You have two identical portfolios of $100,000. Assume both portfolios are in a taxable account. Portfolio A has 0% annual turnover, while Portfolio B has annual 100% turnover. Stocks in portfolio A are sold at the end of 10 years and the taxes are paid at the end of 10 years. Portfolio B has 100% annual turnover, with taxes paid each year. Both portfolios are expected to earn 8% per year. Assume that the applicable taxes are 20% each year in the taxable account. What is the after-tax value of the two investments at the end of 10 years? .