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An investor deposited $33,000 in a zero coupon bond position 20 years ago. It consisted of 100 zero coupon bonds each with a face value of $1,000 and 20 years to maturity. The investor’s current marginal tax rate is 30%. At maturity, and after all taxes have been paid, the value of the position is $84,500. Compute the accrual equivalent after-tax return. A. 4.81%. B. 4.33%. C. 3.99%. |