$9.$ For an investor to access certain alternative investments including hedge funds and private equity, they often need to be accredited. An accredited investor is one with which of the following?

Net worth of $$1$ million or annual income of $$300,000($$$400,000$ for married couples$)$

Net worth of $$2$ million or annual Income of $$500,000($$$500,000$ for married couples$)$

Net worth of $$500,000$ or annual income of $$200,000($$$300,000$ for married couples$)$

Net worth of $$1$ million or annual income of $$200,000($$$300,000$ for married couples$)$

$10.$ Pat retired in $2007$ with $$865,000$ in his $401($k$).$ His plan was to withdraw $4\%$ of his account. In $2008,$ his account lost $30\%.$ Assuming he was able to stick to the $4\%,$ withdrawal what did his annual income decline by$?$ In addition, what risk does this question illustrate best?

Pat is still taking $4\%$ no decline, which illustrates default risk.

Pat is still taking $4\%$ no decline, which illustrates sequence of return risk.

Pat's withdrawal declined by $$10,380,$ which illustrates sequence of return risk.

Pat's withdrawal declined by $$10,380,$ which illustrates unsystematic risk.

$11.$ Emily invests $$100,000$ into a French stock when the dollar was at $1\mathrm{.}10$ relative to the euro. The stock goes up $5$ percent and she sells the investment and brings it back to U$.$S$.$ dollars when the exchange rate is at $1\mathrm{.}03$ dollars to the euro. What is Emily's return?

$12\mathrm{.}14$ percent

$1\mathrm{.}68$ percent

$5$ percent

$4\mathrm{.}99$ percent

$12.$ Your client made two investments into the High Growth Fund. $$50,000$ was invested in January $2020,$ and another $$50,000$ was invested in January $2021.$ The client is in the $35\%$ federal tax bracket and the $20\%$ long$-$term capital gain bracket. If the client sells his investments in March $2021$ for $$75,000$ and $$55,000$ respectively, what is the client's tax liability of this transaction?

$$5,000$

$$6,000$

$$10,500$

$$6,750$