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For Answer 1A, in part (ii), for portfolio return in second year they use:
(6,000,000 + 594,550) * 5%
Where do they get 594,550 as the additional value for second year return. I thought the first year after-tax return was 300,000, so I computed the second year return as 6.3M * 5% = 315K.
Hence, I used total portfolio value as 6.615M. Another way to calculate the portfolio value at end of 2 years = 6*(1.05)^2 = 6.615M |
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发表于 2013-4-5 09:44
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