这个modified duration结果后为什么要加一个单位years？？

NO.PZ2019100901000018问题如下Meura Bancorp, a US bank, hequity capitratio for financiassets of 12%. Meura’s strategic plans inclu the incorporation of aitionin orr to leverage earnings sinthe current capitstructure is relatively conservative. The bank plans to restructure the balansheet so ththe equity capitalization ratio ops to 10% anthe mofieration of liabilities is 1.90. The bank also plans to rebalanits investment portfolio to achieve a mofieration of assets of 2.10. Given small changes in interest rates, the yielon liabilities is expecteto move 65 bps for every 100 bps of yielchange in the asset portfolio.Calculate the mofieration of the bank’s equity capitafter restructuring. Show your calculations.The mofieration of the bank’s equity capitafter restructuring is 9.89 years:想请教下老师讲义中这段话第二和第三个点，关于liability和capitstock对应的两种情形要如何理解？

NO.PZ2019100901000018 问题如下 Meura Bancorp, a US bank, hequity capitratio for financiassets of 12%. Meura’s strategic plans inclu the incorporation of aitionin orr to leverage earnings sinthe current capitstructure is relatively conservative. The bank plans to restructure the balansheet so ththe equity capitalization ratio ops to 10% anthe mofieration of liabilities is 1.90. The bank also plans to rebalanits investment portfolio to achieve a mofieration of assets of 2.10. Given small changes in interest rates, the yielon liabilities is expecteto move 65 bps for every 100 bps of yielchange in the asset portfolio.Calculate the mofieration of the bank’s equity capitafter restructuring. Show your calculations. The mofieration of the bank’s equity capitafter restructuring is 9.89 years: Leverage ratio=1/ 10%=10the mofieration of the bank’s equity capitafter restructuring=10 *2.1-(10-1) *1.9 *0.65=9.89

NO.PZ2019100901000018 问题如下 Meura Bancorp, a US bank, hequity capitratio for financiassets of 12%. Meura’s strategic plans inclu the incorporation of aitionin orr to leverage earnings sinthe current capitstructure is relatively conservative. The bank plans to restructure the balansheet so ththe equity capitalization ratio ops to 10% anthe mofieration of liabilities is 1.90. The bank also plans to rebalanits investment portfolio to achieve a mofieration of assets of 2.10. Given small changes in interest rates, the yielon liabilities is expecteto move 65 bps for every 100 bps of yielchange in the asset portfolio.Calculate the mofieration of the bank’s equity capitafter restructuring. Show your calculations. The mofieration of the bank’s equity capitafter restructuring is 9.89 years: The mofieration of the equity capitafter restructuring is 9.89years.

NO.PZ2019100901000018 问题如下 Meura Bancorp, a US bank, hequity capitratio for financiassets of 12%. Meura’s strategic plans inclu the incorporation of aitionin orr to leverage earnings sinthe current capitstructure is relatively conservative. The bank plans to restructure the balansheet so ththe equity capitalization ratio ops to 10% anthe mofieration of liabilities is 1.90. The bank also plans to rebalanits investment portfolio to achieve a mofieration of assets of 2.10. Given small changes in interest rates, the yielon liabilities is expecteto move 65 bps for every 100 bps of yielchange in the asset portfolio.Calculate the mofieration of the bank’s equity capitafter restructuring. Show your calculations. The mofieration of the bank’s equity capitafter restructuring is 9.89 years: 直接按照下面这样写答案可以么？mofieration after restructuring = 2.1 * (1/10%) - 1.9 * (1/10%-1) * 0.65= 9.89 years还是说必须要把完整的一句英语句子写出来，比如说The mofieration of the bank’s equity capitafter restructuring is 9.89 years