NO.PZ2023040701000042
问题如下：
Annisquam tells Hake that he needs to calibrate the binomial interest rate tree to match a term structure of interest rates. Hake wants to better understand this process and asks Annisquam to describe it. Annisquam says, “Calibrating an interest rate tree requires an iterative process that ensures that the upper and lower rates are consistent with the volatility assumption, the interest rate model, and the observed market value of the benchmark bond. The cash flows of the bond are discounted using the interest rate tree, and if this doesn’t produce the correct price, another pair of forward rates is selected and the process is repeated.”
Is Annisquam most likely correct in regard to his comments on calibrating a binomial interest rate tree?
选项：
A.Yes
No, he incorrectly describes the iterative process
No, he is incorrect regarding the interest rate used
解释：
Correct Answer: A
Annisquam is correct with regards to his comments on calibrating a binomial interest rate tree.
最后一句重新forward rate 校准是基于重新调整spot rate 导致反求出 forward rate吗？
校准是否也意味着volatility也一并调整导致spot rate 的变化？
