QUESTION 7 HAS FOUR PARTS （A， B， C， D） FOR A TOTAL OF 36 MINUTES.
　　Roberto and Mariana Carvalho live in a large city in Brazil with their two children， ages four and two. Roberto is 30 years old and Mariana will be 30 years old later this month. Roberto is a manager in a manufacturing facility and Mariana is a musician in the local symphony orchestra.
　　Roberto and Mariana’s annual salaries total 120，000 Brazilian reais （BRL） after tax. Their salaries just cover their living expenses. The average annual inflation rate is four percent and their salaries and expenses are expected to increase at this rate. They are healthy and believe their jobs and earning potential are secure. The Carvalhos’ salaries， dividends， and interest are taxed at 20 percent， and capital gains at 15 percent.
　　Mariana’s parents have significant wealth and funded an irrevocable personal trust for her. Brazil has a wealth transfer tax that applies to transfers into trusts and to inheritances. Brazil has adopted the Prudent Investor Rule for the administration of trusts. The current value of the trust is BRL 1，500，000. The terms of the trust state that when Mariana reaches the age of 30， she will receive a tax-free distribution of half the value of the trust. The balance of the trust will remain invested and will distribute in total to her when she reaches age 40. Since she does not have access to the remaining balance for ten years， this balance is not considered a part of the Carvalhos’ investable assets， but is part of their total net worth. In addition， Mariana expects to inherit a substantial sum of money upon the death of both parents.
　　The Carvalhos have BRL 500，000 in investable assets， currently all in short-term bank deposits. It is their intention to maintain at least this amount in investable assets， on an inflation-adjusted basis， in the future.
　　The Carvalhos currently live with Mariana’s parents， but are now purchasing a home. The purchase price of the home is BRL 850，000. The down payment is 30 percent of the cost of the home and will be funded from the trust distribution. The Carvalhos will take out a fixed rate mortgage for the balance of the purchase price. The after-tax mortgage cost will be fixed at BRL 55，000 （principal and interest） annually for 30 years， with the first annual payment due one year from now.
　　The Carvalhos’ immediate investment goal is to have their investment portfolio cover the cost of the mortgage， while maintaining the portfolio’s inflation-adjusted value. They plan to retire at the age of 60 and their long-term goal is to have an investment portfolio that will provide an annual income comparable to their current salaries adjusted by inflation. Their family health insurance is provided by Roberto’s employer， both now and in retirement. They are hopeful their two children will attend the local university at no cost. The university does not charge tuition fees for qualified students who pass its entrance exam. Those who do not pass the exam are required to pay full tuition， which is high relative to the Carvalhos’ living expenses.
　　In order to meet their investment goals， the Carvalhos realize they need to consider investments other than short-term bank deposits. The Carvalhos hire Luiz Oliveira， CFA， to manage an investment portfolio that they will fund with their BRL 500，000 in bank deposits and the net proceeds of Mariana’s trust distribution at age 30.
　　答案：A.  
        解析：i.  Preparethe return objectives portion of the Carvalhos’ investment policy statement （IPS）.
　　ii.  Calculatethe after-tax nominal rate of return that is required for the next year.
　　Showyour calculations.
　?。?2 minutes）
　　B.  i.  Identifytwofactors in the Carvalhos’ situation that increase their ability to take risk.
　　ii. Identifytwofactors in the Carvalhos’ situation that decrease their ability to take risk.
　　iii.  Determinewhether the Carvalhos have below-average， average， or aboveaverage ability to take risk.
　?。?0 minutes）
　　答案：C.
        解析：Preparethe following constraints of the Carvalhos’ IPS：
　　i. Liquidity
　　ii. Time horizon
　　（6 minutes）
　　Twenty-five years have passed. The Carvalhos are now 55 years old and their two children are grown and financially independent. Mariana’s parents passed away earlier this year and left her an inheritance of BRL 8，000，000 after-tax. The Carvalhos have five years remaining on their mortgage and the BRL 55，000 annual mortgage payment will continue to be funded from their investment portfolio. They intend to work another five years and then retire at age 60. Their salaries are expected to continue to cover their living expenses until retirement. Their investment portfolio， including the inheritance， now totals BRL 10，200，000.
　　The Carvalhos explain to Oliveira that in retirement， they would like to maintain their current standard of living and start a regular program of donating money to their favorite charities. They also hope to leave an inheritance of BRL 5，000，000 to each of their two children at their death. Oliveira calculates they will need a portfolio value of BRL 15，000，000 when they retire in order to support these goals.
　　答案：D.
        解析：i.  Preparethe current return objectives portion of the Carvalhos’ IPS.
　　ii.  Calculatethe after-tax nominal rate of return that is required for the portfolio.
　　Show your calculations.
　?。? minutes）
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