老师，这道题完全看不懂，没思路。。。。

老师，不理解选A

老师，不懂这道题为什么选C

The actual probabilities of the up and down moves in the underlying do not appear in the binomial option pricing model, only the pseudo or “risk-neutral” probabilities. 老师，这句话中的pseudo是什么意思？谢谢

PV=C1/(1＋r)＋C2/(1＋r)^2............＋Cn/(1＋r)^n NPV=C0＋C1/(1＋r)＋C2/(1＋r)^2............＋Cn/(1＋r)^n PV=NPV-C0 PI=(NPV-C0)/C0=(NPV/C0)-1 老师我不明白为什么是NPV＋C0啊，逻辑不通啊

NPV不是从C0＋C1/(1＋r)＋C2/(1＋r)^2............到Cn/(1＋r)^n PI分子是所有未来现金流的折现求和，为什么是NPV＋CF0啊，那分子不就是两个C0了吗？

the minimum value和 the exercise value，这个知识点，老师上课没讲啊，不懂。

老师，为什么在美国capital gain tax要比coupon income tax低呀？他们的税率分别是多少呀？

老师，题中的Replication到底指的什么意思？复制？

老师，课后题有道解析如下，怎么理解互换的value就是The value of that replication。 Valuation of the swap during its life appeals to replication and the principle of arbitrage. Valuation consists of reproducing the remaining payments on the swap with other transactions. The value of that replication strategy is the value of the swap. The swap price is typically set such that the swap contract has a value of zero at initiation.