老师在视频里说training不需要全员参与，但是文字解析又说要full staff engagement，到底要不要全员参与呢？

请问老师，百题第13题，为何切99%的分为点的时候是从number:0的一侧开始切出1%？在我看来应该从number：3的一边开始切，因为number:3是三个bond都损失的，损失最大的一侧是最尾部的，那么不是应该从尾部number=3这边切嘛？ 这道题在讲解中切了number=1的那边（从number=0开始统计1%，找到了number=1是切到了1%），我思考感觉不对。求讲解，谢谢!

30题中的II讲义上是大于3.841，那这里的3.84也是可以的吗？考试中遇到这种差一点点的情况怎么处理？

请教一下选项3。lower confidence level的话，不是增大了alpha，即拒绝域扩大，Type I error上升，Type II error下降吗？为什么解答中说是non-rejection regions扩大呢？

老师您好也就是说题目中，给出的 asset return 只会用在求physical PD 来用对吧， 剩下的计算还是要用rf~

押卷题44题，老师说让我们看答案，但答案只有一个选项，可否详细讲解一下，谢谢。 44. A European put option has two years to expiration and a strike price of $101.00. The underlying is a 7% annual coupon bond with three years to maturity. Assume that the risk-neutral probability of an up move is 0.5 in year 1 and 0.60 in year 2. The current interest rate is 3.00%. At the end of year 1, the rate will either be 5.99% or 4.44%. If the rate in year 1 is 5.99%, it will either rise to 8.56% or rise to 6.34% in year 2. If the rate in one year is 4.44%, it will either rise to 6.34% or rise to 4.70%. The value of the put option today is closet to: A. USD 0.77 B. USD 0.85 C. USD 1.49

押卷的53题，还是不明白，可否再详细说一次。53. A firm has entered into a USD 20 million total return swap on the NASDAQ 100 index as the index payer with ABC Corporation, which will pay 1-year LIBOR ＋ 2.5%. The contract will last 1 year, and cash flows will be exchanged annually. Suppose the NASDAQ 100 Index is currently at 2,900 and LIBOR is 1.25%. The firm conducts a stress test on this total return swap using the following scenario: NASDAQ 100 in 1 year: 3,625 LIBOR in 1 year: 0.50% For this scenario, what is the firm’s net cash flow in year 1?

老师，图中两道题看不懂，遇到这类对冲希腊字母的题总是不不会，能结合这两题详细再讲讲吗

Why is borrowing from central bank expensive? Isn’t it the rate offer by fed or discount window is cheaper than other bank offering ?

When I measure the amount of TSECF, TSAA, TSLGC, do I need use the discount factor ? To discount the cash flow of later period to today?