请问第一张图中横线意思不是一个PMT的概念吗？为什么在答案中是一个PV的概念？

老师请问这两题中 1，206题里算growth rate是用的eps而后面那题growth rate用的是dps，是因为206求的是earnings而后面那题求的是div growth rate原因吗？ 2，206中average pay out ratio是用平均数算，为什么203题中retention rate不用平均数？ 3，203题中算出最后的g用两种方法的平均数算出为6.9, 为什么206中不用两种方法的平均值？ 4，203中为什么用第二种方法算g的时候，不是用几年的平均数而是取最后一年的数？ 图二图三为203题

老师，图二26题答案我画线部分为何要如此解释呢？diluted EPS 分子不该是Ni -preffered stock dividend +convertible prefered stock dividend 吗，在此题图二答案中为何分子只是Ni?若答案假设两个dividend 抵消，如何确保可转优先股与优先股数量一样，dividend 一样而抵消?所以抵消掉dividend 是错的吧?

serial bond不是也要求赎回的么？

serial bond不是也要求赎回的么？

serial bond不是也要求赎回的么？

Machile, CFA, is the Managing Director for Business Development of a large U.S.-based Hedge fund organization. Machile recently approved unusual terms for the fund’s client agreement in order to secure business from a large hedge fund manager based in Asia. To allow for time zone differences, the agreement allows the hedge fund to trade six hours after the close of U.S. markets. According to the Standards of Practice Handbook, did Machile violate any CFA Institute Standards of Professional Conduct? A No. B Yes, because he failed to inform his other clients of the unusual terms under the new client agreement, thus not treating clients equally. C Yes, because he failed to review regulations on late-trading and did not consult with ABC’s compliance director to determine if late-trading was acceptable. 人家是 agreement allows呀，有什么违反的呀！

老师 对于22题 为啥要在后付年金算出现值的情况下乘以1.05 呀？ 感谢

7/1回购100股，那么11/1日发放股利的时候应该和这个100股没有关系了，为什么还会变成110股？

老师，第14题如何用计算器计算出两个IRR?