老师好，上午case题，2017年Question 4 A 问：计算FV时多加的20%是哪来的？如果是capital gain tax，那为什么乘以的基数为什么是本金1，而不是（1+R）^10 - 1

老师您好，我想请教一下Page 64.我有点困惑Base currency 的定义。在外汇市场上， base currency 在direct quote上是分母上的currency： Foreign currency（DC/FC）。在会计概念上base currency 是作为domestic currency。我用绿笔标注的部分（base currency）应该指的是domestic currency 吧？比如说其中的一个点：the base currency’s real exchange rate should appreciate if there is an upward movement in the foreign risk premium, which should make foreign assets less attractive compared with the “base currency nation’s domestic assets.”谢谢您

请教上午题p82页，E，为什么90% of su's operating budget is founded by government funding and tuition会影响su endowment呢？su并不等同于su endowment呀

请教，为什么inflation增加，风险承受能力也会增加呢 Inflation增加，风险应该更大才对

“Some hedges involve currency options; a long position in currency options requires the payment of up-front premiums. If the options expire out of the money (OTM), this cost is unrecoverable.” 老师您好，我想问一下，cost （upfront premium）无论是 OTM 还是 in the money， 都是unrecoverable的吧？因为premium是必须要交的，这里为什么只强调OTM？谢谢您

请问，第二句，Dividends on non-us securities withholding tax是什么意思？持有非美国发行证券的分红需征税？

请问，这里老师说达到5%不征税，但是课件上说如果大于等于5%征1%的税，不是矛盾吗？ 另外前一句，net investment income less expense是什么意思？

老师您好，我想确认一下recency。在Behavior Finance里，recency effect = availability bias，但是为什么在ss10里 recency = representative？ 谢谢您

老师，你好，我想问一下那个CAPE里的分子是用现在的Price level还是预测的Price level 呢？谢谢哈！

Assuming an annual return of 7.5 percent, what would be the after-tax wealth accumulated in 15 years for a single current contribution to the TDA? Assume the contribution would be deductible but taxed at the end of 15 years at a 20 percent tax rate. €23,671. €23,965. €29,589. (Institute 263) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 2. CFA Institute, 5/2018. VitalBook file. 老师您好！请问此题为什么不和deferred capital gain公式的加回Tcg一样，而是对全部本金加收益征税？为什么不加回T？谢谢！