老师，这题让indicate，是不是要先说明二选一哪一个国家会看到货币升值？然后解释原因？我这么答能不能得分: country X is more likely to experience an appreciate in local currency. Because: 1) Recall the covered interest rate parity, real interest rate should be the same across countries, as country X has a lower inflation rate, it is more likely to have an appreciation in local currency. 2) As new law's that allows foreign direct investment has been passed in country X, international capital is more easily inflowing to country X which could exert local currency appriciation. 3) The current account surplus of country X pushes it's local currency to appreciate. 4) Although country Y has a higher expected GDP growth and government bond rate, which seems more attractive for international capital to inflow to lead local currency appreciation, the deny of direct foreign investment law offset this advantage. Thus country x is more likely to have a currency appriciation.

老师 解析里面是USDdepreciate 导致了更加的negative roll yield 可以解释一下吗

老师 第三题能不能说 因为他想留住这个客户 因为是charity的founder 可能有时候做一些对charity不好的决策 但是有利于Green？

老师，human life保额计算这里。都是用1.94做I/Y折的吗？收入、支出我看都是用的这个折现率。什么情况下需要注意用5来折？

老师 不是在进行portfolio选择的时候 convex越低越好吗？还是只是multiple liabilities才这样

value factor 是不是 low PB就大于0 high就小于（因为是growth stock

老师 他这个题干用whole public equity回归的意义是什么 在第二题risk diversification的选择 我看index 2 和market有最高系数 我以为这样unsystematic risk最小

第一问 inclusion of fix income asset class是什么方法呀？我在CME LM2只看到前两种方法

老师 最后算总return的时候 用compound 算可以吗？不是简单的加减 因为我看教材上或者课后也是这么算

老师，图1和图23是两个题，都是Hc计算。都是告知current工资。第一年工资一个乘了g，一个没有。麻烦讲解一下区别。什么情况下乘什么情况不用。