ECOM079 – WealthManagement
Duration: 3 hours
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.
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:
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 [] {} ().
Use the information below to work with Questions 1. to 6. 财富管理代写
Assume that a portfolio generates a total return of 16%. The tax rates on interest, dividends, and capital gains are 35%, 20%, and 20%, respectively. The proportions of the portfolio return from interest, dividends, and realized capital gains are 10%, 25%, and 35%, respectively.
Question 1.
Calculate the after taxes net return. [5 marks]
Question 2.
Calculate the effective capital gains tax rate. [5 marks]
Question 3.
Calculate the expected balance in the account in seven years after payment of all taxes assuming the return proportions for the entire time period and the account’s cost basis is £100,000. [5 marks]
Question 4.
Calculate the expected balance in the account in seven years after payment of all taxes assuming the account’s cost basis is £80,000 instead of £100,000 and the investment’s current value is £110,000. [5 marks]
Question 5. 财富管理代写
Calculate the accrual equivalent after-tax return assuming the return proportions continue for eight years and the account’s cost basis is £100,000. [5 marks]
Question 6.
Caclulate the accrual equivalent tax rate assuming the return proportions continue for eight years and the account’s cost basis is £100,000. [5 marks]
Question 7.
Calculate the expected after-tax balance that can be withdrawn after 21 years, assuming a tax rate of 30% and a pre-tax return of 10%, assuming £110,000 is invested in a tax-deferred account. [5 marks]
Question 8.
Calculate the expected balance in the account after 21 years, assuming a tax rate of 30% and pre-tax return of 10%, assuming that £110,000 is invested in a tax-exempt account. [5 marks]
Question 9. 财富管理代写
Discuss the major constraint categories included in an individual investor’s investment policy statement. [20 marks]
Question 10.
Evaluate the after-tax benefits of basic estate planning methods including lifetime gifts, testamentary bequests, generation skipping and spousal exemptions. [20 marks]
Question 11.
Discuss the asset location, trading behaviour and tax loss harvesting as part of the potential tax-planning opportunities to maximise the after-tax accumulation of wealth. [20 marks]
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