NO.PZ201511200300001201
问题如下：
1. What is Kaplan’s after-tax accumulation after 20 years?
选项：
A. €196,438.
B. €220,521.
C. €230,521.
解释：
A is correct.
The taxable account will accumulate to
FVi =€50,000[1 + r(1–ti)]n
=€50,000[1 + 0.04(1–0.4)]20
=€80,347
The tax deferred account will accumulate
FVTDA =€50,000(1 + r)n(1–Tn)
=€50,000(1.07)20(1–0.40)
=€116,091
Total =€196,438
搞混了TDA征税和递延cg tax的方式
