有的真题答案只写了事项，有的写了每个事项具体数值，考试要求到什么程度？是看题目具体要求吗？如果没写show your calculation是不是就不用写具体数值？
比如2006 q1
Formulate each of the following constraints in Serra’s investment policy statement:
i. Liquidity requirement
ii. Time horizon
答案
Liquidity is required for the following:
• Annual family support payments
• Ongoing living expenses during retirement
• One-time liquidity need for house purchase
2013 Q1
C. Determine the Voorts’ liquidity requirement (in USD) for the coming year. Show your
calculations.
答案
The liquidity requirement for the Voorts in the coming year has two components: net cash needs for living expenses and an emergency reserve. Their annual expenses are estimated to increase by inflation of 2.5% (USD 300,000 last year x 1.025 = USD 307,500). Retirement income is reduced by taxes of 30% (USD 125,000 x (1 – 0.30) = USD 87,500). The net cash need for expenses is thus USD 220,000. In addition, the Voorts want to establish and maintain a cash reserve of USD 250,000. Therefore, the Voorts’ total liquidity requirement for the next year is USD 470,000 (USD 220,000 + USD 250,000).
