问题如下图：
选项：
A. 
请问老师为什么是embeded option 老师能解释下吗
B. 
C. 
解释：
NO.PZ201602270200001805问题如下5. A benefit of performing Task 1 is thit:A.enables the mol to pribon with embeeoptions.B.intifies benchmark bon thhave been mispricethe market.C.allows investors to realize arbitrage profits through stripping anreconstitution.A is correct.Calibrating a binomiinterest rate tree to mata specific term structure is important because we cuse the known valuation of a benchmark bonfrom the spot rate pricing to verify the accuraof the rates shown in the binomiinterest rate tree. Onits accurais confirme the interest rate tree cthen useto value bon with embeeoptions. While scounting with spot rates will proarbitrage free valuations for option-free bon, this spot rate methowill not work for bon with embeeoptions where expectefuture cash flows are interest-rate pennt (rate changes impathe likelihooof options being exercise. The interest rate tree allows for the alternative paths tha bonwith embeeoptions might take. B is incorrebecause calibration es not intify mispricebenchmark bon. In fact, benchmark bon are employeto prove the accuraof the binomiinterest rate tree, they are assumeto correctly pricethe market. C is incorrebecause the calibration of the binomiinterest rate tree is signeto proarbitrage-free valuation approaansuapproaes not allow a market participant to realize arbitrage profits though stripping anreconstitution. 为什么为了含权债券而修正二叉树？二叉树不是设立好的么，然后在每一个时点判断是否行权即可。提到修正，请问需要如何修正？我知道要试错，满足波动率及lognormal（但是可以按这些前提设立好），但怎样算是对的模型呢。如果说是能反应债券价值的，既然知道能反应债券价值了，那也不需要二叉树了，因为已经求得债券价值。
NO.PZ201602270200001805 问题如下 5. A benefit of performing Task 1 is thit: A.enables the mol to pribon with embeeoptions. B.intifies benchmark bon thhave been mispricethe market. C.allows investors to realize arbitrage profits through stripping anreconstitution. A is correct.Calibrating a binomiinterest rate tree to mata specific term structure is important because we cuse the known valuation of a benchmark bonfrom the spot rate pricing to verify the accuraof the rates shown in the binomiinterest rate tree. Onits accurais confirme the interest rate tree cthen useto value bon with embeeoptions. While scounting with spot rates will proarbitrage free valuations for option-free bon, this spot rate methowill not work for bon with embeeoptions where expectefuture cash flows are interest-rate pennt (rate changes impathe likelihooof options being exercise. The interest rate tree allows for the alternative paths tha bonwith embeeoptions might take. B is incorrebecause calibration es not intify mispricebenchmark bon. In fact, benchmark bon are employeto prove the accuraof the binomiinterest rate tree, they are assumeto correctly pricethe market. C is incorrebecause the calibration of the binomiinterest rate tree is signeto proarbitrage-free valuation approaansuapproaes not allow a market participant to realize arbitrage profits though stripping anreconstitution. 三个老师能不能讲讲，我没看懂意思，可以逐一下吗？谢谢老师。
NO.PZ201602270200001805 问题如下 5. A benefit of performing Task 1 is thit: A.enables the mol to pribon with embeeoptions. B.intifies benchmark bon thhave been mispricethe market. C.allows investors to realize arbitrage profits through stripping anreconstitution. A is correct.Calibrating a binomiinterest rate tree to mata specific term structure is important because we cuse the known valuation of a benchmark bonfrom the spot rate pricing to verify the accuraof the rates shown in the binomiinterest rate tree. Onits accurais confirme the interest rate tree cthen useto value bon with embeeoptions. While scounting with spot rates will proarbitrage free valuations for option-free bon, this spot rate methowill not work for bon with embeeoptions where expectefuture cash flows are interest-rate pennt (rate changes impathe likelihooof options being exercise. The interest rate tree allows for the alternative paths tha bonwith embeeoptions might take. B is incorrebecause calibration es not intify mispricebenchmark bon. In fact, benchmark bon are employeto prove the accuraof the binomiinterest rate tree, they are assumeto correctly pricethe market. C is incorrebecause the calibration of the binomiinterest rate tree is signeto proarbitrage-free valuation approaansuapproaes not allow a market participant to realize arbitrage profits though stripping anreconstitution. 表格不都是option free的嘛，为什么答案是含权债券定价。
NO.PZ201602270200001805 老师问下c 投资者为什么不能通过该方法来发现套利机会？
NO.PZ201602270200001805 请问该知识点在讲义哪，谢谢
