E：关于“will have verb"-------You’re not going to see this very often on the GMAT – and it’s rarely a deciding factor when it does appear – but the phrase “will have + verb” suggests an action that will occur in the future, but before some “time marker” later in the future. For example, you could say “By the time my wife gives birth, I will have spent nine months in utter terror at the prospect of becoming a parent.” The phrase “will have spent” is in the future – but it occurs BEFORE the other future action (my wife giving birth). And in (E), there’s no reason to use that tense: “will have improved in the second quarter”… before what, exactly? The simpler, conditional “would” makes more sense.