Pepe · 2019年04月28日
In the first year of the Foundation’s operation, the return on the benchmark was 9.8% and the
return on the Foundation’s portfolio was 9.0%. The Foundation received the planned
USD 2 million contribution on 1 January of Year 2.
C. Determine the liquidity requirement (in USD) of the Foundation in Year 2. Show your
calculations.
整个逻辑都理解，只是算第一年期末值得时候，直接用97*1.09 为何没有扣减0.4%的management expense呢？我理解 9%的rate of return是包含了 management expense的，并且是要发给经理的吧。
求解，谢谢。
发亮_品职助教 · 2019年05月01日
97 × 1.09，是第一年年末Foundation的期末价值。这个只是期末价值。
因为第一年年初就收到了100million，然后立即支出了3million，剩余了97million按照9%的收益率增长；所以到年末时基金的价值为：
97 × 1.09；
因为题干说了，上一年的管理费用，在下一年年初支付，且管理费用是基于上一年年末市场价值的0.4%：
Smith’s management fees will be 0.40% per year. These fees will be calculated based on the year-end value of the portfolio and paid in arrears on the first day of the following year.
所以第一年的管理费用在第二年年初支付，金额为：97 × 1.09 × 0.4%
