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