确认一下，请问这里老师的意思是说，不同的credit rating的bond，是不能在一起比较价格高估还是低估的是么？不管是什么方法么？谢谢

请问这里，长期利率下降，是callable bond 更容易行权，那不是value of callable bond上升么？V(callable bond)=V(pure)-V(call option)，那V(call option)不应该下降么？老师讲解中到底是指callable bond 还是 call option？可否解释一下这题？谢谢

Suppose Nestlé common stock is trading for CHF70 and pays a CHF2.20 divi- dend in one month. Further, assume the Swiss one-month risk-free rate is 1.0%, quoted on an annual compounding basis. Assume that the stock goes ex-dividend the same day the single stock forward contract expires. Thus, the single stock forward contract expires in one month. The one-month forward price for Nestlé common stock will be closest to: 老师这里面的2.2代表什么意思？

请问这里的c选项，我记得基础课上说的是stock price 小于执行价时会体现stock特征，stock price movements会影响，那为什么C选项不对呢？

A long one-year forward contract on a productive asset was entered at a forward price of ₡1,000. Now, seven months later, the underlying asset is selling for ₡1,050. The PV of the cost to store, insure, and maintain the asset for the next 5 months is ₡4.00, and the asset will generate income over the next 5 months with a PV of ₡28.00. Assume annual compounding for all costs and benefits and a risk-free rate of 2%. Based on the current spot price and the no-arbitrage approach, which of the following values is closest to the equilibrium five-month forward value? A ₡34.22 B ₡33.50 C ₡35.94 老师，麻烦你用两种方法算一下，这道题呗。

老师，case3的第五题，计算RI5的时候，为什么用的是RI1*(1+g)^5？RI不是不能用g来计算吗，需要用clean surplus relation

请问这题中，表6中不是interest rate tree，为什么这个tree也表示floater bond 的coupon rate呢？

关于实物期权，课堂上讲根据悲观和乐观情况算npv，悲观情况下npv为负数时取0。但是百题case6中第五题在算时，悲观情况算出npv为-23.32，直接带入了，没有取0。请问什么情况下不取0。

Reading22课后题12，选项C为什么不对？我觉得三个答案好像都可以，但是科技进步代替了原有产品，最直接不是growth下降嘛？所以我选C

老师，goodwill中这个例题，为啥这样求？