3. Given the following financial statement data, calculate the net operating cycle for this company. In Millions ($) Credit sales 40,000 Cost of goods sold 30,000 Accounts receivable 3,000 Inventory—Beginning balance 1,500 Inventory—Ending balance 2,000 Accounts payable 4,000 The net operating cycle of this company is closest to: A. 3.8 days. B. 24.3 days. C. 51.7 days. 问一下老师，计算存货天数时，为什么不用平均存货，而用的是期末存货呢？本题中The net operating cycle是否就是课件中的cash cycle 呢？

方框中的看不懂，谢谢！

请问老师，model 3公式里的Lamda（t），代表什么意思啊？

老师您好，麻烦您解释一下。在第五年的时候，计算现金流，最后为什么要加上那个残值？ 给个公式中就是用ebit×括号1减t，再加回折旧就可以了，这个残值为什么要加呢？ 如果是处置资产的话，那应该也是还要加上税后的利得呀？ ，谢谢。

Hello instructor, I want to know why the real interest rates are higher in an economy in which GDP growth is more volatile compared with that in an economy in which growth is more stable. Thanks?

Hello instructor, I want to know why the real interest rates are higher in an economy in which GDP growth is more volatile compared with that in an economy in which growth is more stable. Thanks?

20题，请问collateral trust bond和covered vond是在哪里讲的？讲义上没找到，分别指什么债券？

14题，请问这里的CPI增长6%为什么不是默认年化的？

14题，请问这里的CPI增长6%为什么不是默认年化的？

老师您好 第一题我有点没太看懂，我的理解是求YTM（半年付息一次）， N默认为1，coupon rate=7%，par=1000，price=par value？没有太看懂答案 不知道我这样理解可否