NO.PZ2021090805000016
问题如下：
After communicating investment goals and risk tolerance, Tom and his investment advisor Johnson explained that the next step is to conduct a capital requirement analysis to determine whether Tom is likely to accumulate sufficient financial resources to achieve his goals. Johnson compared two methods for evaluating capital sufficiency- the Monte Carlo model and deterministic model.
1. Both models are based on forward-looking capital market predictions, Monte Carlo models assume compound returns, and deterministic models assume linear portfolio growth.
2. One advantage of the Monte Carlo model is that it can be customized to include input data for variables such as inflation expectations and management fees.
3. Unfortunately, neither of these models can consider the impact of taxation on investment returns.
Which of Johnson's comments is the most accurate when comparing Monte Carlo models with deterministic models? The comment regarding:
选项：
A.customized input data.
capital market projections.
the incorporation of tax effects.
解释：
A is correct. The Monte Carlo model can incorporate customized input data such as life expectancy, taxes, inflation, and investment management fees.
B is not correct. The Monte Carlo model assumes a simple average return on an investment portfolio and the standard deviation of the return, while the deterministic model assumes a linear growth of the investment portfolio. Both models should use forward-looking capital market assumptions.
C is incorrect. Monte Carlo models can include tax assumptions, but deterministic models does not possess this ability.
A是正确的。蒙特卡洛模型可以包含自定义的输入数据，如预期寿命、税收、通货膨胀和投资管理费。
B不正确。蒙特卡洛模型假设投资组合的简单平均回报率和回报率的标准差，而确定性模型假设投资投资组合的线性增长。这两种模型都应该使用前瞻性的资本市场假设。
C不正确。蒙特卡洛模型可以包括税收假设，但确定性模型不具备这种能力。
题干1的描述之所以不对，是因为MSC是基于简单的回报的均值方差，所以是个缺点，应该用前瞻性数据的意思吗？但MSC如果用的是预测未来收益率的分布，不也是一种forward-looking的体现吗？
题干2里的customized，静态模型和MSC都可以自由选择参数吧？为什么customized就成了MSC的优点了？
题干3，为什么静态模型不能考虑税收影响？给个税率参数不就行了吗？
