开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

罗Luo · 2021年12月30日

为什么最后,还要再乘一次1.11?

NO.PZ2019092801000016

问题如下:

Calixto reviews the endowment’s future liquidity requirements and analyzes one of its holdings in a private distressed debt fund. He notes the following about the fund:

· As of the most recent year end:

· The NAV of the endowment’s investment in the fund was €25,000,000.

· All capital had been called.

· At the end of the current year, Calixto expects a distribution of 18% to be paid.

· Calixto estimates an expected growth rate of 11% for the fund.


Calculate the expected NAV of the fund at the end of the next year.

选项:

解释:

The expected NAV of the fund at the end of the next year is €25,258,050, calculated as follows:

First, the expected distribution at the end of the current year is calculated as

Expected distribution = [Prior-year NAV × (1 + Growth rate)] × (Distribution rate).

Expected distribution = [(€25,000,000 × 1.11) × 18%] = €4,995,000.

Therefore, the expected NAV of the fund at the end of the next year is

Expected NAV = [Prior-year NAV × (1 + Growth rate) + Capital contributions – Distributions)] × (1 + Growth rate).

Expected NAV = [(€25,000,000 × 1.11) + 0 − €4,995,000] × 1.11 = €25,258,050.

这个就是要记住公式


Expected NAV = [(€25,000,000 × 1.11) + 0 − €4,995,000] × 1.11 = €25,258,050.


最后为什么还要再乘一次1.11? 我认为不用乘,答案应为22,755,000.

2 个答案
已采纳答案

伯恩_品职助教 · 2021年12月30日

嗨,从没放弃的小努力你好:


同学你好,如果问题问的是current year的话就不用乘1.11了,但是问的下一年的NAV,第二年没提是否分红,也说了不会在contribution,但是增长率是一定每年都增长的。所以也只乘一个增长率。

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

谢超 · 2022年02月02日

题目的问法套路真深啊

伯恩_品职助教 · 2022年02月06日

嗨,从没放弃的小努力你好:


题目的问法套路真深啊——是的

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!