问题如下:
Allen is an investment manager, who recently recruited a new customer, Jack. Jack invested $2,000,000 in a portfolio for 20 years that promises to offer an annual return of 8% before tax. The ratio of interest, dividends, realized capital gains, unrealized capital gains to earnings and related tax rates are shown in the following table.
Calculate the post-tax value of the investment 20 years later.
选项:
A. $6,202,275
B. $7,908,343
C. $6,687,503
解释:
A is correct.
考点:Blend Taxing Environments
解析:这道题考法非常常规。对于Blend Taxing,我们首先还是要计算其RART以及TECG
lRART=R×[1−(PI×TI+PD×TD+PCG×TCG)]=0.08×[1−(0.3×0.4+0.35×0.2+0.15×0.3)]=6.12%
lTECG=1−(PITI+PDTD+PCGTCG)[1−(PI+PD+PCG)]×TCG=[1−(0.3×0.4+0.35×0.2+0.15×0.3)][1−(0.30+0.35+0.15)]×0.3=7.843%
接下来直接套用Blend Taxing的公式,题目没有明确说明税基的情况,那么就默B=1。
lFVIFT=(1+RART)N−[(1+RART)N−1]TECG−(1−B)TCGFV=2,000,000{(1+6.12%)20−[(1+6.12%)20−1]7.843%}=6,202,275
答案算出来也是620335,用答案里的数字算也是这个数。是答案错了吧?或者A是保留几位小数算的?