NO.PZ201805280100000302
问题如下：
A broker proposes to Young three portfolios, shown in Exhibit 1. The broker also provides Young with asset class estimated returns and portfolio standard deviations in Exhibit 2 and Exhibit 3, respectively. The broker notes that there is a $500,000 minimum investment requirement for alternative assets. Finally, because the funds in the money market account are readily investible, the broker suggests using that account only for this initial investment round.
Young wants to earn at least 6.0% after tax per year, without taking on additional incremental risk. Young’s capital gains and overall tax rate is 25%.
Determine which proposed portfolio most closely meets Young’s desired objectives. (Circle one.) Justify your response.
选项：
解释：
- the pre-tax returns are: 12.15%, 8.5%, 8.6%.
- the after-tax returns are: 9.1%, 6.38%, 6.45%
- the minimum allocation of PE is 0.5/5.5 = 9%
- so 2 is not suitable.
- Young wants to earn at least 6.0% after tax per year, without taking on additional incremental risk.
- so 3 is the most appropriate with lower Post-Tax Standard Deviation, and meets above requirements.
不过return数字稍有区别，我看答案是bond没扣25%的税。bond不扣capital gain税吗？
