问题如下：
4. If Motelli’s current investment account of €250,000 is invested in an investment which is expected to earn a return of 7.5 percent, all of which are deferred capital gains, what is his expected after-tax accumulation in 15 years? The account’s market value is equal to its cost basis.
选项：
A.€640,747.
B.€665,747.
C.€690,747.
解释：
C is correct.
The after tax wealth accumulation for deferred capital gains is
FVIFcg = (1 + r)n(1 – tcg ) + tcg
FVIFcg = €250,000 × [(1 + 0.075)15(1 – 0.1) + 0.1] = €690,747
这题为什么tax rate用10%呢？deferred tax只在withdraw的时候交，不是应该用deferred taxable account的税率20%吗？
