老师能讲讲return base 和holding base的各自的优缺电么？

请问 1. 这里statement 1 答案，为什么spot price也会下降？ 2. statement2的描述，cheaper是对是错呢？

D问，forward和call option的payoff，乘的risk factor是什么？

原版书224页Q3,答案用2.4%是不是有问题，它不是dividend income return 呀？谢谢

这道题选 A吧

这题的答案，exhanged fund, 为什么是7-year investment horizon. 谢谢

最后一题按理说long 方是买入一个保护支付保费，是卖出风险资产，不是卖出这个cds啊，是应该买入这个cds 啊

而且第二题应该是买入10年的，再第9年的时候把它卖掉吧，明明第九年的价格高，如果卖10y的这不是亏了吗

请问老师这题怎么理解，题目条件从第二句话开始都没看懂，背景条件和目的我都看不懂。麻烦逐一解释下呢，谢谢。Queensland has a short position of 60,000,000 Indian rupees (INR) in an INR/AUD forward contract that is currently due. Sebastian reviews the position with Novak and informs him that the India assets under management grew by 5%. Sebastian is concerned about the INR exposure but does not have a directional view on the exchange rate movement in the INR/USD spot rate. To hedge the risk of the INR position, Novak suggests rolling the forward contract over using a three-month currency swap and presents the data in Exhibit 2.

老师请问这里的Note是什么意思？谢谢