图一无关，图二是garp测试题，请老师帮助解答一下，谢谢。

波动互换，为什么波动越小越赚呢？

老师，这个409题怎么理解呢？看了解析不太明白

老师您好，在考试中遇到I这样的表述算对还是错？

Call on bond is offer to 發行人，so in this case to investor isn’t it should be a short on call option of bond?

28题查表，感觉已有的表不够用，只能查到0.14，这咋办呢

Tier one capital is excluding goodwill or for real minus goodwill?

Q27 if we compare to Currency option or others for volatility smile are we using lognormal as well? Can we use normal distribution? Or only equity using lognormal distribution ?

能详细分析一下D选项吗，谢谢！

1. what is basis risk? not mentioned in the class. 2. What rogue trader means or which kind of behaviour can be classied as rogue trader? 3. Could you please explain what is tracking error? 4. what is presettlement risk, non-directional risk and asset-liability risk? Could you please give some examples? Thanks