老师，能用中文和我解释一遍吗？看不大懂。。。

对于Agency securities有tranche，那里面的ABC是不需要分成senior-Subordinated？ 而对于non-agencysecurities就需要分成senior-Subordinated？

请问如果有一个analyst 他收了客户的additional compensation 事后也disclose了 但是没有得到consent。那从IB来讲不是没有violate的吗 从IVB来讲不是违规了吗 请解答 谢谢。

DERIVATIVES中 这道题C选项 ***老师视频中说的解释我没懂

老师，我发现有些题目用后面－前面／前面可是有些又是用后面－前面／后面，这个怎么区分啊？

55-34请讲解

55-42这道题根据排除法得到了正确答案C，但是根据已知条件结合课后答案，没看出来这个指标具体的代入数字是怎么得来的，请解答

12. Trumpit Resorts Company currently has 1.2 million common shares of stock outstanding and the stock has a beta of 2.2. It also has $10 million face value of bonds that have five years remaining to maturity and 8 percent coupon with semi-annual payments, and are priced to yield 13.65 percent. If Trumpit issues up to $2.5 million of new bonds, the bonds will be priced at par and have a yield of 13.65 percent; if it issues bonds beyond $2.5 million, the expected yield on the entire issuance will be 16 percent.。Trumpit has learned that it can issue new common stock at $10 a share. The current risk-free rate of interest is 3 percent and the expected market return is 10 percent. Trumpit’s marginal tax rate is 30 percent. If Trumpit raises $7.5 million of new capital while maintaining the same debt-to-equity ratio, its weighted average cost of capital is closest to: A. 14.5 percent. B. 15.5 percent. C. 16.5 percent. 麻烦老师帮忙讲解一下，谢谢！

8. The Gearing Company has an after-tax cost of debt capital of 4 percent, a cost of preferred stock of 8 percent, a cost of equity capital of 10 percent, and a weighted average cost of capital of 7 percent. Gearing intends to maintain its current capital structure as it raises additional capital. In making its capital-budgeting decisions for the average-risk project, the relevant cost of capital is: A. 4 percent. B. 7 percent. C. 8 percent. 麻烦老师讲解一下，谢谢！

Additional information: Equity risk premium, Sweden 4.82 percent Risk-free rate of interest, Sweden 4.25 percent Industry debt-to-equity ratio 0.3 Market value of Kruspa’s debt €900 million Market value of Kruspa’s equity €2.4 billion Kruspa’s equity beta 1.3 Kruspa’s before-tax cost of debt 9.25 percent China credit A2 country risk premium 1.88 percent Corporate tax rate 37.5 percent Interest payments each year Level 13. Using the capital asset pricing model, Kruspa’s cost of equity capital for its typical project is closest to: A. 7.62 percent. B. 10.52 percent. C. 12.40 percent. 请老师帮我讲解一下，我找不到公式Ks=rf+beta(rm-rf)中的rm是哪个？谢谢！