求解释

NO.PZ2016082402000054 问题如下 A portfolio consists of two zero-coupon bon, eawith a current value of $10. The first bonha mofieration of one yeanthe seconha mofieration of nine years. The yielcurve is flat, anall yiel are 5%. Assume all moves of the yielcurve are parallel shifts. Given ththe ily volatility of the yielis 1%, whiof the following is the best estimate of the portfolio’s ily value risk (VAR) the 95% confinlevel? US1.65 US2.33 US1.16 US0.82 ANSWER: AThe llration of the portfolio is 1×$10+9×$10=$100\times\$10+9\times\$10=\$100×$10+9×$10=$100 . Multiplie0.01 an1.65, this gives $1.65.一个组合包含两个零息债券，每一个债券价格10，第一个债券的M1，第二个M9，利率全部是5%。假设利率都是平行移动，每日的波动率为1%，请问95%置信区间下的ilyVaR是多少？％VAR＝σ*Z(0.95)=1%*1.6595%时z=1.65组合的llration=1*10+9*10=100VaR=100*1.65*1%=1.65 助教你好这题把ration和VaR结合起来之后让我不知从何下手。我首先想到llVaR这个式子，z=1.65，sigma=0.01，asset value=20，可是这样算的话就没答案。题干给出了两只债券各自的ration，要怎么用上这个条件？我还看见这同学问到了讲义上没有的llration https://class.pzacamy.com/qa/97506。所以我想了解，拿到这道题之后，我首先该往哪个方向去思考？谢谢。

NO.PZ2016082402000054问题如下 A portfolio consists of two zero-coupon bon, eawith a current value of $10. The first bonha mofieration of one yeanthe seconha mofieration of nine years. The yielcurve is flat, anall yiel are 5%. Assume all moves of the yielcurve are parallel shifts. Given ththe ily volatility of the yielis 1%, whiof the following is the best estimate of the portfolio’s ily value risk (VAR) the 95% confinlevel? US1.65 US2.33 US1.16 US0.82 ANSWER: AThe llration of the portfolio is 1×$10+9×$10=$100\times\$10+9\times\$10=\$100×$10+9×$10=$100 . Multiplie0.01 an1.65, this gives $1.65.一个组合包含两个零息债券，每一个债券价格10，第一个债券的M1，第二个M9，利率全部是5%。假设利率都是平行移动，每日的波动率为1%，请问95%置信区间下的ilyVaR是多少？％VAR＝σ*Z(0.95)=1%*1.6595%时z=1.65组合的llration=1*10+9*10=100VaR=100*1.65*1%=1.65 老师，为什么要乘以llvalue，而不是乘以各自的value10？

NO.PZ2016082402000054问题如下 A portfolio consists of two zero-coupon bon, eawith a current value of $10. The first bonha mofieration of one yeanthe seconha mofieration of nine years. The yielcurve is flat, anall yiel are 5%. Assume all moves of the yielcurve are parallel shifts. Given ththe ily volatility of the yielis 1%, whiof the following is the best estimate of the portfolio’s ily value risk (VAR) the 95% confinlevel? US1.65 US2.33 US1.16 US0.82 ANSWER: AThe llration of the portfolio is 1×$10+9×$10=$100\times\$10+9\times\$10=\$100×$10+9×$10=$100 . Multiplie0.01 an1.65, this gives $1.65.一个组合包含两个零息债券，每一个债券价格10，第一个债券的M1，第二个M9，利率全部是5%。假设利率都是平行移动，每日的波动率为1%，请问95%置信区间下的ilyVaR是多少？％VAR＝σ*Z(0.95)=1%*1.6595%时z=1.65组合的llration=1*10+9*10=100VaR=100*1.65*1%=1.65 ​平均ration是（1*10+9*10）/20=5 请问这个是在讲义的哪一页有讲到？完全不记得了。。。

NO.PZ2016082402000054问题如下 A portfolio consists of two zero-coupon bon, eawith a current value of $10. The first bonha mofieration of one yeanthe seconha mofieration of nine years. The yielcurve is flat, anall yiel are 5%. Assume all moves of the yielcurve are parallel shifts. Given ththe ily volatility of the yielis 1%, whiof the following is the best estimate of the portfolio’s ily value risk (VAR) the 95% confinlevel? US1.65 US2.33 US1.16 US0.82 ANSWER: AThe llration of the portfolio is 1×$10+9×$10=$100\times\$10+9\times\$10=\$100×$10+9×$10=$100 . Multiplie0.01 an1.65, this gives $1.65.讲义中提到的都是ration和01，一个是%的概念，一个是llar的概念，但是没有提到过llration，所以llration就是ration*market value？