题目这里是不是写错了？

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，

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

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

01.单选题 收藏 标记 纠错 A closed-end fund is trading at a premium to its net asset value. This scenario most likely reflects: A excess demand for redemption of the shares. B concerns about the quality of management. C a belief that the portfolio securities are undervalued. 麻烦解答下这道题

为什么用算数平均 不用几何平均呢？

reject point是什么意思？是指值还是面积？

划线这句话怎么理解？和解题方法不矛盾吗？

老师，我不理解这个公式的含义？可否再讲一下

22.单选题 已收藏 标记 纠错 Pierre-Louis Robert just purchased a call option on shares of the Michelin Group. A few days ago he wrote a put option on Michelin shares. The call and put options have the same exercise price, expiration date, and number of shares underlying. Considering both positions, Robert’s exposure to the risk of the stock of the Michelin Group is: A long. B short. C neutral. 麻烦讲解下，不懂 谢谢老师