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假定无风险利率为每年10%（连续复利），股指的股息收益率为每年4%。股指的当前值为400，4个月期的期货价格为405美元。这时存在什么样的套利机会？

答案

参考答案：

期货价格低于无套利价格。买期货，卖空复制股指的现货组合。

填空题
sin（α+β）=
1
4
  ，sin(α-β)=-
1
3
，则tanα•cotβ=______．
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多项选择题

In 2009 Mr Lee and the villager committee entered into a contract for the management of land, under which he obtained the right to manage the contracted piece of land in a small mountain for 30 years. The contract was duly registered with the relevant government authority in light of the Property Law.One day when Mr Lee was planting trees on the mountain, he accidentally found a small coal mine in the mountain. Having discovered this information many villagers rushed to the mountain to exploit coal for sale. Mr Lee demanded the villagers stop the exploitation of coal, on the ground that he has been a legitimate holder of the right of management of land. Therefore, he should be a lawful holder of right to the coal mine under the land. On the other hand, the villagers refused to accept Mr Lee’s position and insisted that Mr Lee’s right to management of land would not extend to natural resources under the land. They held that the coal mine should be the common property of the villagers as a whole and they were entitled to dig coal.Since Mr Lee and the villagers could not reach a settlement themselves, they filed a lawsuit against each other before the court for the determination of right.Required:Answer the following questions in accordance with the relevant provisions of the Property Law of China, and give reasons for your answer:

(a) describe what kind of property right Mr Lee has held regarding the mountain; (2 marks)
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