Q6所以正确的应该是： 先计算税后的组合价值：Final after-tax portfolio value = (1＋0.070) × (1＋0.033) × (1＋0.075) =1.1882.再计算Portfolio value net of the unrealized gains tax liability = 1.1882 × [1- (5%)×(20%)] =1.1763 最后计算annualized post-liquidation return = 1.1763(1/3) - 1 = 5.56% 第二个问题是，5%是embedded gain,税率是20%，为什么不是5%*（1-20%）

请问如果是bear flatting的变化，做免疫是用long ST bond, short LT bond。但这里的long short策略也可以用bullet和barbell来做么？

最后一问“Premiums that the policyholder pay are neither a part of his taxable estate at the time of his death nor are subject to a gratuitous transfer tax.“这句话是怎么体现出来可以为遗产提供资金的呢？

第二题对应的正文“withdrawals from the TDA account will be taxed at 20%”怎么理解呢，最后计算用的20%是40%-20%得到的吗？

Statement 2 If Jason were to purchase the annuity in 10 years rather than immediately, his annual income yield would be higher at that time than now。Statement 3 If Janice were to add a 10-year period certain option to her annuity, her income yield would be reduced when compared to not having the option, but it would be reduced by greater amounts the longer she waits to purchase the annuity.——这两个为什么是对的，可否解释一下？

第三题期初支付在计算器上怎么按？

第七题：本题问：Kaminski递延账户（TDA）的税后财富在五年末将最接近多少？根据TDA账户计算FV的公式，可得：FV = PV × (1+R)^n × (1 - t), where R is the portfolio pretax return。FV = $1,000,000 × (1+0.07)^5 × (1 - 0.20)。FV = $1,122,041.38——这题不是说了“递延”么，但是答案过程里好像没有体现出递延？

老师可否把第六题最终的思路、公式和代入数值的公式都展示一下？

三级 CME 原版书后题，CME写作题型第二题-Jan Cambo那道 题干：On the fiscal side, Hadpret expects the Eastland government to enact a substantial tax cut. As a result, Hadpret forecasts large government deficits that will be financed by the issuance of long-term government securities. Discuss the relationship between the shape of the yield curve and the monetary and fiscal policy mix projected by Hadpret. 疑问：为啥宽松的财政政策对利率曲线影响不确定？政府通过发行长期国债增加政府赤字，市场债券供大于求，长端利率上升，故财政政策传导使长端利率上升。这样理解是否准确？ 另外，这题怎么还说到了私人部门信贷可以对冲宽松财政政策？是什么个机制？

这里moderate volatility不和刚才计算的三种情形下都是6块钱的收益相冲突吗？