NO.PZ201701230200000307
问题如下：
7. Based on Exhibit 1, the results of Analysis 2 should show the yield on the five-year bond:
选项：
A.decreasing by 0.8315%.
B.decreasing by 0.0389%.
C.increasing by 0.0389%.
解释：
C is correct.
Because the factors in Exhibit 1 have been standardized to have unit standard deviations, a one standard deviation decrease in both the level factor and the curvature factor will lead to the yield on the five-year bond increasing by 0.0389%, calculated as follows:
Change in five-year bond yield = 0.4352% - 0.3963% = 0.0389%.
题干中表格level数值为负的，是one deviation increase的数据；而算出来的结果为正的0.0389，所以应该是相反 变成decrease？谢谢老师。
