请问2015年真题Q7,B问中，这里的pmt=36000,为何不考虑investment annual tax。是不是应该=36000/（1-20%）=48000，每年都要从portfolio中拿出来这些钱满足liquidity要求，只要拿出就需要缴纳投资税，答案中没有考虑这点。
Ryan’s annual net cash outflow during the next four years
= Salary – Spending Needs – Educational Expense
= USD 30,000 – USD 200,000 – USD 190,000 = USD –360,000
Required amount at retirement in 4 years = USD –5,000,000
After-tax investment rate of return = 8% 𝑥 [1-25%] = 6.00%
Present value of future needs = USD 5,207,906.34
(N = 4, PMT = –360,000, FV = –5,000,000, I/Y = 6.00%)
Non-spousal gift tax = 30%, therefore:
Before-tax gift amount = USD 5,207,906/ (1-30%) = USD 7,439,866
Therefore Betty needs to gift USD 7,439,866 out of her assets. After immediate payment of gift
taxes, (USD 2,231,960), Ryan receives USD 5,207,906.
