老师你好，这个地方在讲计算两阶段的例题，图一是2017年才按照7%永续增长，所以2017才是terminal value那一年啊，为何在解答的时候算的terminal value是 V2016？

老师能再解释下Value of putable bond=Value of pure bond + put option和Value of callable bond=Value of pure bond - call option吗？

基础班reading21 讲义84页 1.6%和1.3%怎么来的？

对于putable bond，yield越大，more convexity，不是应该选C吗？难道more convexity不是high convexity的意思吗？

请问 为什么在求location的时候 要用n+1呢？为什么要加1？

老师能再解释下涨多跌少的意思吗？是因为斜率吗？

划红线句，cash operating expense 每年递减0.25billion，感觉是(C2-C1)的变量啊。但并没有说每年是多少？ 为什么就用0.25呢？

MWRR和IRR的算法一样吗，如果不一样，MWRR怎么算

03.单选题 收藏 标记 纠错 Which of the following situations is the least likely reason why the marginal cost of capital schedule for a company rises as additional funds are raised? A The company seeks to issue less senior debt because it violates the debt incurrence test of an existing debt covenant. B The cost of additional funds from various sources rises as higher levels of financing are achieved. C The company deviates from its target capital structure because of the economies of scale associated with flotation costs and market conditions. 查看解析 上一题 提交试卷 正确答案B 您的答案C本题平均正确率：36% WACC难度：困难 推荐：      答案解析 B is correct. 问： A,B,C选项可否简易的中文翻译一下 再配合个小例子说明一下，选项没有看懂

01.单选题 已收藏 标记 纠错 Which of the following statements is correct? A The appropriate tax rate to use in the adjustment of the before-tax cost of debt to determine the after-tax cost of debt is the average tax rate because interest is deductible against the company's entire taxable income. B For a given company, the after-tax cost of debt is generally less than both the cost of preferred equity and the cost of common equity. C For a given company, the investment opportunity schedule is upward slop-ing because as a company invests more in capital projects, the returns from investing increase. 查看解析 下一题 正确答案B 您的答案A本题平均正确率：48% WACC难度：困难 推荐：      答案解析 B is correct. Debt is generally less costly than preferred or common stock. The cost of debt is further reduced if interest expense is tax deductible. 问： 1.A口否翻译一下？2.B可否再解释一下，我觉得债券和股票成本没关系吧？