答案解析不对吧，利率只是折现用，现金流是由cp rate产生的吧

NO.PZ2023040701000040 问题如下 Hake velops a framework for valuing bon using a binomiinterest rate tree. He unrstan ththere are severfactors usein veloping the tree anasks Annisqufor counsel on the correta to use. Annisqumakes the following comments to Hake:Comment 1: In the valuation process, the interest rate tree generates cash flows thare interest rate pennt; but es not provi the interest rates useto scount those cash flows. Comment 2: Two assumptions must ma to create a binomitree. The first is interest rate mol sua lognormmol of interest rates. The seconis a volatility of interest rates. Comment 3: Volatility cmeasurerelative to the current level of rates. using a lognormstribution, interest rate movements are proportionto the level of rates anare bounthe low enzero.Whiof Annisquam's comments regarng binomiinterest rate trees is least likely correct? A.Comment 1 B.Comment 2 C.Comment 3 CorreAnswer: AAnnisquis incorrein Comment 1. The interest rate tree performs two functions in the valuation process: (1) generating the cash flows thare interest rate pennt an(2) supplying the interest rates useto termine the present value of the cash flows. statement2少了一条假设吧？利率二叉树的三条假设利率模型应符合LognormMol；应对Interest rate Volatility作出假设；（假设）保证二叉树计算的价格和Market BonPrice一致最后一条没说啊

NO.PZ2023040701000040 问题如下 Hake velops a framework for valuing bon using a binomiinterest rate tree. He unrstan ththere are severfactors usein veloping the tree anasks Annisqufor counsel on the correta to use. Annisqumakes the following comments to Hake:Comment 1: In the valuation process, the interest rate tree generates cash flows thare interest rate pennt; but es not provi the interest rates useto scount those cash flows. Comment 2: Two assumptions must ma to create a binomitree. The first is interest rate mol sua lognormmol of interest rates. The seconis a volatility of interest rates. Comment 3: Volatility cmeasurerelative to the current level of rates. using a lognormstribution, interest rate movements are proportionto the level of rates anare bounthe low enzero.Whiof Annisquam's comments regarng binomiinterest rate trees is least likely correct? A.Comment 1 B.Comment 2 C.Comment 3 CorreAnswer: AAnnisquis incorrein Comment 1. The interest rate tree performs two functions in the valuation process: (1) generating the cash flows thare interest rate pennt an(2) supplying the interest rates useto termine the present value of the cash flows. Volatility cmeasurerelative to the current level of rates. using a lognormstribution, interest rate movements are proportionto the level of rates anare bounthe low enzero. -- comment 3是什么意思？

NO.PZ2023040701000040 问题如下 Hake velops a framework for valuing bon using a binomiinterest rate tree. He unrstan ththere are severfactors usein veloping the tree anasks Annisqufor counsel on the correta to use. Annisqumakes the following comments to Hake:Comment 1: In the valuation process, the interest rate tree generates cash flows thare interest rate pennt; but es not provi the interest rates useto scount those cash flows. Comment 2: Two assumptions must ma to create a binomitree. The first is interest rate mol sua lognormmol of interest rates. The seconis a volatility of interest rates. Comment 3: Volatility cmeasurerelative to the current level of rates. using a lognormstribution, interest rate movements are proportionto the level of rates anare bounthe low enzero.Whiof Annisquam's comments regarng binomiinterest rate trees is least likely correct? A.Comment 1 B.Comment 2 C.Comment 3 CorreAnswer: AAnnisquis incorrein Comment 1. The interest rate tree performs two functions in the valuation process: (1) generating the cash flows thare interest rate pennt an(2) supplying the interest rates useto termine the present value of the cash flows. 可否一下，谢谢！