Q4，tax liability要交的税是负的时候，是要之后交，还是压根不需要要交？税盾属于哪种？

Q2，房地产抵押贷款为什么可以产生现金流，这算monetize么？

你好我想请问一下年金的在求金融计算使用过程的时候每次都要clearTVM吗

charitable reminder trust是要把股票捐出去么？这个信托是如何运用的哦？

B还是没懂，书里说Security market index可以represent the performance of asset class, 和B选项不是一个意思吗？b选项也没说完全替代呀，只是说可替代。

不理解远期合约或者期货合约在到期日前如何会有盈亏。

第一个问题，这里说rebalancing偏离 saa可能性越大 越是要小range约束它 否则会越来越偏离saa 但是momentum这种东西 如果越相信momentum 那么一个资产涨 它日后还会涨 此时这个资产就会相比于其他资产涨得越来越多 越来越偏离saa 此时为什么又是wider range呢？ 第二个问题，transaction cost和tax增大 也增加range是怎么解释的？

官网题衍生23题，汇率104.15哪来了？ The data she uses for her assessment show that the US bonds pay 1.75% and Japanese bonds pay –0.40% annualized. She plans to fully hedge the currency risk. The YEN/USD spot rate is 106.85, the one-year YEN/USD forward rate is 106.12, and the one-year YEN/USD cross currency swap basis is –0.63.A is correct. Stuyvesant can sell US$10,000 converted at a spot rate of 106.85 to invest proceeds of ¥1,068,500 at –0.40%. After one year, the Japanese bonds are sold (1,068,500 × 0.9960 = 1,064,226.00) and converted at the forward rate of 104.15, for proceeds of US$10,218.20. The fund has earned 10,218.20/10,000 – 1 = 2.18%. The 2.18% yield is higher than the 1.75% she could have earned in US Treasury bills. The difference is due to the basis given a high demand for US dollars.

B咋错了

官网题23题答案A中，A is correct. Stuyvesant can sell US$10,000 converted at a spot rate of 106.85 to invest proceeds of ¥1,068,500 at –0.40%. After one year, the Japanese bonds are sold (1,068,500 × 0.9960 = 1,064,226.00) and converted at the forward rate of 104.15, for proceeds of US$10,218.20. The fund has earned 10,218.20/10,000 – 1 = 2.18%. The 2.18% yield is higher than the 1.75% she could have earned in US Treasury bills. The difference is due to the basis given a high demand for US dollars.104.15哪来的？