NO.PZ2018123101000102 问题如下 Fujioka tells Maalouf thshe hbeen reang about the use of Monte Carlo forwar rate simulation for fixeincome valuation. She asks Maalouf to further explain this approato her. Maalouf replies, “The Monte Carlo approais quite fferent from the binomitree approaI’ve been scribing to you. Some of these fferences inclu:”fferen1: The Monte Carlo approaes not require calibration, wherethe binomitree approaes.fferen2: The Monte Carlo approais typically employewhen cash flows are path pennt, wherethe binomitree approaonly allows one expectecash flow per no, regaress of the path of interest rates.fferen3: The Monte Carlo approaranmly simulates a fixenumber of interest rate paths anvalues the security only across those paths, wherethe binomitree approavalues the security across all possible interest rate paths on the tree.Of the three fferences Maalouf scribes between the binomitree approato fixeincome valuation anthe Monte Carlo simulation approach, he is least likely correregarng: A.fferen3. B.fferen2. C.fferen1. A Monte Carlo forwarrate simulation ranmlygenerates a large number of interest rate paths thwill correctly valuebenchmark bon only chance. A fixeamount, known a ift term, is aeo every forwarinterest rate on every simulatepath to calibrate thesimulation so ththe values estimatefor benchmark bon equtheir marketprices. fferen1 是正确的啊？M不需要calibration。 只有二叉树需要。 之前有老师解析过。

NO.PZ2018123101000102问题如下Fujioka tells Maalouf thshe hbeen reang about the use of Monte Carlo forwar rate simulation for fixeincome valuation. She asks Maalouf to further explain this approato her. Maalouf replies, “The Monte Carlo approais quite fferent from the binomitree approaI’ve been scribing to you. Some of these fferences inclu:”fferen1: The Monte Carlo approaes not require calibration, wherethe binomitree approaes.fferen2: The Monte Carlo approais typically employewhen cash flows are path pennt, wherethe binomitree approaonly allows one expectecash flow per no, regaress of the path of interest rates.fferen3: The Monte Carlo approaranmly simulates a fixenumber of interest rate paths anvalues the security only across those paths, wherethe binomitree approavalues the security across all possible interest rate paths on the tree.Of the three fferences Maalouf scribes between the binomitree approato fixeincome valuation anthe Monte Carlo simulation approach, he is least likely correregarng: A.fferen3. B.fferen2. C.fferen1. A Monte Carlo forwarrate simulation ranmlygenerates a large number of interest rate paths thwill correctly valuebenchmark bon only chance. A fixeamount, known a ift term, is aeo every forwarinterest rate on every simulatepath to calibrate thesimulation so ththe values estimatefor benchmark bon equtheir marketprices.fference2 后半句什么意思

NO.PZ2018123101000102问题如下 Fujioka tells Maalouf thshe hbeen reang about the use of Monte Carlo forwar rate simulation for fixeincome valuation. She asks Maalouf to further explain this approato her. Maalouf replies, “The Monte Carlo approais quite fferent from the binomitree approaI’ve been scribing to you. Some of these fferences inclu:”fferen1: The Monte Carlo approaes not require calibration, wherethe binomitree approaes.fferen2: The Monte Carlo approais typically employewhen cash flows are path pennt, wherethe binomitree approaonly allows one expectecash flow per no, regaress of the path of interest rates.fferen3: The Monte Carlo approaranmly simulates a fixenumber of interest rate paths anvalues the security only across those paths, wherethe binomitree approavalues the security across all possible interest rate paths on the tree.Of the three fferences Maalouf scribes between the binomitree approato fixeincome valuation anthe Monte Carlo simulation approach, he is least likely correregarng: A.fferen3. B.fferen2. C.fferen1. A Monte Carlo forwarrate simulation ranmlygenerates a large number of interest rate paths thwill correctly valuebenchmark bon only chance. A fixeamount, known a ift term, is aeo every forwarinterest rate on every simulatepath to calibrate thesimulation so ththe values estimatefor benchmark bon equtheir marketprices.老师，这道题，statement 1.2.3分别是对是错？错在哪里？？？能不能不要出什么C对应是STATEMENT 1这样的解答，就是直白的说，每个statement到底是怎么回事。

NO.PZ2018123101000102问题如下Fujioka tells Maalouf thshe hbeen reang about the use of Monte Carlo forwar rate simulation for fixeincome valuation. She asks Maalouf to further explain this approato her. Maalouf replies, “The Monte Carlo approais quite fferent from the binomitree approaI’ve been scribing to you. Some of these fferences inclu:”fferen1: The Monte Carlo approaes not require calibration, wherethe binomitree approaes.fferen2: The Monte Carlo approais typically employewhen cash flows are path pennt, wherethe binomitree approaonly allows one expectecash flow per no, regaress of the path of interest rates.fferen3: The Monte Carlo approaranmly simulates a fixenumber of interest rate paths anvalues the security only across those paths, wherethe binomitree approavalues the security across all possible interest rate paths on the tree.Of the three fferences Maalouf scribes between the binomitree approato fixeincome valuation anthe Monte Carlo simulation approach, he is least likely correregarng: A.fferen3. B.fferen2. C.fferen1. A Monte Carlo forwarrate simulation ranmlygenerates a large number of interest rate paths thwill correctly valuebenchmark bon only chance. A fixeamount, known a ift term, is aeo every forwarinterest rate on every simulatepath to calibrate thesimulation so ththe values estimatefor benchmark bon equtheir marketprices.这是本节测试另一道题目下老师的回答，蒙特卡洛模拟加ift term不是calibration呀。那statement1错在哪里呀

NO.PZ2018123101000102 问题如下 Fujioka tells Maalouf thshe hbeen reang about the use of Monte Carlo forwar rate simulation for fixeincome valuation. She asks Maalouf to further explain this approato her. Maalouf replies, “The Monte Carlo approais quite fferent from the binomitree approaI’ve been scribing to you. Some of these fferences inclu:”fferen1: The Monte Carlo approaes not require calibration, wherethe binomitree approaes.fferen2: The Monte Carlo approais typically employewhen cash flows are path pennt, wherethe binomitree approaonly allows one expectecash flow per no, regaress of the path of interest rates.fferen3: The Monte Carlo approaranmly simulates a fixenumber of interest rate paths anvalues the security only across those paths, wherethe binomitree approavalues the security across all possible interest rate paths on the tree.Of the three fferences Maalouf scribes between the binomitree approato fixeincome valuation anthe Monte Carlo simulation approach, he is least likely correregarng: A.fferen3. B.fferen2. C.fferen1. A Monte Carlo forwarrate simulation ranmlygenerates a large number of interest rate paths thwill correctly valuebenchmark bon only chance. A fixeamount, known a ift term, is aeo every forwarinterest rate on every simulatepath to calibrate thesimulation so ththe values estimatefor benchmark bon equtheir marketprices. 老师，MCS解决路径依赖问题，这个路径依赖，不是指的是利率的路径依赖么？题目说是CF，您能给我讲下这个利率和CF在这里的关系么？