NO.PZ2020012005000002
问题如下：
“If you buy a non-income-producing financial asset for 100 and enter into a forward contract to sell it for 110 in one year, you have made a profit of 10.” Is this statement true? Why or why not? Consider the situation where the interest rate is 4% per year and 10% per year.
选项：
解释：
The profit is less than 10 because the investment of 100 must be financed. If the interest is 4% per year, the profit is only 6. If it is 10% per year there is no profit. This was the issue that led to Joseph Jett’s false recording of profit.
r=4%,110/(1+4%)>100. borrow usd100 and buy asset，one year later sell asset for 110,and repay loan 104,gain usd 6.
r=10%,no arbitrage
