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
=50000*((1+7%)^20-((1+7%)^20-1)*40%+(1+4%*0.6)^20)
为什么不是这个公式呢?