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　　3.        下题不理解，请教老师！
　　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：就是说10年期的利率增量为10bps，然后直线下降到20年0bps，相当于每年增量减少1bps，那14年的增量就是(10 – 4) bps。这题考察的是关键利率的移动技术