NO.PZ2023040701000011
问题如下：
Tyo asks her assistant how these spot rates were obtained. The assistant replies, “Spot rates are determined through the process of bootstrapping. It entails backward substitution using par yields to solve for zero-coupon rates one by one, in order from latest to earliest maturities.”
Did Tyo’s assistant accurately describe the process of bootstrapping?
选项：
A.
Yes
B.
No, with respect to par yields
C.
No, with respect to backward substitution
解释：
Correct Answer: C
The assistant states that bootstrapping entails backward substitution using par yields to solve for zero-coupon rates one by one, in order from latest to earliest maturities. Bootstrapping entails forward substitution, however, using par yields to solve for zero-coupon rates one by one, in order from earliest to latest maturities.
这里的backward和从latest to earliest，顺序的变化会影响bootstrapping最后的结果吗？
