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　　3.    下題不理解，請教老師！
　　You are using key rate shifts to analyze the effect of yield changes on bond prices. Suppose that the 10-year yield has increased by 10 basis points and that this shock decreases linearly to zero for the 20-year yield. What is the effect of this shock on the 14-year yield?
　　A.    increase of 0 basis points
　　B.    increase of 4 basis points
　　C.    increase of 6 basis points
　　D.    increase of 10 basis points
　　Answer: C
　　Explanation: The 10 basis point shock to the 10-year yield is supposed to decline linearly to zero for the 20 year yield. Thus, the shock decreases by 1 basis point per year and will result in an increase of 6 basis points for the 14 year yield.
　　答疑：就是說10年期的利率增量為10bps，然后直線下降到20年0bps，相當于每年增量減少1bps，那14年的增量就是(10 – 4) bps。這題考察的是關鍵利率的移動技術，在強化班“估值與風險模型”PPT里面有講到。