求解:if the binomial lattice is correctly calibrated, it should give the same value for an option-free bond as using the par curve used to calibrate the tree,这句话怎么理解啊?用par curve不是price就一定是100了吗?
Par curve is constitute using zero coupon bond, however, different bond may have different coupon rate, which cause them to trade at different price, and thus, not equal to 100