NO.PZ2019122802000038
问题如下：
The NAV of a PE fund was $120m at the end of 2019. All capital has been called. The PE fund expects a 20% distribution to be paid at the end of 2020. The expected growth rate of NAV before distribution is 10%. What is the expected NAV after distribution at year-end 2020?
选项：
A.
96.8m
B.
105.6m
C.
112.4m
解释：
B is correct.
The expected NAV before distribution at the end of 2020 is 120*(1+10%)=132m
The expected distribution in year of 2020 is 132m*20%=26.4m
The expected NAV after distribution at the end of 2020 is 132m-26.4m=105.6m
这个题基本就是对公式的考察的活学活用
现实中distribution，即dpi ,是基于paid in capital,而不是nav.为什么计算里都是基于nav 来算distribution 呢？
