问题如下图：
选项：
A. 
B. 
C. 
解释：
这里的10%是因为低，所以导致风险容忍度高于平均值对吗？还是10%高导致的？
NO.PZ2019100901000006问题如下Azarov’s seconmeeting is with John Spintop, chief investment officer of the Wolf University Enwment Fun(the Fun. Spintop hireWestcome to assist in veloping a new investment polito present to the Funs boarof rectors. The Fun whihassets unr management of $200 million, hoverall objective of maintaining long-term purchasing power while proving neefinancisupport to Wolf University. ring the meeting, Spintop states ththe Funhannuspenng poliof paying out 4% of the Funs three-yerolling asset value to Wolf University, anthe Funs risk toleranshoulconsir the following three liability characteristics:Characteristic 1 The Funheasy access to markets.Characteristic 2 The Funsupports 10% of Wolf University’s annubuet.Characteristic 3 The Funreceives significant annuinflows from gifts annations.The risk toleranof the Wolf University Enwment Funcbest characterizeas:A.below average.B.average.C.above average.C is correct. The risk toleranof the Wolf University Enwment Funis above average sinenwments thsupport a small percentage of the university’s operating buet (10% in this case) shoulable to tolerate more market, cret, anliquity risk. In aition, the Funs ability to access markets, especially ring perio of market stress, increases the level of risk the enwment caccept in its investments. Finally, because of the significant inflows from gifts annations, the effective spenng rate will lower ththe annuspenng poliof paying out 4% of the Funs three-yerolling asset value. Thus, the Funcrely less on investment returns to generate the income streneeto support the university ancaccept higher-risk investments.题目里面说基金每年的现金流主要依靠捐赠，但捐赠不是强制的，如果断了，靠举债增加现金流，不是一个负面因素吗？
请问怎么评判10%是高还是低呢？
Funhannuspenng poliof paying out 4% of the Funs three-yerolling asset value to Wolf University. 请问这句话具体是怎么理解呢？ Funs three-yerolling asset value是指什么？
4%的没看懂？接近债务市场什么意思？另外有什么分界点证明10%低？
