At 03:07 2014-06-11, Peter Cushing <pcushing@whisperingsmith.com> wrote:

[snip]

>Well the figure they have given you isn't 14% it is 12.28%. There

>must be another factor in the calculation to take it down to that.

No. It is that the percentages have different bases. 14% is

based on the pretax amount. ~12.28% is based on the posttax amount.

A simple-number example might help. Take 100 and add 25% to

it. You get 125. Take 125 and subtract 25% from it. You get 93.75,

not 100. (The inverse to adding 25% is subtracting *20%*.)

[snip]

Sincerely,

Gene Wirchenko

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