问一道题：NO.PZ2018091705000026

Allen is an investment manager, who recently recruited a new customer, Curry. Curry invested $2,000 in a Tax-deferred account for 20 years. The investment will provide annual return of 12% before tax. Tax-deferred account is expected to be taxed 5% at the end of the investment period. Calculate the post-tax value of the investment after 20 years later.

选项：

$15,066.71

$18,327.96

$24,903.65

解释：

B is correct.

考点Types of investment accounts

解析：题目中说道Curry的投资是投资在 TDA的账户，该账户的特点是投资期所得收益不用征税，当投资期结束，投资收益从账户中取出时才进行征税。所以我们运用公式可得：$FVIF_{TDA}={(1+R)}^N(1-T_N)$

$2000{\lbrack{(1+0.12)}^{20}{(1-0.05)}\rbrack}=18327.96$

TDA账户是对增值额征税，为什么这道题答案是全额征税？