问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，我这里算的方式是这样的，为啥答案不对？
100.2668 ← 99.8246 ← 99.7679 ← 101.55
99.6144 100 101.55
100 101.55
（1.55） (1.55)
NO.PZ201712110200000307 问题如下 Baseon Exhibit 2 anExhibit 3, the market priof Bon4 is closest to: A.100.0000. B.100.5123. C.100.8790. A is correct.The market priof callable Bon4 with no protection periocannot excee100. 还是需要用二叉树算，如果高于100，就只能取到100
NO.PZ201712110200000307 问题如下 Baseon Exhibit 2 anExhibit 3, the market priof Bon4 is closest to: A.100.0000. B.100.5123. C.100.8790. A is correct.The market priof callable Bon4 with no protection periocannot excee100. 原来有个题目，callable 的p0是可以大于赎回价的，但这题又不行，我看之前老师的回答貌似是书改了，那么24年五月考试，这题目答案应该是多少？关于这个p0的问题我也一直很confuse，到底要不要考虑行权？麻烦给个准确信息谢谢
NO.PZ201712110200000307 问题如下 John Smith, investment aiser, meets with Lya Carter to scuss her penng retirement anpotentichanges to her investment portfolio. mestic economic activity hbeen weakening recently, anSmith’s outlook is thequity market values will lower ring the next year. He woullike Carter to consir recing her equity exposure in favor of aing more fixeincome securities to the portfolio.Government yiel have remainelow for extenperio anSmith suggests consiring investment-gra corporate bon to provi aitionyielabove government issues. In light of recent poor employment figures antwo consecutive quarters of negative G growth, the consensus forecast among economists is ththe centrbank, its next meeting this month, will take actions thwill leto lower interest rates.Smith anCarter review par, spot, anone-yeforwarrates (Exhibit 1) anfour fixerate investment-gra bon issueAlpha Corporation whiare being consirefor investment (Exhibit 2).Exhibit 1.₤Par, Spot, anOne-YeForwarRates (annucoupon payments)Exhibit 2.₤SelecteFixeRate Bon of Alpha CorporationNote: All bon in Exhibit 2 have remaining maturities of exactly three yearsCarter tells Smith ththe locnews mea have been reporting thhousing starts, exports, anmanfor consumer cret are all relatively strong, even in light of other poor macroeconomic incators. Smith explains ththe vergenin economic ta lea him to believe thvolatility in interest rates will increase. Smith also states thhe recently rea report issueBrown anCompany forecasting ththe yielcurve coulinvert within the next six months.Smith velops a binomiinterest rate tree with a 15% interest rate volatility assumption to assess the value of Alpha Corporation’s bon. Exhibit 3 presents the interest rate tree.Exhibit 3.₤BinomiInterest Rate Tree for Alpha Corporation 15% Interest Rate VolatilityCarter asks Smith about the possibility of analyzing bon thhave lower cret ratings ththe investment-gra Alpha bon. Smith scusses four other corporate bon with Carter. Exhibit 4 presents selecteta on the four bon.Exhibit 4.₤SelecteInformation on FixeRate Bon for BetGammltanRho CorporationsNotes: All bon have remaining maturities of three years. Ostan for option-austesprea Baseon Exhibit 2 anExhibit 3, the market priof Bon4 is closest to: A.100.0000. B.100.5123. C.100.8790. A is correct.The market priof callable Bon4 with no protection periocannot excee100. 为什么到PV0的时候要用1%折现？callable bon是低于1.55%就取不到了吗？难道折现到0时刻不应该用1.55%吗
NO.PZ201712110200000307 问题如下 Baseon Exhibit 2 anExhibit 3, the market priof Bon4 is closest to: A.100.0000. B.100.5123. C.100.8790. A is correct.The market priof callable Bon4 with no protection periocannot excee100. 请问老师，我计算出来的结果是100.45，为何答案是100
NO.PZ201712110200000307问题如下Baseon Exhibit 2 anExhibit 3, the market priof Bon4 is closest to:A.100.0000.B.100.5123.C.100.8790. A is correct.The market priof callable Bon4 with no protection periocannot excee100. 如果这道题换成了 putable bon是不是也可以理解为如果题干中的 putable bon也没有锁定期，价格一旦低于执行价格会立刻行权，所以价格不会低于 100，谢谢老师
