请问ecnomic讲义的第32页讲义例题，用forward piont 公式算F-S为什么结果不太一样，计算如图2，方法没问题呀

15题，这里的int income利息收入是指什么啊？债券买价乘以市场r？ 平价债券等于coupon，我知道，但是下面就不懂了。 买一个债券，coupon是收到的，利息不懂… 根据利息和coupon的关系怎么判断这个题… 如果不是平价的状况，一个变成AFS，怎么变？

请老师解释下紫色划线部分的两点原因，为什么此两个原因会导致持有到期收益率不能作为期望收益率。谢谢！

老师您好, 能不能举个例子, 比如我们学的那些过程就是calibrate binomial interest rate trees? 哪里体现了calibrate? 谢谢~

9题的话，问NI，所以就是考虑利润表上的影响，就是O公司利润的50%加上Z公司原有的，对吧… 如果是问B/s表上的影响就是cost加上NI还要减去DIV，都乘以比例，对吧…

这个题目的原版书题目和答案都贴在下面。是不是错了？看一下我的答案（见附图）。我的解答正确吗？ Fromm’s sensitivity analysis will result in a decrease in the 2015 base case gross profit margin closest to: A. 0.55 percentage points. B. 0.80 percentage points. C. 3.32 percentage points. A is correct. The sensitivity analysis consists of an increase of 20% in the price of an input that constitutes 4% of cost of sales. Change in gross profit margin because of that increase is calculated as the change in cost of sales because of price increase divided by sales: = (Cost of sales × 0.04 × 0.2)/Sales = (105.38 × 0.04 × 0.2)/152.38 = 0.0055

财务的第一题。这里earning是什么？ 我的算法是占比19%，所以加上NI*19%-div*19%

贴一下课后题目的答案。没有看懂。请老师解释。谢谢。B is correct. If the future growth or profitability of a company is likely to be lower than the historical average (in this case, because of a potential technological development), then the target multiple should reflect a discount to the historical multiple to reflect this difference in growth and/or profitability. If a multiple is used to derive the terminal value of a company, the choice of the multiple should be consistent with the long-run expectations for growth and required return. French tells Wright he believes that such a technological development may have an adverse impact on Archway beyond the forecast horizon.

这里不懂为啥investment记500。equity方法核算investment不是应该500再加上NI减去div吗？这里怎么花了500就在investment记500？

请老师解释一下骑乘收益率曲线的原理，谢谢！