The intrinsic value of an option is always zero: A at expiration. B when its time value is zero. C when it is out-of-the-money. 想问一下 intrinsic value和time value 的关系，比如，我out of money，但是还有1m才到期，这时是有time value的对吧，那么这时问intrinsic value就只看价格因素吗？

不应该是万分之24吗？2%乘4%不等于8%的吧

老师：请问为什么从第1年至第3年收益率下降就可以判断MWRR小于TWRR？另下图表格中第3下面的那个公式是什么意思？

The beginning value of a hedge fund is $100 million and earns a 20% return for the year. 2% management fee on end-of-year fund value and a 20% incentive fee on the return net of the management fees were charged by the fund. which is in excess of a 5% fixed hurdle rate. Please calculate the fund's investors' return for the year, net of fees is: A 19.66%. B 21.25%. C 15.11%. 这题答案错了吧，（20-2.4-3）/100=14.6%才对

The beginning value of a hedge fund is $100 million and earns a 20% return for the year. 2% management fee on end-of-year fund value and a 20% incentive fee on the return net of the management fees were charged by the fund. which is in excess of a 5% fixed hurdle rate. Please calculate the fund's investors' return for the year, net of fees is: A 19.66%. B 21.25%. C 15.11%. handle rate到底什么意思呢？

Suppose you own a stock at $102. You have a short forward contract to sell the stock at a price of $100 one year from now. Risk free rate is 4%. What is your overall value of the two positions? A -5.85 B 5.85 C 100 这是什么原理呢？我选的c，我觉得他锁定了最低value

不是用e的0.08次方-1么

最后两句话没有明白，请老师讲解一下？

Maturities of Euro commercial paper range from: A Overnight to three months. B Overnight to one year. C Three months to one year. 答案错了

不是callable bond convexity最大吗？怎么会选putable?