老师，求和公式的分子a1(1-q)与a1有什么区别？

解析声音太小了

A portfolio contains three independent bonds each with identical (i.i.d.) $100 par value, 3.0% probability of default (EDF) and loss given default (LGD) of 100%. What is, respectively, the 95.0% confident and 99.0% confident portfolio value at risk (VaR)? 答案：$100 and $100 at both 95% and 99% 这一题可否再详细解释一下，为什么是100元？VaR要怎么求

Over the next year, an operational process model predicts a 95% probability of no loss occurrence and a 5% probability of a single loss occurrence. If the single loss occurs, the severity is characterized by three possible outcomes: $10.0 million loss with 20% probability, $18.0 million loss with 50% probability, and $25.0 million loss with 30% probability. What is the model's one-year 90% expected shortfall (ES)? 这一题很不理解，预期5%损失的是18.5million，那变成10%预期损失不应该是乘以2吗，为什么反而是除以2？

请问一下我自己做的方法为什么不可以先求出总盈亏然后求收益率呢

老师，我做这道题的时候，我用的方法是分别计算单个资产的dollar Var, 再计算组合资产的Dollar Var, 除252开根。这种做法也可以吧，这样就不用考虑权重问题。

这里d12的公式不应该是我截图里的公式吗，用我截图里的公式算出来的数和老师那个公式里的不一样啊

MC是指什么

644题 麻烦老师解释下 答案没写原因

233答案解析什么意思