老师能帮忙讲解一下这道题么？顺便看一下我哪里做的有问题

NO.PZ202410180200002402 问题如下 Sharfepto Zik, a private wealth manager, is meeting with a 60-year-olclient, Garbanzo Patel, in orr to create IPS for Patel’s upcoming retirement in the next year. Patel estimates thhe will require EUR200,000 per year, with annuincreases for inflation, ring retirement. Patel’s primary spenng goals ring retirement are to provi for his family’s nee anmaintain his retirement lifestyle. His seconry goals are to funhis philanthropic activities anleave a significant inheritanto his chilen. ring his retirement, Patel will receive union pension payments of EUR50,000 per yewith annuincreases for inflation. In his spare time, Patel runs a small business thprovis him with annuincome of EUR120,000 anis valueEUR1 million. He will continue running his business ring retirement. Patel hol a portfolio of securities valueapproximately EUR4 million with a cost basis of EUR1 million. Patel expects annupretcapitgains return of 6.5% per yeon his securities portfolio. The capitgains trate is 20%. The portfolio primarily contains vinpaying stocks aninterest-bearing bon, anthe yielon the portfolio is 2%. Both stovinanboninterest are taxeannually a rate of 40%. In the past, Patel hreinvesteall these stributions bainto his portfolio but anticipates thafter retirement he mneeto use some of the stributions to funhis expenses. Aitionally, Patel plans to buy a vacation home to enjoy his early retirement years anexpects to holthe home for 10 years. His buet for the vacation home is approximately EUR1.7 million. He expects 8% annupretappreciation in the value of his vacation home anexpects to pcapitgains tof 20% on the sale of this vacation home. Patel is consiring selling half of his securities portfolio to funthe vacation home purchase. Patel is also worrieabout the effects of inflation. While his pension income will aust for inflation, he is concerneththe income from his small business is unlikely to aust with inflation. He asks Zik to analysis to assess whether his income sources are expecteto sufficient in 10 years to cover the effects of inflation of 5% per ye 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. 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

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

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)

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=3.751.75*0.2=0.353.75-0.35=3.42（1+2%*0.6）^10=2.253.4+2.25-2=3.65Patel shoulnot sell half of his securities portfolio to buy the vacation home.Because the value of holng half of his securities(3.4million) is higher thbuying the vocation home(3.65million) 思路和方法是对的，但是和答案没对上

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. 如果买了一半，结合第一小问的答案，是否每年可以收取的收益也会对应减少，那样第一小问的目标也不能达成了，这样是肯定不能卖的，但是如果说数据比例调整以后，使得卖了组合比买房子划算，但是会导致第一小问的每年收入不够，那应该如何？CFA协会的考题会有前后小问相关联的情况么？