当市场利率下降，债券价格上升时，发行人为什么就有动机call back债券呢？老师说的是因为发行人可以以更低的市场价格从新融资，但是由于债券价格上升，发行人call back的成本不是就更高了吗？

请问第28题答案中有个+60是怎么来的啊

为啥用咱们得金融计算器，输入0.5+75%，它会算成0.5+0.5*75%，导致结果不对？

老师，请问书本279页第二十一题答案，Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after- tax principal investment, which can augment the value of tax loss harvesting further这一段怎么理解？不太明白？

老师，请问书本279页第十九题答案， If a portfolio contains unre-alized losses, however, a certain amount of trading activity is required to har-vest tax losses. That is, tax- efficient management of stocks in taxable accounts does not require passive management. It requires passively allowing gains to grow unharvested, but actively realizing losses这一段不太理解是什么意思？

investment in working capital算什么类别，不算FCInv，那算是WCInv吗

这个计算器按完是标准差是23.4198平方就是548.4878了

1 所有项目的 NPV IRR 求crossover rate都能这样直线画吗？如果不是直线是不是就不能保证crossover rate结论正确 2 对大额现金流出现越晚，斜率越大有疑问：假设同样800作为大额现金流，r=3%的话，计算出来800/(1 3%) 大于 800/(1 3%)^3

老师您好，请问之前有没有在哪里讲过IRR和NPV如何永久计算器计算呢？

老师，你好，关于养老金这个章节课后习题第五个case中的第5个问题中的C选项：关于工资增长率变化，是会导致退休时工资的变化，进而导致PBO变化，从而最终使Interest变化，但是工资增长率变化并不会使基金的fair value发生改变，那为何在视频讲解中，老师说net interset expense/income不会发生改变？