brightcool

09年真题
Multiplicative approach: (1.05 × 1.0045 × 1.03)?1=8.64%.
? Additive approach: 5% + 0.45%+ 3% = 8.45%.
? The multiplicative approach is more precise because it accounts for the effect of
compounding in a multi-period setting. The additive approach is approximate

liucyndy123

65%就能过？

brightcool

TOP 1%的70%   自己算

erix9000

 这个1%能到95%正确率不错了，差不多65%就可以了

swinerton

QUOTE:

以下是引用brightcool在2011-6-8 8:14:00的发言：
TOP 1%的70% 自己算

我就好奇，如果所有人都达到这个标准，怎么办。呵呵

brightcool

2001通过率82%

erix9000

 那时的题目貌似很简单的样子。

hc888

.................................

arielwang1206

QUOTE:

以下是引用宾客在2011-6-8 1:24:00的发言：

关于等价税率那题，楼上的几位，包括我自己，都太过于在乎notes上的那个公式了，反而忘了等价税率的本身含义。

这题的题目没有问15年平均年化等价税率吧，所以只要算最终取出时的等价税率就可以了。就是90/500=18%。

问了，题目问的就是Tae为多少

watnext2000

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]

 

我觉得最后不应该加3%, 算出的4.82%就是norminal rate. 原因是在计算living expense 时,已经考虑3%的inflation 了. outflow: living expense:      -110,000(cant remember the number)*1.03=xxxxx. brightcool 请来讨论一下. 如果加上3% 就意味着living expense 实际上被inflate 了两次

[此贴子已经被作者于2011-6-8 9:37:10编辑过]