问题如下图：
这道题整个我没整明白，麻烦老师帮忙解答一下。
NO.PZ2018091705000046 It is not appropriate to use the expectereturn of the assets useto funspenng nee to calculate the capitalizevalue of the core capitnee, because the risk of the spenng nee is unrelateto the risk of the investment portfolio useto funthose nee. Although the annuspenng cash flows are not riskless, a risk-free rate shouluseto calculate the present value of the cash flows their uncertainty is unrelateto market risk factors thwoulpricein a normasset pricing mol, making their beta equto zero. 不用invest return折现我知道是不相关，但是为什么可以使用Rf呢？
NO.PZ2018091705000046 Is it appropriate to use the expectereturn of the assets useto funtheir spenng nee when calculating the capitalizevalue of the core capitspenng nee? Why or why not? It is not appropriate to use the expectereturn of the assets useto funspenng nee to calculate the capitalizevalue of the core capitnee, because the risk of the spenng nee is unrelateto the risk of the investment portfolio useto funthose nee. Although the annuspenng cash flows are not riskless, a risk-free rate shouluseto calculate the present value of the cash flows their uncertainty is unrelateto market risk factors thwoulpricein a normasset pricing mol, making their beta equto zero. 那么应该用哪个折现率折现算core capital呢？
NO.PZ2018091705000046 Is it appropriate to use the expectereturn of the assets useto funtheir spenng nee when calculating the capitalizevalue of the core capitspenng nee? Why or why not? It is not appropriate to use the expectereturn of the assets useto funspenng nee to calculate the capitalizevalue of the core capitnee, because the risk of the spenng nee is unrelateto the risk of the investment portfolio useto funthose nee. Although the annuspenng cash flows are not riskless, a risk-free rate shouluseto calculate the present value of the cash flows their uncertainty is unrelateto market risk factors thwoulpricein a normasset pricing mol, making their beta equto zero. 我想问如果考试考到该怎么写？ 这答案也太多了太绕了
NO.PZ2018091705000046 Is it appropriate to use the expectereturn of the assets useto funtheir spenng nee when calculating the capitalizevalue of the core capitspenng nee? Why or why not? It is not appropriate to use the expectereturn of the assets useto funspenng nee to calculate the capitalizevalue of the core capitnee, because the risk of the spenng nee is unrelateto the risk of the investment portfolio useto funthose nee. Although the annuspenng cash flows are not riskless, a risk-free rate shouluseto calculate the present value of the cash flows their uncertainty is unrelateto market risk factors thwoulpricein a normasset pricing mol, making their beta equto zero. 请问老师，这道题对应的知识点是哪个呢？回忆了一下，对折现率似乎没有特别强调？
NO.PZ2018091705000046 Is it appropriate to use the expectereturn of the assets useto funtheir spenng nee when calculating the capitalizevalue of the core capitspenng nee? Why or why not? It is not appropriate to use the expectereturn of the assets useto funspenng nee to calculate the capitalizevalue of the core capitnee, because the risk of the spenng nee is unrelateto the risk of the investment portfolio useto funthose nee. Although the annuspenng cash flows are not riskless, a risk-free rate shouluseto calculate the present value of the cash flows their uncertainty is unrelateto market risk factors thwoulpricein a normasset pricing mol, making their beta equto zero. 假如用ALM 的方法 L与A 的return 也是无关的吗， 为什么immutization策略 的时候说的是 要求回报率相等呢所以推导出 两个需求pv/ration A,L都需相等.
