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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

4An 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:

4Correct 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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作者: nanshan1    时间: 2008-11-19 13:08

1
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b
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作者: 川贝    时间: 2009-2-6 14:17

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作者: kurokuro    时间: 2009-2-6 15:32

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作者: jasperdong    时间: 2009-2-11 14:57

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作者: percy    时间: 2009-5-7 11:27

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作者: vickyma    时间: 2009-5-12 07:22

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作者: Eglinton    时间: 2010-2-7 09:20

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作者: dadalee1102    时间: 2010-5-26 03:31

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作者: patrickoucn    时间: 2010-5-26 14:10

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作者: xxjj564    时间: 2011-2-18 18:30

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