问题如下：
2. In the previous question, what is Forest’s after-tax accumulation after 20 years?
选项：
A.€196,438.
B.€220,521.
C.€230,521.
解释：
C is correct.
The taxable account will accumulate to
FVcg =€50,000[(1 + r)n(1–tcg) + tcg]
=€50,000[(1.07)20(1–0.20)+0.20]
=€164,787
The tax deferred account will accumulate
FVTDA =€50,000(1 + r)n(1–Tn)
=€50,000(1.04)20(1–0.40)
=€65,734
Total=€230,521
我对于FV的求解如下：
对于在Taxabel Account 中的Equity, FV=50000*【1+7%*（1-20%）】^20=148,678
对于在Tax Defer中的Bond， FV=50000*[(1+4%)^20 *（1-40%）+40%】=85，733
Total=234,411.
请问哪里错了？
