[CFA Level 3] cfa level 3 关于after realized taxes and deferred capital gain file, Users, capital, Tencent

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第一本Note 289页关于Return after realized taxes and deffered capital gain的例题：










FVIF=【(1+Return after realized tax)^n(1-effective tax rate)+Effective tax rate]-(1-B)*effective tax rate

我不太明白计算完了税后收益后，为什么还要加上一个effective tax rate (公式黑体）, 非常感谢。