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1、Question:1Topic:IndividualPortfolioManagementMinutes:35QUESTION1HASFIVEPARTS(A,B,CD,E)FORATOTALOF35MINUTES.ElisaLimaisa34-year-oldwidowresidinginacountrythatusesU.S.dollars(USD)asitscurrency.Shehastwochildren:age10andage6.LimaworksasthedirectorofmarketingatRelexCorporation.Exhibit1presentsdetailsoft
2、hefinancialenvironmentinLima,shomecountry.Exhibit1SelectedDatafromLimasHOmeCountryTaxesFlatincometaxrateof25%.Wages,realizedcapitalgains,andinterestaretaxedasincome.Dividendsarenottaxed.Realizedlossesmaybeoffsetagainstincomeandmaybecarriedforwardtooffsetincomeinfutureyears.HealthinsuranceGovernmentp
3、rovidesatnodirectcosttocitizens.Tax-deferredaccounts(TDAs)ContributionsarepretaxandannualmaximumisUSD40,000.Incomeandgainsgrowtax-dcfbrrcdandportfolioreallocationsarenotsubjecttotax.Incometaxesarepaidonfullamountofwithdrawals.Nopenaltiesonwithdrawalsforhousingoreducation.1.imascurrentpretaxannualcom
4、pensationisUSD140,000andhercurrentannuallivingexpensesareUSD96,000.Herfuturesalaryincreasesareexpectedtomatchanyincreasesinlivingexpensesonapretaxbasis.Limaisingoodhealth,ownsherhome,andhasnodebt.1.imaisadisciplinedinvestor,butarecentequitymarketdeclinecausedhergreatanxiety.Sheisworriedaboutherabili
5、tytofundherchildrenseducationandherretirement.Limameetswithherfinancialadvisor,MarkDuBord,toreviewherfinancialplan.DuBordnotesthefollowingfactors:1.imainvestsUSD12,000(pretax)inaTDAattheendofeveryyearandintendstocontinuedoingsountilsheretires.ThecurrentvalueoftheTDAisUSD250,000.1.imamakesannualcontr
6、ibutionstocharityofUSD6,000.Thesecontributionsarcincludedinherannuallivingexpenses.Shewillprepayherchildrensfutureeducationcostsattheendofthisyear.LimaparticipatesinRelex,sexecutiveretirementprogram.Atthemandatoryretirementageof60,shewillreceiveapretaxpaymentofUSD1,000,000.Question:Topic:Minutes:#1I
7、ndividualPortfolioManagement35DuBorddeterminesthattheprepaideducationcostsforbothchildrenwillrequireatotalofUSD50,000,includingalltaxes.HerecommendsthatLimapurchasealifeannuitytofundherretirement.DuBordcalculatesshewillneedUSD3,000,000(pretax)topurchasetheannuityatage60.LimaagreeswithDuBord,srecomme
8、ndation.Question:1Topic:IndividualPortfolioManagementMinutes:35A.FormulateeachofthefollowingconstraintsofLima,sinvestmentpolicystatement(ips)：i.liquidityii.timehorizon(4minutes)Oneyearlater,afterprepayingherchildren,seducationcostsandaftermakingherannualTDAcontribution,LimahasUSD225,000investedinher
9、TDA.Limasotherfinancialinformationremainsthesame.B.i.StatethereturnobjectiveportionofLimasIPS.ii.CalculateLima,srequiredaverageannualpretaxnominalrateofreturnuntilherretirementin25years.Showyourcalculations.(12minutes)DuBordalsoadvisesAbellaRual,Lima,ssister,a37-year-oldsinglewomanwithnochildren.Rua
10、lworksasabankruptcylawyerandispresidentofherownfirm.RuasannualincomeisUSD450,000andherannuallivingexpensesareUSD180,000.Sheisingoodhealth,ownsherhome,andhasnodebt.RuasinvestmentportfolioiscurrentlyvaluedatUSD1,500,000.Rualisconfidentthatlongtermequitymarketreturnswillmorethanoffsetlossesinmarketdown
11、turns.Shecontinuestoinvestregularly.Rualplanstoretireatage52,sellherbusiness,anddonatetheproceedstocharity.Herinvestmentportfoliowillfundherretirementexpenses.C.i.IdentifytwofactorsthatincreaseLia,sabilitytotakerisk,ii.IdentifyfwofactorsthatincreaseRuasabilitytotakerisk.(8minutes)D.DeterminewhetherL
12、imaorRualhasagreaterwillingnesstotakerisk.Justifyyourresponsewithonereason.(3minutes)DuringarecentreviewwithRual,DuBordnotesthattaxlawchanges,effectivenextyear,willlowerthetaxoncapitalgainsto15%buteliminatetheabilitytooffetincomewithrealizedlosses.TominimizeRuastaxliability,DuBordisconsideringtheopt
13、imallocation(tax-Question:1Topic:IndividualPortfolioManagementMinutes:35deferredortaxable)forherassetspriortothetaxlawchanges.DuBordandRualagreetomaintainRuascurrentassetallocation.RuasinvestmentportfolioandassetlocationareshowninExhibit2.Exhibit2RuasInvestmentPortfolioAssetClassTax-deferredAccountT
14、axableAccountCurrentValue(USD)CurrentVralue(USD)CostBasis(USD)Bonds250,000500,000550,000Equities500,000250,000150,000Total750,000750,000700,000DuBordrecommendsthetransactionsnecessarytoachievethemosttaxefficientassetallocationofbondsandequitiesineachaccount.E.i.Determinethesellamountofbondsandthe4ts
15、clamountofequitiestoachievethemosttax-efficientallocationineachaccount(tax-deferredandtaxable).ii.Determinethe“buyamountofbondsandthe“buyamountofequitiestoachievethemosttax-efficientallocationineachaccount(tax-deferredandtaxable).iii.Justify,withtworeasons,whythisisthemosttax-efficientallocation.Note:Assumenotransactioncostsorliquidityneeds.ANSWERQUESTIONI-EINTHETEMPLATEPROVIDEDONPAGE5.(8minutes)Question:1Topic:IndividualPortfolioManagementMinutes:35TemplateforQuestionI-ENote:Assumenotransactioncostsorliquidityneeds.AssetCIaSSi.Determinethesellamountofbondsandthe“sei】amount
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