问题如下：
Based on Exhibits 2 and 3, as well as Holmstead’s assumption about future health care inflation, the debt-to-equity ratio calculated by Rickards for XYZ should be closest to:
选项：
A.2.69.
B.2.71.
C.2.73.
解释：
C is correct.
To calculate the debt-to-equity ratio, both liabilities and total equity need to be adjusted for the estimated impact of a 100-bp increase in health care costs. The proposed increase in health care costs will increase total liabilities and decrease equity by the same amount. Consequently, the debt-to-equity ratio changes as follows:
Sensitivity of benefit obligation to 100-bp increase = $93 Adjusted liabilities = $17,560 + $93 = $17,653
Adjusted equity = $6,570 – $93 = $6,477
Adjusted debt-to-equity ratio = $17,653/$6,477 = 2.7255 ₤ 2.73
Consequently, a 100-bp increase in health care costs increases the debt-to-equity ratio to approximately 2.73.
解析：原来的liability是17560，原来的equity是6570。如果假设health care inflation变高100个bp，liability会增加93，从资产负债表调平角度看，由于Health care inflation的改变不会改变asset，那么可以推出equity会相应减少93。计算出Debt-to-equity ratio=（17560+93）/（6570-93）=2.73。
老师plan asset减去PBO作为funded status体现在B/S表的Asset一端，难么PBO就不应该再体现在Liab一端了啊，那么PBO增加了93应该对Asset影响是减少了93，Liab应该是不变的，相应的为了调平Equity应该减少93，而且此题也不是很严谨啊，如果funded status有ceiling的话可能还会没有影响啊，我的思路对吗？
