问题如下图：
选项：
A. 
B. 
. 
解释：
volativity为10%是什么意思？如图
NO.PZ2018123101000070 问题如下 Steve, a fixeincome analyst Samuel, is reviewing 3 fixerate bon issuea locfirm, Pro Star, In The table below shows the relevant information about these three bon: The one-year, two-year, anthree-yeprates are 2.250%, 2.750%, an3.100%, respectively. Baseon estimateinterest rate volatility of 10%, Steve constructs the binomiinterest rate tree shown in Exhibit below: All else being equal, if Steve assumes interest rate volatility of 15% insteof 10%, the bonthwoulincrease in value is: BonX. BonY. BonZ. C is correct.考点考察对含权债券的理解、考察波动率对Embeeoption价值的影响解析无论是哪种含权债券，即无论期权的类型如何，利率波动率的增加都会导致期权价值的增加。所以要判断在此情况下，哪种债券的价值会增加，就需要判断哪个含权债券的权利 （ 期权 ） 是属于投资者的 ；已知Value of Callable bon= Value of option-free bon- Value of Call option on bonValue of Putable bon= Value of option-free bon+ Value of Put option on bon因此可以判断，在Option价值增加的情况下，Callable bon价值降低，Putable bon价值增加。因此选择 Value of Callable bon= Value of option-free bon- Value of Call option on bon有没有更intuitive的方法来理解这个公式？ 谢谢
NO.PZ2018123101000070问题如下 Steve, a fixeincome analyst Samuel, is reviewing 3 fixerate bon issuea locfirm, Pro Star, In The table below shows the relevant information about these three bon: The one-year, two-year, anthree-yeprates are 2.250%, 2.750%, an3.100%, respectively. Baseon estimateinterest rate volatility of 10%, Steve constructs the binomiinterest rate tree shown in Exhibit below: All else being equal, if Steve assumes interest rate volatility of 15% insteof 10%, the bonthwoulincrease in value is: BonX. BonY. BonZ. C is correct.考点考察对含权债券的理解、考察波动率对Embeeoption价值的影响解析无论是哪种含权债券，即无论期权的类型如何，利率波动率的增加都会导致期权价值的增加。所以要判断在此情况下，哪种债券的价值会增加，就需要判断哪个含权债券的权利 （ 期权 ） 是属于投资者的 ；已知Value of Callable bon= Value of option-free bon- Value of Call option on bonValue of Putable bon= Value of option-free bon+ Value of Put option on bon因此可以判断，在Option价值增加的情况下，Callable bon价值降低，Putable bon价值增加。因此选择C。无论是哪种含权债券，即无论期权的类型如何，利率波动率的增加都会导致期权价值的增加。不考虑利率升降对应不同期权么
