NO.PZ202304070100007401
问题如下：
All else being equal, a rise in interest rates will most likely result in the value of the option embedded in Bond #3:
选项：
A.
decreasing.
B.
remaining unchanged.
C.
increasing.
解释：
Correct Answer: C
Bond #3 is a putable bond, and the value of a put option increases as interest rates rise. At higher interest rates, the value of the underlying option-free bond (straight bond) declines, but the decline is offset partially by the increase in the value of the embedded put option, which is more likely to be exercised.
这个问题在问embedded put option的价值还是potable bond的价值呢？题目情况是利率上升，两者刚好都increase。
想问下如果利率下降，两者分别怎么变化？
