Q6: 这道题如果使用DR去算FCFE为什么和直接公式法算出来结果不一样？另外想问一下在用DR算FCFE的时候，WC和FI 也是两年之间的变化吗？

Statement 2 If Jason were to purchase the annuity in 10 years rather than immediately, his annual income yield would be higher at that time than now。Statement 3 If Janice were to add a 10-year period certain option to her annuity, her income yield would be reduced when compared to not having the option, but it would be reduced by greater amounts the longer she waits to purchase the annuity.——这两个为什么是对的，可否解释一下？

第三题期初支付在计算器上怎么按？

第七题：本题问：Kaminski递延账户（TDA）的税后财富在五年末将最接近多少？根据TDA账户计算FV的公式，可得：FV = PV × (1+R)^n × (1 - t), where R is the portfolio pretax return。FV = $1,000,000 × (1+0.07)^5 × (1 - 0.20)。FV = $1,122,041.38——这题不是说了“递延”么，但是答案过程里好像没有体现出递延？

老师可否把第六题最终的思路、公式和代入数值的公式都展示一下？

请问下用直接法算cfo时，资产负债表左边增加，右边减少。左右分别有一些什么科目啊？

三级 CME 原版书后题，CME写作题型第二题-Jan Cambo那道 题干：On the fiscal side, Hadpret expects the Eastland government to enact a substantial tax cut. As a result, Hadpret forecasts large government deficits that will be financed by the issuance of long-term government securities. Discuss the relationship between the shape of the yield curve and the monetary and fiscal policy mix projected by Hadpret. 疑问：为啥宽松的财政政策对利率曲线影响不确定？政府通过发行长期国债增加政府赤字，市场债券供大于求，长端利率上升，故财政政策传导使长端利率上升。这样理解是否准确？ 另外，这题怎么还说到了私人部门信贷可以对冲宽松财政政策？是什么个机制？

这里moderate volatility不和刚才计算的三种情形下都是6块钱的收益相冲突吗？

这里为什么要弄这么复杂，直接像纪老师那样0.55*1m=0.65x不就可以了吗？

為什麼只有rebalancing range 的計法是pre tax return / (1-t)? 不是乘? 如何理解