请问R2原版书例题3的几个数字是怎么算出来的？

Q20: reading12 习题17的B选项不大理解

Q19: 请问书上Reading 12 习题18的解释为什么说first change？ “An investor having an investment horizon equal to the bond’s Macaulay duration is effectively protected, or immunized, from the first change in interest rates, because price and coupon reinvestment effects offset for either higher or lower rates.” Excerpt From 2022 CFA Program Level III Volume 2 Derivatives, Currency Management, and Fixed Income CFA Institute This material may be protected by copyright.

CME 金程PPT 115页，最后一点：为什么收益预期高3%对波动率影响是一样的？

PPT88页On the liability side, there are many ways in which the duration of liabilities can be extended为什么要尽量降低资产的久期，而要扩大负债的久期呢？

老师您好，课后题55页， BPV value of the CTD bond为什么是127.05？

CME 金程PPT 106页 countries experiencing high trend rate tend to be smaller emerging markets. 这句话是什么意思？

老师您好，carry trade: 借入低利率的货币，投资高利率的货币。为什么借入相当月sell?投资相当于buy? 另外： forward rate bias: 现在利率低，将来很可能是forward rate premium, 将来利率高，在现货市场是sell,将来赚取premium?

老师讲的挺好

课后题68页27题：USD升值，selling USD forward怎么理解？ 少hedge怎么理解？