问题如下：
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：
C is correct.
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.
老师您好，没明白助理的描述
即期利率是通过bootstrapping决定的，是通过par rate从后往前一期一期推导而来的。题目问的是这句话有没有错，前半句话没有问题，后半句话错在从后往前推导。因为bootstrapping是从前往后推的，我们知道par rate1=spot rate1，然后再根据par rate2推导spot rate2，以此类推。所以这道题选C。