F0在求什么

问题如下：

Consider a forward contract to purchase an asset currently worth USD 10,000 for USD 12,000 in three years. The interest rate is 3% with annual compounding. How much is the forward contract worth?

选项：

解释：

The forward contract is worth (in USD) 10,000 – (12,000/1.03^3) = −981.7.

题目问：一个forward合约，约定好三年后以12k的价格买入现在价值10k的资产，无风险利率是3%，年复利，这个forwrd合约的价格应该是多少？

S0=10k

F1=12k

F0=12k/(1+3%)^3=10.9817k>S0=10k

合约价格为10k – 10.9817k= −981.7

合约价格为负数，说明定价太高，应该直接买入现货。