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西红柿面 · 2025年03月31日

老师,请问一下现在既然已经没有show your calculation这种题目了,那么我这边红色的框中的步骤还需要写吗?直接写

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NO.PZ202410180200002402

问题如下:

Sharfepto Zik, a private wealth manager, is meeting with a 60-year-old client, Garbanzo Patel, in order to create an IPS for Patel’s upcoming retirement in the next year. Patel estimates that he will require EUR200,000 per year, with annual increases for inflation, during retirement. Patel’s primary spending goals during retirement are to provide for his family’s needs and maintain his retirement lifestyle. His secondary goals are to fund his philanthropic activities and leave a significant inheritance to his children. During his retirement, Patel will receive union pension payments of EUR50,000 per year with annual increases for inflation. In his spare time, Patel runs a small business that provides him with an annual income of EUR120,000 and is valued at EUR1 million. He will continue running his business during retirement. Patel holds a portfolio of securities valued at approximately EUR4 million with a cost basis of EUR1 million. Patel expects an annual pretax capital gains return of 6.5% per year on his securities portfolio. The capital gains tax rate is 20%. The portfolio primarily contains dividend-paying stocks and interest-bearing bonds, and the yield on the portfolio is 2%. Both stock dividend and bond interest are taxed annually at a rate of 40%. In the past, Patel has reinvested all these distributions back into his portfolio but anticipates that after retirement he may need to use some of the distributions to fund his expenses. Additionally, Patel plans to buy a vacation home to enjoy his early retirement years and expects to hold the home for 10 years. His budget for the vacation home is approximately EUR1.7 million. He expects an 8% annual pretax appreciation in the value of his vacation home and expects to pay capital gains tax of 20% on the sale of this vacation home. Patel is considering selling half of his securities portfolio to fund the vacation home purchase. Patel is also worried about the effects of inflation. While his pension income will adjust for inflation, he is concerned that the income from his small business is unlikely to adjust with inflation. He asks Zik to do an analysis to assess whether his income sources are expected to be sufficient in 10 years to cover the effects of inflation of 5% per year


Determine whether Patel should sell half of his securities portfolio to buy the vacation home.

选项:

解释:

To determine whether Patel should sell the securities, an analysis can be done to compare the expected after-tax value of the home purchase and the expected after-tax value of the securities portfolio at the end of the 10-year time horizon. If half of the securities portfolio (i.e., EUR2,000,000) is sold, then Patel will realize a capital gain of EURl,500,000 (i.e., half of the capital gain of the full portfolio). Thus, the tax on the sale of the securities will be EUR300,000 (=20% x 1,500,000), and Patel will have EURl, 700,000 (=2,000,000 - 300,000) to buy the house. Alternatively, Patel could choose to forego buying the vacation home and maintain his securities portfolio for another 10 years (i.e., continue to invest EUR2,000,000). For both alternatives, use the following equation to calculate the after-tax values:

FVAcgb=B [(1 + r)^T(1—tcg) + tcg (B)]

For the vacation home purchase alternative, the basis (B) is equal to EURl, 700,000 and the expected pretax rate of return r is equal to 8%. If the vacation home is foregone and the portfolio is fully reinvested, the expected pretax rate of return is equal to 6.5%. In both cases, the time horizon (1) is 10 years and the capital gains tax rate (tcg) is 20%. After-tax value of vacation home = 1,700,000 [(1 + 0.08) 10 (1—0.20) + 0.20 (l,700,000/1,700,000)] = 3,276,138

After-tax value of reinvesting =

2,000,000 [(1 + 0.065)^ 10 (1—0.20) + 0.20*1/4]+2,000,000*[1+2%*(1-40%)]^10-2,000,000 = 3,356,804

Thus, although the pretax investment return on the securities portfolio is lower than the pretax return on the vacation, the higher-value solution on an after-tax basis is to keep the securities portfolio in place. This is because a return can be earned on the capital gains tax amount that would have to be paid if the securities were liquidated. Patel should consider an alternative source of funding for the vacation home.

老师,请问一下现在既然已经没有show your calculation这种题目了,那么我这边红色的框中的步骤还需要写吗?直接写一个结果可以吗



1 个答案

费费_品职助教 · 2025年04月01日

嗨,从没放弃的小努力你好:


同学你好

没有要求show your calculation的话,可以不写。

但建议同学可以把公式写上,方面自己检查过程。也以同学日常做题习惯为准。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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NO.PZ202410180200002402 问题如下 termine whether Patel shoulsell half of his securities portfolio to buy the vacation home. To termine whether Patel shoulsell the securities, analysis cne to compare the expecteafter-tvalue of the home purchase anthe expecteafter-tvalue of the securities portfolio the enof the 10-yetime horizon. If half of the securities portfolio (i.e., EUR2,000,000) is sol then Patel will realize a capitgain of EURl,500,000 (i.e., half of the capitgain of the full portfolio). Thus, the ton the sale of the securities will EUR300,000 (=20% x 1,500,000), anPatel will have EURl, 700,000 (=2,000,000 - 300,000) to buy the house. Alternatively, Patel coulchoose to forego buying the vacation home anmaintain his securities portfolio for another 10 years (i.e., continue to invest EUR2,000,000). For both alternatives, use the following equation to calculate the after-tvalues:FVAcgb=B [(1 + r)^T(1—tcg) + t(B)]For the vacation home purchase alternative, the basis (is equto EURl, 700,000 anthe expectepretrate of return r is equto 8%. If the vacation home is foregone anthe portfolio is fully reinveste the expectepretrate of return is equto 6.5%. In both cases, the time horizon (1) is 10 years anthe capitgains trate (tcg) is 20%. After-tvalue of vacation home = 1,700,000 [(1 + 0.08) 10 (1—0.20) + 0.20 (l,700,000/1,700,000)] = 3,276,138After-tvalue of reinvesting = 2,000,000 [(1 + 0.065)^ 10 (1—0.20) + 0.20*1/4]+2,000,000*[1+2%*(1-40%)]^10-2,000,000 = 3,356,804 Thus, although the pretinvestment return on the securities portfolio is lower ththe pretreturn on the vacation, the higher-value solution on after-tbasis is to keep the securities portfolio in place. This is because a return cearneon the capitgains tamount thwoulhave to paiif the securities were liquite Patel shoulconsir alternative sourof funng for the vacation home. After-tvalue of reinvesting =2,000,000 [(1 + 0.065)^ 10 (1—0.20) + 0.20*1/4]+2,000,000*[1+2%*(1-40%)]^10-2,000,000 = 3,356,804这个计算对应的公式在讲义哪页?看了答案和其他同学的问题及解答,可以理解这个计算的含义了,但是在讲义里没有看到对应的公式。能否用下面的公式计算呢?我根据自己对题目的理解,把下面公式第三项的basis从1换成了0.25,但是计算出的结果和答案也不一样,我计算的结果是3,574,824,不知道问题在哪里,还是不应该用下面的这个公式计算

2025-03-12 22:31 1 · 回答

NO.PZ202410180200002402 问题如下 termine whether Patel shoulsell half of his securities portfolio to buy the vacation home. To termine whether Patel shoulsell the securities, analysis cne to compare the expecteafter-tvalue of the home purchase anthe expecteafter-tvalue of the securities portfolio the enof the 10-yetime horizon. If half of the securities portfolio (i.e., EUR2,000,000) is sol then Patel will realize a capitgain of EURl,500,000 (i.e., half of the capitgain of the full portfolio). Thus, the ton the sale of the securities will EUR300,000 (=20% x 1,500,000), anPatel will have EURl, 700,000 (=2,000,000 - 300,000) to buy the house. Alternatively, Patel coulchoose to forego buying the vacation home anmaintain his securities portfolio for another 10 years (i.e., continue to invest EUR2,000,000). For both alternatives, use the following equation to calculate the after-tvalues:FVAcgb=B [(1 + r)^T(1—tcg) + t(B)]For the vacation home purchase alternative, the basis (is equto EURl, 700,000 anthe expectepretrate of return r is equto 8%. If the vacation home is foregone anthe portfolio is fully reinveste the expectepretrate of return is equto 6.5%. In both cases, the time horizon (1) is 10 years anthe capitgains trate (tcg) is 20%. After-tvalue of vacation home = 1,700,000 [(1 + 0.08) 10 (1—0.20) + 0.20 (l,700,000/1,700,000)] = 3,276,138After-tvalue of reinvesting = 2,000,000 [(1 + 0.065)^ 10 (1—0.20) + 0.20*1/4]+2,000,000*[1+2%*(1-40%)]^10-2,000,000 = 3,356,804 Thus, although the pretinvestment return on the securities portfolio is lower ththe pretreturn on the vacation, the higher-value solution on after-tbasis is to keep the securities portfolio in place. This is because a return cearneon the capitgains tamount thwoulhave to paiif the securities were liquite Patel shoulconsir alternative sourof funng for the vacation home. Buy the vocation house1.7*(1+8%)^10=3.67(3.67-1.7)*0.2=0.393.67-0.39=3.33Not buy2*(1+6.5%)^10=3.75(3.75-2*0.25)*0.2=0.653.75-0.65=3.12(1+2%*0.6)^10=2.253.1+2.25-2=3.35Patel shoulnot sell half of his securities portfolio to buy the vacation home.Because the value of holng half of his securities(3.35million) is higher thbuying the vocation home(3.33million)

2025-02-05 20:02 1 · 回答

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2025-02-04 22:25 2 · 回答

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2025-01-25 20:52 1 · 回答