
标题: 2008 CFA Level 1 - Sample 样题(3)-Q4 [打印本页]
作者: 3975 时间: 2008-11-5 15:34 标题: 2008 CFA Level 1 - Sample 样题(3)-Q4
4、An investor is considering the purchase of two bonds. One of the bonds is tax-exempt and yields 4.5% while the other bond is taxable and yields 6.0%. If the two bonds are alike in all other characteristics, the marginal tax rate that would make the investor indifferent between the two bonds is closest to:
A. 9.0%.
B. 25.0%.
C. 27.0%.
D. 75.0%.
作者: 3975 时间: 2008-11-5 15:38
答案和详解如下:
4、Correct answer is B
"Understanding Yield Spreads," Frank J. Fabozzi
2008 Modular Level I, Vol. 5, pp. 359-361
Study Session 15-65-i
compute the after-tax yield of a taxable security and the tax-equivalent yield of a tax-exempt security
The indifference point would be the tax rate that satisfies the equation: 6.0%(1 - T) = 4.5%. Solving for T, the marginal tax rate = 25%.
作者: slkly 时间: 2008-11-18 09:51
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