NO.PZ202109080300000107
问题如下：
The after-tax wealth in Kaminski’s tax-deferred account at the end of the five years will be closest to:
选项：
A.$1,122,041. B.$1,313,166. C.$1,402,552.解释：
A is correct. The value of a tax-deferred account compounds using the pre tax returns and pays tax only when assets are withdrawn from the account. Kaminski withdraws the proceeds at the end of her five-year holding period.The value of the assets withdrawn from the tax-deferred account is calculated as follows:
FV = PV × (1 + R)n × (1 − t),
where R is the portfolio pretax return.
FV = $10,000,000 × (1 + 0.07)5 × (1 − 0.20).
FV = $1,122,041.38.
本题为什么不是按增值部分20%收税而是全额征税？
