今天给大家带来的是CFA一级 数量科目的题目的分享，希望给大家的学习带来帮助。
At the beginning of the year, an investor holds EUR10,000 in a hedge fund. The investor borrowed 25 percent of the purchase price, EUR2,500, at an annual interest rate of 6 percent and expects to pay a 30 percent tax on the return she earns from his investment. At the end of the year, the hedge fund reported the information in Exhibit 22:
The investor’s after-tax return on the hedge fund investment is closest to:
A 3.60 percent
B 3.98 percent
C 5.00 percent
解析：
C is correct. The first step is to compute the investor’s net return from the hedge fund investment. The net return is the fund’s gross return less managerial and administrative expenses of 1.60 percent, or 8.46% – 1.60% = 6.86%. Note that trading expenses are already reflected in the gross return, so they are not subtracted. The second step is to compute the investor’s leveraged return (the investor borrowed EUR2,500 (25 percent) of the purchase), calculated as: follows
C是正确的。属于投资者的收益是净收益，所以题目是让计算计算税后净收益。第一步是计算投资者对对冲基金投资的净回报（net return），净回报是指该基金的总回报（gross return）减去管理和行政费用的1.60%。注意，总回报已经是扣除了交易费的值，所以不需要再减去交易费。第二步是计算投资者的杠杆回报，计算公式：
计算得RL =7.15%。最后是扣除税费，计算税后收益，税后收益 = 7.15% ×(1–0.30) = 5.00%。
