A portfolio contains three independent bonds each with identical $100 par value, 3% probability of default and LGD of 100%. What is the 95% confident and 99% confident portfolio VaR? A. zero and zero at both 95% and 99% B. $100 and $100 at both 95% and 99% C. $200 at 95% and $300 at 99% D. $285 at 95% and $300 at 99% 解析部分完全没看懂。。。

Rank the following common credit risk mitigation options from greatest security to lowest security: I. Parental guarantee II. Letter of Credit III. Securities as colllateral(with a haircut parameter of 0%) IV.Cash 答案是IV, II, III, I 请老师解答下I, II, III分别是什么，为什么这样排序，谢谢

请问老师这道题中的swap rate 或者是par rate 是什么意思 为什么会和yield rate相同

Your supervisor is an expert in market and credit risk. He recruits you to manage the operational risk department. He would like to use VaR to measure the firm's operational risk and proposes that you use the same VaR framework previously developed for market and credit risk. Which of the following is a valid argument for why it is difficult to estimate an operational VaR using the same framework as market and credit VaR? A.Market risk events are easier to map to risk factors than operational risk events. C.Market and credit VaRs are estimated using only frequency distribution, but operational VaR is estimated using both a freq distribution and a severity distribution. 其他B,D肯定错，但是不明白为什么C错和A对，为什么market risk更容易map to risk factors? 请老师解答一下，谢谢！

老师，这个题中，md应该与y也有关啊。为什么让md相同再判断dv01？

老师，四个选项分别如何解释

老师，这个题怎么解释

A $1000 par corporate bond carries a coupon rate of 6%, pays coupons semiannually, and has ten coupon payments remaining to maturity. Market rates are currently 5%. There are 90 days between settlement and the next coupon payment. The dirty and clean prices of the bond are closest to: A. 1043.76, 1013.76 B. 1043.76, 1028.76 C.1056.73, 1041.73 D.1069.7, 1054.7 在第10期贴现回去那段不太明白，PV=1043.76. 1043.76*1.025(1/2)=1056.73 为什么不是1043.76/1.025（1/2）呢？ 请老师解释下乘除号在这道题目里面的分别，谢谢

The standard VaR calculation for extension to multiple periods assumes that returns are serially uncorrelated. If prices display trends, the true VaR will be: A. The same as the standard VaR. B. Greater than the standard VaR. C. Less than the standard VaR. D. Unable to be determined. 没有想明白这道题，请老师再解释一下

par rate ，spot rate 和yield分别代表什么？