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yulia · 2020年03月13日

问一道题:NO.PZ201511200300000706 第6小题 [ CFA III ]

* 问题详情,请 查看题干

问题如下:

6. How much after-tax wealth would Motelli accumulate assuming the same facts as in Question 4 except that 50 percent of all capital gains are recognized each year?

选项:

A.

€640,747.

B.

€665,747.

C.

€678,158.

解释:

C is correct.

r* = r(1–pcgtcg)

= 0.075(1–(0.5)(0.10)) = 0.075(1–0.05) = 0.07125

T* = tcg(1–pcg)/(1–pcgtcg)

= 0.10[(1–0.5)/(1–0.5× 0.10)] = 0.052632

FVIFTaxable = (1 + r*)n(1–T*) + T*–(1–B)tcg, B = 1

FV =€250,000×[(1+0.07125)15(1–0.052632) + 0.052632]

= €678,158

这一提B为什么等于1呢 不是等于17500吗
1 个答案

Olive_品职助教 · 2020年03月14日

嗨,爱思考的PZer你好:


这道题的条件跟第四小问一样: The account’s market value is equal to its cost basis.


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