问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，您好！这道题能否通过画图的方式解决呢？另外，option-free、embeded call option、embeded put option的bond的图应该如何画呢？
谢谢！！
NO.PZ201712110200000405问题如下Whibonin Exhibit 1 most likely hthe lowest effective convexity?A.bon.bon.bonA is correct.All else being equal, a callable bonwill have lower effective convexity thoption-free bonwhen the call option is in the money. Similarly, when the call option is in the money, a callable bonwill also have lower effective convexity tha putable bonif the put option is out of the money. Exhibit 1 shows ththe callable bonis currently priceslightly higher thits call priof pvalue, whimeans the embeecall option is in the money. The put option embeein the bonis not in the money; the bonis currently price2.1% above pvalue. Thus, the current price, the putable bonis more likely to behave like the optionfree bon Consequently, the effective convexity of the bonwill likely lower ththe option-free bonanthe putable bon请问还要判断ITM和OTM吗？是否可以统一记忆call option永远小于put option的E为call option负凸而put option more convex?
NO.PZ201712110200000405 题目问的lowest，是数值大小比较的概念，还是绝对值的概念？
不太懂答案判断的逻辑
