答案解析里c项也正确？

NO.PZ202109080500000403问题如下 Virginia CunninghCase ScenarioVirginia Cunninghis a 53-year-olrecently wiwemother of two chilen. Both she anher husbanof 25 years, Richar were Canacitizens resing in Toronto throughout their lives. Richarhowneseversmall businesses over his life anin recent years wone of the two founng co-owners of a steel fabricating company. Although Virginia inheritehis shares in the company, her interest wbought out for $2.5 million the surviving owner through a clause in their shareholr agreement. She also receivea $1.5 million payout from Richars personlife insuranpolicy.Richarhalways managethe family finances, anVirginia feels overwhelmewith the prospeof managing sua large investment amount. Later toy she will meeting with viMurray, a wealth manager who wrecommena close frien Murrpreviously manageinstitutionfinebenefit plans before moving to his current employer.In anticipation of the meeting, Virginia some researon wealth managers ancame across internet blog voteto wealth management thscribehow managing institutionportfolios ffers from managing portfolios for invials. The blog ma the following points:Governananthe cision-making process are mumore concentratefor inviinvestors. The regulatory environment is often fferent for institutionaninviinvestors.Securities are securities, after all, so asset selection is a skill this easily transferable from institutionto inviportfolios. the meeting starts, Virginia provis Murrsome basic information about her family situation, whihe summarizes in Exhibit 1.Exhibit 1 Summary of Notes Collectefor the Virginia CunninghFile (all currenamounts are in C$)After scussing her short- anlong-term goals, Murrtells Virginia thhe is concerneabout her current tsituation. He asks her to confirm thfor tpurposes, her cost base for the shares thshe inheritefrom Richarwvirtually zero. When she es, he remin her thCana hno inheritantbut a capitgains tin whione-half of the capitgain is taxable the invial’s margintrate on the sposof the property. The scussion turns to risk. Murrpresents Virginia with a wily available questionnaire to assess her attitus towarrisk. Two of the questions are presentein Exhibit 2.Exhibit 2 SelecteQuestions from Investment Risk ToleranQuestionnaireWhen you think of the wor“risk,” whiof the following wor comes to minfirst? Loss UncertaintyOpportunityThrill You have just finishesaving for a “once-in-a-lifetime” vacation. Three weeks before you plto leave, you lose your joYou woul cancel the vacation.take a mumore most vacation.go schele reasoning thyou neethe time to prepare for a job search. extenyour vacation, because this might your last chanto go first class. Murrscribes the fferences between terministic forecasting anMonte Carlo simulation in investment planning anthe trationangoal-baseapproain constructing portfolios. After hearing about these metho, Virginia states thshe thinks ththe goal-baseinvesting approais best suitefor her nee becauseit allows her to specify a level of risk toleranfor eagoal,growth towareagoon a straight-line basis is mueasier to unrstan ant provis the ability to prethe probability of success of eagoal.Murrshows Virginia how Monte Carlo simulation cusein moling portfolio returns antermining sufficienanalysis for meeting a hypotheticclient’s retirement goal. He presents to her a table of portfolio values specific time intervals ancertain percentiles for a simulation of 10,000 trials. A portion of the table is presentein Exhibit 3.Exhibit 3 Monte Carlo Simulation Results for Retirement Goof a HypotheticClientWhen she returns home thevening, Virginia looks again the exhibit anrealizes she is not quite sure whit meant. She settles on three possible interpretations:Over 20 years, the client faileto meet her objectives 32% of the time.Over 15 years, the portfolio value woulworth least 25% of $1,698,449.Over 20 years, the client will run out of money 75% of the time. Virginia recalls thMurrstateththere were severbenefits from using Monte Carlo simulation in retirement planning. To her best recollection, she lists these benefits follows:It ai in quantifying the magnitu of investment shortfalls.It helps relongevity risk.It chelp explore the tconsequences of her Microsoft bequest goal, incatein Exhibit 1.Question The goals of the two questions in Exhibit 2 are most likely signeto aress, respectively, the investor’s:A.risk perception anrisk capacity.B.risk perception anrisk aversion.C.risk tolerananrisk perception.SolutionB is correct. The first question best aresses the investor’s risk perception, whiis a subjective assessment of the risk involvein investment cision. The seconquestion aresses risk aversion—how the invibehaves when facewith negative outcomes.A is incorrect. The first question aresses the investor’s risk perception, but the seconaresses risk aversion, not risk capacity. Risk capacity is the investor’s ability to accept financirisk. It is terminethe client’s net worth, income, investment time horizon, liquity nee, anso on.C is incorrect. The first question aresses the investor’s risk perception, not risk tolerance. Risk toleranrefers to the level of risk thinviis willing anable to bear; its inverse is risk aversion. The seconquestion aresses risk aversion (or risk tolerance), not risk perception.Risk aversion, risk tolerance, risk perception