老师，我不是很懂，为什么第一年年末的数值会和第二年年初的数值不同，题目说的是第一年年末的时候买了5股，那么第一年年末数不应该就是15股了吗？为什么算FV的时候不把那5股算进去？

18.单选题 已收藏 标记 纠错 The most important LIBOR rate for funded investors is the: A 20 year rate. B 1 year or less rate. C 10 year rate. 上一题 下一题 正确答案B 您的答案C本题平均正确率：85% Coupon payment structures难度：一般 推荐：      答案解析 A funded investor is one who borrows to invest. These investors typically borrow short-term and the interest rate on their loan is typically short-term LIBOR plus a margin (e.g. LIBOR plus 30 basis points). funded investors 咋翻译？

请问老师，CV中的下方均值为什么是算术平均而不是加权平均

13.单选题 已收藏 标记 纠错 The yield on a U.S. Treasury STRIPS security is also known as the Treasury: A spot rate. B yield spread. C forward rate. 查看解析 上一题 提交试卷 正确答案A 您的答案B本题平均正确率：49% Securities issued by sovereign governments难度：一般 推荐：      答案解析 A is correct because a STRIPS security is a zero-coupon bond with no default risk and therefore represents the appropriate discount rate for a cash flow certain to be received at the maturity date for the STRIPS. 问：strips到底是投行将之剥离成n个零息债券，还是财政部自己剥离的？谁做的这个操作？

01.单选题 收藏 标记 纠错 When taking commercial bank into consideration, holding reserves with central bank is: A a mandatory requirement. B an opportunity cost. C a good instrument to receive interest on excess funds. 查看解析 下一题 正确答案B 您的答案C本题平均正确率：20% Short-term funding alternatives难度：一般 推荐：      答案解析 B is correct. Funds held in reserve with the national central bank are an opportunity cost because they cannot be invested with higher interest or loaned out to consumers or commercial enterprises. A is incorrect because although many countries require deposit-taking banks to place a reserve balance with the national central bank, this is not always the case. C is incorrect because some central banks pay no interest on reserve funds, and sometimes even charge for keeping reserve funds. 问：如果按着机会成本-即 次优收益 来理解B?

Intermediate-term debt instrument 指哪些？

为什么投资对利率敏感度上升，AD会更平缓？？

02.单选题 已收藏 标记 纠错 If interest rates are expected to increase, the coupon payment structure most likely to benefit the issuer is a: A step-up coupon. B inflation-linked coupon. C cap in a floating-rate note. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：75% Coupon payment structures难度：一般 推荐：      答案解析 问： 1.inflation和利率有关联吗？有说inflation 钱松 利率就一定上升这样的关系吗？ 2.inflation linked coupon是说通胀coupon上涨，还是说只是关联，但是相关性没有确定？ 逐次回答 谢谢

0Y1Y，1Y1Y，2Y1Y，3Y1Y，对应的不就是S1 S2 S3 吗？

12.单选题 已收藏 标记 纠错 The difference between an issuer rating and an issue rating is that: A The issuer rating applies to all of an issuer's bonds, whereas the issue rating considers a bond's seniority ranking. B The issuer rating is an assessment of an issuer's overall creditworthiness, whereas the issue rating is always higher than the issuer rating. C The issuer rating is an assessment of an issuer's overall creditworthiness, typically reflected as the senior unsecured rating, whereas the issue rating considers a bond's seniority ranking (e.g., secured or subordinated). 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：86% credit ratings难度：一般 推荐：      答案解析 问： 1.A前半句，说主体评级适用于所有的债券评级，应该也没错吧，先是要拿公司作为整体参考啊？ 2.C中（e.g., secured or subordinated)和ranking的关系是，有抵押品的怎么算排行？ 3.subordinated是什么债券？ 请逐次回答 谢谢