问题如下图：
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解释：
怎么判断6%--7%这个tranche会被wipe out掉？可以画一个图吗？
NO.PZ2016082406000078 所以这里0%开始到14%，顺序是equity→m→senior是吗，越小越是底层对吗？
这道题到底是啥意思呢，没读懂
There woullikely 3 faults ana [0%—l%] tranche woulwipeout. There woullikely 7 faults ana [2 %—3%] tranche woulwipeout. There woullikely 14 faults ana [6%—7%] tranche woulwipeout. ANSWER: The annumarginPis 1.5%1−0.50=3.00%\frac{1.5\%}{1-0.50}=3.00\%1−0.501.5%=3.00%. Henthe cumulative Pfor the five years is S1S2S3S43%(1+0.970+0.941+0.913+0.885)=14.1%S_1S_2S_3S_43\%(1+0.970+0.941+0.913+0.885)=14.1\%S1S2S3S43%(1+0.970+0.941+0.913+0.885)=14.1%，where the survivrates are S1=(1−3%)=0.970S_1={(1-3\%)}=0.970S1=(1−3%)=0.970, S2=S1(1−3%)=0.941S_2=S_1{(1-3\%)}=0.941S2=S1(1−3%)=0.941, anso on. The expectenumber of faults is therefore 100×14.1%100\times14.1\%100×14.1%, or 14. With a recovery rate of 50%, the expecteloss is 7% of the notional. So, all the tranches up to the 7% point are wipeout.能不能请详细下这道题
