问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，这道题目按照定性来看，直接算的B，对了。老师看看这样行不行。
把effective duration 近似理解为平均还款期，这个bond的三年期的，不可能大于3年，排除C，然后，根据表格这个bond是at the end of 1-2是可以call的，因此应该是大于1，排除A，然后就选B了。
这样ok吗？
运气？还是这个方法也没问题？
NO.PZ201602270200002104 问题如下 4. The effective ration of Bon#4 is closest to: A.0.76. B.1.88. C.3.77. B is correct.The effective ration of Bon#4 ccalculateusing Equation 3 from the reang, where Δ Curve is 20 bps, PV– is 101.238, anPV+ is 100.478. PV0PV_0PV0, the current full priof the bon(i.e., with no shift), is not given but it ccalculateusing Exhibit 3 follows: S= Interest Rate ScenarioC=Cash Flow (% of par)R=One-yeInterest rate (%)V= Value of the Callable Bons Future Cash Flows (% of par)Thus, the effective ration of Bon#4 is:Effective ration = frac101.238−100.4782×(0.0020)×(100.873)=1.88frac{101.238-100.478}{2\times(0.0020)\times(100.873)}=1.88frac101.238−100.4782×(0.0020)×(100.873)=1.88 用二叉树计算callable bonfull price结果是大于100 的。此时full price不用遵循callable par?
NO.PZ201602270200002104问题如下4. The effective ration of Bon#4 is closest to:A.0.76.B.1.88.C.3.77.B is correct.The effective ration of Bon#4 ccalculateusing Equation 3 from the reang, where Δ Curve is 20 bps, PV– is 101.238, anPV+ is 100.478. PV0PV_0PV0, the current full priof the bon(i.e., with no shift), is not given but it ccalculateusing Exhibit 3 follows: S= Interest Rate ScenarioC=Cash Flow (% of par)R=One-yeInterest rate (%)V= Value of the Callable Bons Future Cash Flows (% of par)Thus, the effective ration of Bon#4 is:Effective ration = frac101.238−100.4782×(0.0020)×(100.873)=1.88frac{101.238-100.478}{2\times(0.0020)\times(100.873)}=1.88frac101.238−100.4782×(0.0020)×(100.873)=1.88题目中二叉树，是不是里面所有含权债券都适用这个二叉树
NO.PZ201602270200002104 问题如下 4. The effective ration of Bon#4 is closest to: A.0.76. B.1.88. C.3.77. B is correct.The effective ration of Bon#4 ccalculateusing Equation 3 from the reang, where Δ Curve is 20 bps, PV– is 101.238, anPV+ is 100.478. PV0PV_0PV0, the current full priof the bon(i.e., with no shift), is not given but it ccalculateusing Exhibit 3 follows: S= Interest Rate ScenarioC=Cash Flow (% of par)R=One-yeInterest rate (%)V= Value of the Callable Bons Future Cash Flows (% of par)Thus, the effective ration of Bon#4 is:Effective ration = frac101.238−100.4782×(0.0020)×(100.873)=1.88frac{101.238-100.478}{2\times(0.0020)\times(100.873)}=1.88frac101.238−100.4782×(0.0020)×(100.873)=1.88 1、提供考点相关内容并解析，怎么和我这边的公式好像不太对的上2、什么是frac，麻烦负责地解析答案
NO.PZ201602270200002104
可是callable bon不是最后的答案不能超过100吗？
