请问老师

1.这是一道大题，原版书有一句话Winslow observes that the five Treasury-note and the five-year German government note are the cheapest to deliver against their respective futures contracts expiring in six months. 半年后到期。所以这里按半年算都要除以2。

2.答案

The highest potential return, 0.85%, reflects borrowing USD for 6months and buying the UK 5-year bond. The carry component of the expected return is actually a loss of 0.15% [= (1.10% – 1.40%)/2], but this is more than offset by the 1% expected appreciation of GBP versus USD.

这里已经涉及到美元了，然后还是我们算的是收益率，而收益率的单位是百分比。并不需要用什么货币去进行结算。

3.减1%是因为carry trade中要考虑货币的升贬值幅度，1%是因为美元和英镑之间有升贬值。

同学您好，

除以二是因为是半年期

我们算出来的是收益率，收益率的单位是百分比而不是任何货币，这里USD denominated已经涉及美元资产了。

1%是因为美元和英镑之间有升贬值。

临近考试了建议同学多听听强化课。有系统的知识之后在做题目。