哈啰 q3怎么推导的

Monroe is retired and has $4.2 million of financial assets. One of Monroe's goals is to fund expected nominal expenditures of $120,000 in each of the next three years at a 95% required probability of success. Thompson suggests using a goals-based approach to construct a portfolio that meets this goal. She identifies a set of three available optimized sub-portfolio modules, as shown in Exhibit 1. She assumes that each year's expenditures will be a single year-end cash outflow.老师，为什么这题只需要考虑95%的收益，不需要考虑期望收益和波动率？这个是考哪个知识点呢？

远期升水，卖掉货币，算“低买高卖” ？这么解释不对吧，远期升水，但卖的现货，是还没升水的现货，不是高卖。这么讲课，容易误导。

Q6 是不是通过这个公式推出结论的？

yield 变化指什么？ 是否包含spread 部分？

有改过题的老师？ 请问一下describe的题一般要描述几句话，也是要踩到关键词吗？还是言之有理即可？

老师，这个excess return to mctr不是应该是除以mctr吗？为什么是除以21.63？

这里的9.06要怎么算到7.83?

第一题，只算了allocation effect，没有算selection effect

第3题、为什么组合的风险不考虑Standard Deviation