why 1 is asset, why 0.65 is equity ?

问题如下：

PZ, a brokerage company, has set the minimum margin requirement at 65%. what is the maximum leverage ratio,associated with a position financed by this minimum margin requirement?

选项：

A.

1.65.

B.

1.54.

C.

2.60.

解释：

B is correct.

The maximum leverage ratio is \(=\frac{100\%\;position}{65\%\;equity}=1.54\)

考点：Leveraged Position

最低自有资金出资比例minimum margin requirement=E/A, 而leverage ratio=资产价值/自有资金=A/E， 所以它俩互为倒数。 不要被解析的的百分号迷惑了（美国人思路），其实就是1/65%=1.54

如下附上原版书对于杠杆比率计算的定义：The leverage ratio is the ratio of the value of the position to the value of the equity investment in it.