15题这里，N应该怎么算出来？

老师，请问22题在说什么？问题是问什么东西的Pv

国内为什么要鼓励大家在新三板上牌上市，虽然交易额为0？

risks in infrastructure investing are most likely greatest when the project involves A construction of infrastructure assets B investment in existing infrastructure assets C investing in assets that will be leased back to a government

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 B 12.75 C 12.87 为什么是两笔费？

a hedge fund has the following fee structure annual management fee based on year-end AUM 2% incentive fee 20% hurdle rate before incentive fee collection starts 4% current high-water mark 610 million the fund has a value of $ 583.1 million at the beginning of the year.after one year,it has a value of $642 million before fees.the net return to an investor for this year is closest to A 6.72% B 6.80% C 7.64 老师，high water 这块的计算没理解，为什么要610*（1+4%），为什么还要是1+4%

如图所示，为什么这里算risk premium不是减去risk-free rate，而是除？ (2018版教材 Reading41 课后习题 13, 14)

Total capital, Total asset, total equity有些不懂了，感觉又有些矛盾，total asset=total liability+total equity，而equity=captal+revenue-expense, 这说明total asset应该远大于total capital, 不至于近似相等吧， 另外，烦请老师帮忙解释下，total capital和total equity实际区分以及中文意思，谢谢

为什么市场份额相同的情况下企业不会合谋？

他我觉得这道题A，C都对吧