问题如下图：
选项：
A. 
B. 
C. 
解释：
老师您好，请问这道题题干中1年期 五年期 10年期的债券modified duration并没有给啊...
NO.PZ201812020100000805 5-ye$71 million 10-ye$38 million A is correct. To profit from a crease in yielcurve curvature, the correconr structure will be: short 1s, long 5s, long 10s, anshort 30s. The positions of the conr will be: short $338 million 1-yebon long $71 million 5-yebon long $38 million 10-yebon anshort $17 million 30-yebon This conr is structureso thit benefits from a cline in curvature, where the mile of the yielcurve creases in yielrelative to the short anlong en of the yielcurve. To termine the positions, we take the maximum allowanof 30-yebon of $17 million antermine money ration. Money ration is equto market value x mofieration vi100. 30-yebonmoney ration = $17 million × 19.69/100 = $3,347,300. The market values of the other positions are: 1-yebon $3,347,300 × 100/0.99 = $338.11 million or $338 million 5-yebon $3,347,300 × 100/4.74 = $70.62 million or $71 million 10-yebon $3,347,300 × 100/8.82 = $37.95 million or $38 million题目已经说了是less curvature，所以就是一个向下的conr，30年期的是short头寸，与之对应只可能是short1年期，这样思考对吗？
NO.PZ201812020100000805 5-ye$71 million 10-ye$38 million A is correct. To profit from a crease in yielcurve curvature, the correconr structure will be: short 1s, long 5s, long 10s, anshort 30s. The positions of the conr will be: short $338 million 1-yebon long $71 million 5-yebon long $38 million 10-yebon anshort $17 million 30-yebon This conr is structureso thit benefits from a cline in curvature, where the mile of the yielcurve creases in yielrelative to the short anlong en of the yielcurve. To termine the positions, we take the maximum allowanof 30-yebon of $17 million antermine money ration. Money ration is equto market value x mofieration vi100. 30-yebonmoney ration = $17 million × 19.69/100 = $3,347,300. The market values of the other positions are: 1-yebon $3,347,300 × 100/0.99 = $338.11 million or $338 million 5-yebon $3,347,300 × 100/4.74 = $70.62 million or $71 million 10-yebon $3,347,300 × 100/8.82 = $37.95 million or $38 million请问yielcurve less curvature图形是怎么变化
NO.PZ201812020100000805 老师您好， 我突然一下子转不过弯了。 请问 less curvature图形是什么表示呢？ 我们假设原有图形是个桶吧， less curvature是桶更深了 还是更浅了呢？ 我一直以为less curvature是1Y 与30Y 不变，但是5年和10年往上（ 也就是桶变浅了）， 所以我以为应该short 5到10年，但是看答案貌似我理解反了。。 谢谢！
NO.PZ201812020100000805 conr 的两边 long 1-yeshort 5-ye+ short 10-year, long 30-yebon, 是两边RATION NEUTRAL， 并没有说这四个POSITION 都NEUTR啊。 这样的话为什么不选10 年的那个啊，因为对应30年的应该是10年。
老师，这里的Money ration is equto market value x mofieration vi100. 为什么要除以100啊？
