加权平均不是衡量历史业绩最好的方法吗？

这题为什么要用125-113.5？人家明明说要before fee，

这题k=1是怎么求出来的？我用1-k方分之一≤22.89%不对吗？

Which of the following shows the perspective productivity offers on the business cycle? A It shows the need for new employees. B It measures the intensity of work flow for existing employees. C It assesses the skill set of existing employees. 这题我觉得还是a对

putable bond不是价格高，因为对bonder有利，所以收益率低的么？

An analyst gathered the following information about a company: What is the firm's reported effective tax rate? A 30%. B 25%. C 5%. 这题什么原理？

A bond markets, buy and sell orders are initiated from various locations and then matched through a communications network. The bond market can be best described as an: A organized exchange. B open market operation. C OTC market. 这题真的好无语，a怎么就不对了，答案说债券都是场外？不可能吧，我国有，美国也有场内的债券市场，下单各方也来自各个地点，在互联网上撮合成交。

Karen Dalby, CFA, volunteers on her church’s finance board but receives no cash compensation so she does not report the arrangement to her employer. Board compensation is limited to an annual retreat to Hawaii, but the accommodations are modest. Dalby does not enjoy the retreat and often considers skipping the event entirely. Dalby is most likely: A not in violation of the Code and Standards. B in violation of Standard IV(B) "Additional Compensation Arrangements." C in violation of Standard IV(A) "Loyalty." 住宿条件modest，而且他也不enjoy，而且他也不是经理，管账户那种，怎么就违反了？

请问这道题怎么算的啊，我算怎么是45呢 20-5-3+3，再加回dividend和depreciate 之后是45呀？

为什么还要除1+0.03/4