释：
The investment using deferred taxation grows to FV = GBP50, 000[(1 + 0.08)^10 − [(1 + 0.08)^10 − 1] × 0.20]=96,355
The investment using annual taxation grows to FV = GBP50, 000 × [1 + 0.08 × (1 − 0.20)]^10=92979
The deferred taxation provides a higher accumulation of GBP3,376
(1) 50000* [(1+8%)^10-1]*20%=11589.25
50000*(1+8%)^10-50000=57,946.25
tax drag=11589.25/57,946.25=20%
（2）50000*（1+8% *0.8）^10=92,979.30
50000*(1+8%)^10=107,946.25
107,946.25-92,979.30=14,966.95
tax drag=14,966.95/57956.25=25.83%
The effective tax of deferred capital gain is 20%, while the effective tax is25.83% if taxes were paid annually
