sayyescici

QUOTE:

以下是引用erix9000在2011-6-8 7:09:00的发言：
 gold第二题

 

wasnt the answer is B: arbitrage oppotunity: borrow from bank?

erix9000

 yes 我选错了，选成lend了

lululi

大家能说说早上第一题return 那个7.8％怎么得出来的么？

 

我记得是asset减掉两个immediate 开销，income就是不用调整的pension，expense是current支出*inflation，两个一减，再除net asset，之后加上一个inflation

 

对么？

brightcool

Y

sayyescici

QUOTE:

以下是引用lululi在2011-6-8 7:15:00的发言：

大家能说说早上第一题return 那个7.8％怎么得出来的么？

 

我记得是asset减掉两个immediate 开销，income就是不用调整的pension，expense是current支出*inflation，两个一减，再除net asset，之后加上一个inflation

 

对么？

 capital base: 8MM-3.5MM -150,000 = 4.35mm

the end of year cash flow is zero (flat)

                                    Inflow:  income             +xxxxx

                                    outflow: living expense  -xxxxxx

                                    mortgage:                    -xxxxxx

                                    net cashflow:                 0 

 

 

the first year cash flow:   inflow: pension                  +48,000

                                   outflow: living expense:      -110,000(cant remember the number)*1.03=xxxxx

                                    net cash flow:                   -209,670

 

real after tax required return:     209,670/4,350,000=4.82%

 

nominal after tax required return: 4.82+3=7.82%

[此贴子已经被作者于2011-6-8 7:22:53编辑过]

swinerton

QUOTE:

以下是引用sayyescici在2011-6-8 7:20:00的发言：

 capital base: 8MM-3.5MM -150,000 = 4.35mm

the end of year cash flow is zero (flat)

                                    Inflow:  income             +xxxxx

                                    outflow: living expense  -xxxxxx

                                    mortgage:                    -xxxxxx

                                    net cashflow:                 0 

 

 

the first year cash flow:   inflow: pension                  +48,000

                                   outflow: living expense:      -110,000(cant remember the number)*1.03=xxxxx

                                    net cash flow:                   -209,670

 

real after tax required return:     209,670/4,350,000=4.82%

 

nominal after tax required return: 4.82+3=7.82%

[此贴子已经被作者于2011-6-8 7:22:53编辑过]

same, great

erix9000

 我最后一步多除了个0.8， 算成税前的了其他步骤一样。

brightcool

你扣不了几分   步骤对就行

erix9000

我写了2stages，当前的一年不算，好像按照2010年的解释也可以的。

sayyescici

QUOTE:

以下是引用brightcool在2011-6-8 7:24:00的发言：
对 LIQUIDITY 就是209670这个 或者税前 /0.8 TIME HORIZON 是 3 STAGE

 

 

time horizon: 1st stage: before one of two dies,

                    2nd stage: after one of two dies till the other survivor dies