15题不理解，烦请详细解释一下，谢谢。

17题是在ppt多少页哪里有讲嘛？

为啥投资性房地产划分到pp&E时候，可以改变？

An investor gathers the following data. To estimate the stock's justified forward P/E, the investor prefers to use: The earnings growth rate rather than the dividends growth rate and The average of the payout ratios over the relevant period, in this case 2010-2013, rather the most recent payout ratio. The yield on 10-year T-notes is 3 percent and the current equity risk premium is 6.5 percent. If beta is 1.3, then the stock's justified forward P/E is closest to: 您好，这道题我看了答案解析，从2010-2013年 计算增长，为什么不是4次方而是3次方，这个点是我不理解的地方，

以NAV买ETF就是在一级市场买，可以这样理解吗

Which of the following security market will result in highest arbitrage activity? A Market efficiency. B With no restrictions on short selling. C With high information-acquisition costs. C为啥不选

啥叫european put?

27.单选题 已收藏 标记 纠错 A trader buys 500 shares of a stock on margin at $36 a share using an initial leverage ratio of 1.66. The maintenance margin requirement for the position is 30%. The stock price at which the margin call will occur is closest to: A $20.57. B $30.86. C $25.20. 老师您好，这个题不太明白，麻烦解析下，第一步initial equity in margin 为什么是1/1.66,z再就是后面的解析，多谢

put call parity怎么用文字解释？

老师你好，关于callable bond 中的make-whole call provision,要求发行人赎回债券时要支付相应的未来所有coupon和本金的现值之和，这样会有利于投资者。我想问一下，一般的赎回价格是如何规定的？一般的赎回价格是按面值吗？比如说面值1000，赎回价格就是1000？未来所有coupon和本金的现值之和或许计算出来会小于1000吧？