NO.PZ201805280100000303
问题如下：
Emma Young, a 47-year-old single mother of two daughters, ages 7 and 10, recently sold a business for $5.5 million net of taxes and put the proceeds into a money market account. Her other assets include a tax-deferred retirement account worth $3.0 million, a $500,000 after-tax account designated for her daughters’ education, a $400,000 after-tax account for unexpected needs, and her home, which she owns outright.
Her living expenses are fully covered by her job. Young wants to retire in 15 years and to fund her retirement from existing assets. An orphan at eight who experienced childhood financial hardships, she places a high priority on retirement security and wants to avoid losing money in any of her three accounts.
The broker suggests that Young rebalance her $5.5 million money market account and the $3.0 million tax-deferred retirement account periodically in order to maintain their targeted allocations. The broker proposes the same risk profile for the equity positions with two potential target equity allocations and rebalancing ranges for the two accounts as follows:
■ Alternative 1: 80% equities +/– 8.0% rebalancing range
■ Alternative 2: 75% equities +/– 10.7% rebalancing range
选项：
解释：
老师，关于这道题有个问题：
（1）TDA账户为什么选择方案1，是不是还有个原因：投资者对于退休needs有high priority，所以more risk averse，所以wide range
（2）这个计算after tax rebalancing range的公式会考吗，没印象讲过。
（3）红色框的这句话没有看懂，麻烦解释下，谢谢。
