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عمومی::
بازده پس از مالیات
Active management that succeeds in producing higher pre-tax returns often produces lower after-tax returns through cut- ting short the holding periods that would allow unrealized gains to build up.
She expects a 4% real after-tax return on investment-that is, after taxes and inflation.
However, in this case, with a 4% annual real after-tax return on investments, com- pounded for 40 years, continually augmented by fresh savings, the savings rate required is much less-only about 12% of income.
If she reduces her expected return to that of a riskless long-term after-tax return net of inflation, perhaps 2%, the formula would indicate a required
The appropriate expected portfolio growth rate over multiple periods RP is equal to the single-period expected after-tax return for cash EC plus a term (ES − EC)2 / (LVS) that goes up as leverage L goes down.
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