老师 第33题我理解的是应该选A 还有这里的隐藏订单在题目中起什么作用？

请讲解一下第4题

15题C该怎么理解呢

这个0.2是哪来的？

老师，样本均值和总体均值的置信区间都是均值±k标准差/√n吗 25题，我记得老师说的/√n的是样本均值，没有说总体均值

31. Ash Lawn Partners, a fund of hedge funds, has the following fee structure: • 2/20 underlying fund fees with incentive fees calculated independently • Ash Lawn fees are calculated net of all underlying fund fees • 1% management fee (based on year-end market value) • 10% incentive fee calculated net of management fee • The fund and all underlying funds have no hurdle rate or high-water mark fee conditions In the latest year, Ash Lawn’s fund value increased from $100 million to $133 million before deduction of management and incentive fees of the fund or underlying funds. Based on the information provided, the total fee earned by all funds in the aggregate is closest to: A. $11.85 million. B. $12.75 million. C. $12.87 million. 麻烦老师讲解一下这道题，重点帮忙区分一下2/20 underlying fund fees with incentive fees calculated independently，此题用independently来计算，如果是dependently这种如何计算？

253题，这里r上升，资产价格下降，put option应该更in the money才对呀？

为什么还要除1+0.03/4

请老师讲解一下这题看答案不能理解

明明是risk seeking才不要求premium呀