NO.PZ201712110200000302
问题如下：
Based on Exhibit 2, the current price of Bond 1 is most likely greater than the current price of:
选项：
A. Bond 2.
B. Bond 3.
C. Bond 4.
解释：
C is correct.
All four bonds in Exhibit 2 issued by Alpha Corporation offer the same coupon rate and have the same remaining term to maturity. Bond 4 (callable) most likely has a current price that is less than Bond 1 (straight or option free) because investors are short the call option and must be compensated for bearing call risk. Bond 2 (convertible) most likely has a current price that is greater than Bond 1 because investors are paying for the conversion option embedded in Bond 2 and the option has time value associated with it, even though the option is trading out of the money.
Similarly, Bond 3 (putable) most likely has a current price that is greater than Bond 1 because investors are paying for the put option.
这题的意思是目前P比较低是么，但题目中描述的意思不是经济比较差么，而且政府债券收益率也会一直低下去啊，价格和收益率同时都很低不是有点矛盾么？