请解释下NRV中的selling cost包含哪些？是指存货的成本+conversion等么？谢谢

老师：请问为什么从第1年至第3年收益率下降就可以判断MWRR小于TWRR？另下图表格中第3下面的那个公式是什么意思？

老师，想问下这题计算CY时题目中给的7%是semi-annual coupon，为什么可以直接用来计算CY？这边不需要转换成annual吗？

An example of a contra asset account is: depreciation expense. sales returns and allowances. allowance for doubtful accounts. 请问这个问题怎么解释呢

第二种方法，amount in margin is 6000=4000+(60-50)*200,为什么（60-50）*200不乘以minimum 40%?

老师 第十题正确答案是B，但是我觉得B应该是第三方提供了一个保障来对冲卖方带来的风险，另外A选项是错在guarantee上吗 c选项哪里错了

The beginning value of a hedge fund is $100 million and earns a 20% return for the year. 2% management fee on end-of-year fund value and a 20% incentive fee on the return net of the management fees were charged by the fund. which is in excess of a 5% fixed hurdle rate. Please calculate the fund's investors' return for the year, net of fees is: A 19.66%. B 21.25%. C 15.11%. 这题答案错了吧，（20-2.4-3）/100=14.6%才对

The beginning value of a hedge fund is $100 million and earns a 20% return for the year. 2% management fee on end-of-year fund value and a 20% incentive fee on the return net of the management fees were charged by the fund. which is in excess of a 5% fixed hurdle rate. Please calculate the fund's investors' return for the year, net of fees is: A 19.66%. B 21.25%. C 15.11%. handle rate到底什么意思呢？

Suppose you own a stock at $102. You have a short forward contract to sell the stock at a price of $100 one year from now. Risk free rate is 4%. What is your overall value of the two positions? A -5.85 B 5.85 C 100 这是什么原理呢？我选的c，我觉得他锁定了最低value

老师我想问一下，不是只有标准正态分布的kurtosis才等于3？