应用财富管理代写 ECOM079代写 经济考试代考 经济学代写

Mid-Term Test 2021-22 ECOM079 – Applied Wealth Management

应用财富管理代写 Duration: 60 minutes (both answering, solving and uploading) Answer ALL questions THIS IS AN OPEN BOOK EXAMINATION TO BE CONDUCTED ONLINE.

Duration: 60 minutes (both answering, solving and uploading)

Answer ALL questions

THIS IS AN OPEN BOOK EXAMINATION TO BE CONDUCTED ONLINE. YOU MAY REFER TO ANY OF THE COURSE MATERIALS, OR ANY OTHER SOURCE OF INFORMATION. YOU MAY ALSO USE A SPREADSHEET OR CALCULATOR.

YOU CANNOT SUBMIT HANDWRITTEN ANSWERS

PLEASE ENSURE THAT YOUR WORKING IS CLEARLY SHOWN WITH ALL STEPS OF YOUR CALCULATION INCLUDED IN YOUR ANSWER DOCUMENT, INCLUDING ANY FORMULA USED.

When writing formulas, please note the following: 应用财富管理代写

• It is acceptable to use the standard alphabet rather than greek letters. The following are recommended: m for μ, s for σ, w for ω, r for ρ, d for Δ, b for β.

• For mathematical operators: add +, subtract -, multiply *, and divide /.

• Where appropriate, use an underscore to indicate a subscript, Eg r_f for rf.

• Use the ^ character for power, eg x^2 for x², x^0.5 for √x.

• As an alternative to x^.5 you may type sqrt(x).

• Use brackets as necessary. To make your answer clearer use different brackets where appropriate, eg [] {} ().

For the 4 Multiple Choice Questions Tick √ the correct answer in the table below.

If you believe the options available are not correct, please, provide your own within the table. (20 marks)

	a)	b)	c)	d)	e)
1
2
3
4

Multiple Choice Questions 应用财富管理代写

AZ expects taxable ordinary income (excluding investments) of £200,000 this tax year. She currently has £275,000 in a taxable investment account for which his main objective is retirement in 15 years.

The income tax structure of her country is:

Multiple Choice Question 1.

What is AZ’s average tax rate on ordinary income?

A. 22.5%.

B. 31.5%.

C. 35.0%.

D. 30.0%

E. 32.5%

Multiple Choice Question 2.

If AZ’s current investment account of £275,000 is invested in an asset which is expected to earn annual interest of 7.5 percent and no capital gains, what is her expected after tax accumulation in 16 years?

A. £778,664.

B. £786,547.

C. £742,960.

D. £773,277.

E. £782,960.

Multiple Choice Question 3. 应用财富管理代写

What is the accrual equivalent return assuming the facts in Question 2?

A. 6.875%.

B. 6.775%.

C. 6.675%.

D. 6.555%.

E. 6.950%.

Multiple Choice Question 4.

If AZ’s current investment account of £275,000 is invested in an investment which is expected to earn a return of 7.5 percent, all of which are deferred capital gains, what is her expected after-tax accumulation in 15 years? The account’s market value is equal to its cost basis.

A. £740,747.

B. £749,048.

C. £790,747.

B. £765,747.

E. £790,747

Question 5. 应用财富管理代写

YM is determining the impact of taxes on his expected investment returns and wealth accumulations. YM lives in a ta jurisdiction with a flat tax rate of 21 percent which applies to all types of income and is taxed annually. YM expects to earn 8 percent per year on his investment over a 21-year time horizon and has an initial portfolio of €102,000.

a) What is YM’s expected wealth at the end of 20 years? (8 marks)

b) What proportion of potential investment gains were consumed by taxes? (8 marks)

Now assume that the return of YM’s investment of €102,000 at 8 percent comes in the form of deferred capital gains that are not taxed until the investment is sold in 21 years hence.

c) What is YM’s expected wealth at the end of 21 years? (8 marks)

d) What is the accrual equivalent return? (8 marks)

e) What is the accrual equivalent tax rate? (8 marks)

Question 6.

Discuss how taxes affect investment risk. (40 marks)

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