NO.PZ201805280100000303
问题如下：
The broker suggests that Young rebalance her $5.5 million money market account and the $3.0 million tax-deferred retirement account periodically in order to maintain their targeted allocations. The broker proposes the same risk profile for the equity positions with two potential target equity allocations and rebalancing ranges for the two accounts as follows:
■ Alternative 1: 80% equities +/– 8.0% rebalancing range
■ Alternative 2: 75% equities +/– 10.7% rebalancing range
选项：
解释：
老师帮我看下我写的，我的思路是从tax cost 的角度来说的。DTA账户的投资过程是不交tax 的，所以可以频繁的rebalance=narrow range。TA账户每一次的投资是需要交tax的，所以不需要频繁的rebalance=wider range
$5.5m should use Alternative 2. The reason is the fund is in a taxable account and the tax cost will high. The rebalance should not be frequent and the rebalancing range shoudl be large. Alternative 2 has larger range than Alternative 1.
$3m should be use Alternative 1. The reason is the fund is in a DTA account and it a tax benefit account. The rebalance can be frequent and the rebalancing range shoudl be small.
