没看到怎么算value的（2-1）是什么东西？

NO.PZ2016082402000058 问题如下 ABInc., enterea forwarrate agreement (FRto receive a rate of 3.75% with continuous compounng on a principof US1 million between the enof ye1 anthe enof ye2. The zero rates are 3.25% an3.50% for one antwo years. Whis the value of the FRA when the is just entere A.US35,629 B.US34,965 C.US664 US0 ANSWER: he market-implieforwarrate is given e−R2×2=e(−R1×1−F1,2×1)e^{-R_2\times2}=e^{(-R_1\times1-F_{1,2}\times1)}e−R2​×2=e(−R1​×1−F1,2​×1),or F1,2=2×3.50−1×3.25=3.75%.F_{1,2}=2\times3.50-1\times3.25=3.75\%.F1,2​=2×3.50−1×3.25=3.75%. Given ththis is exactly equto the quoterate, the value must zero. If instethis rate w3.50%, for example, the value woulV=$1,000,000×(3.75%−3.50%)×(2−1)×e−3.50%×2=2,331V=\$1,000,000\times{(3.75\%-3.50\%)}\times{(2-1)}\times e^{-3.50\%\times2}=2,331V=$1,000,000×(3.75%−3.50%)×(2−1)×e−3.50%×2=2,331 No.PZ2016082402000058 (选择题)来源: HanookABInc., enterea forwarrate agreement (FRto receive a rate of 3.75% with continuous compounng on a principof US1 million between the enof ye1 anthe enof ye2. The zero rates are 3.25% an3.50% for one antwo years. Whis the value of the FRA when the is just entere1、a forwarrate agreement (FRto receive a rate of 3.75%—这句话是不是说明这个FRA的利率是3.75%且我是short position？2、这题求t=1年时刻的value，我理解就是在t=2年时刻，用（3.75%—三个月市场的int）再折现到t=1年时刻，得出t=1年时刻的value，首先题目没有给出三个月市场的int，其次为什么value是0？3、题目答案写的计算的远期利率是3.75%，确实没错，但是这个远期利率也不是市场利率啊，怎么能说这个利率equto quoterate（FRA rate）呢，不理解

NO.PZ2016082402000058问题如下 ABInc., enterea forwarrate agreement (FRto receive a rate of 3.75% with continuous compounng on a principof US1 million between the enof ye1 anthe enof ye2. The zero rates are 3.25% an3.50% for one antwo years. Whis the value of the FRA when the is just entere A.US35,629B.US34,965C.US664US0ANSWER: he market-implieforwarrate is given e−R2×2=e(−R1×1−F1,2×1)e^{-R_2\times2}=e^{(-R_1\times1-F_{1,2}\times1)}e−R2​×2=e(−R1​×1−F1,2​×1),or F1,2=2×3.50−1×3.25=3.75%.F_{1,2}=2\times3.50-1\times3.25=3.75\%.F1,2​=2×3.50−1×3.25=3.75%. Given ththis is exactly equto the quoterate, the value must zero. If instethis rate w3.50%, for example, the value woulV=$1,000,000×(3.75%−3.50%)×(2−1)×e−3.50%×2=2,331V=\$1,000,000\times{(3.75\%-3.50\%)}\times{(2-1)}\times e^{-3.50\%\times2}=2,331V=$1,000,000×(3.75%−3.50%)×(2−1)×e−3.50%×2=2,331抛开这个题来说，FRA计算中，long和short的计算，谁减谁这个怎么记，比如这个题的假设，3.75-3.5

NO.PZ2016082402000058 问题如下 ABInc., enterea forwarrate agreement (FRto receive a rate of 3.75% with continuous compounng on a principof US1 million between the enof ye1 anthe enof ye2. The zero rates are 3.25% an3.50% for one antwo years. Whis the value of the FRA when the is just entere A.US35,629 B.US34,965 C.US664 US0 ANSWER: he market-implieforwarrate is given e−R2×2=e(−R1×1−F1,2×1)e^{-R_2\times2}=e^{(-R_1\times1-F_{1,2}\times1)}e−R2​×2=e(−R1​×1−F1,2​×1),or F1,2=2×3.50−1×3.25=3.75%.F_{1,2}=2\times3.50-1\times3.25=3.75\%.F1,2​=2×3.50−1×3.25=3.75%. Given ththis is exactly equto the quoterate, the value must zero. If instethis rate w3.50%, for example, the value woulV=$1,000,000×(3.75%−3.50%)×(2−1)×e−3.50%×2=2,331V=\$1,000,000\times{(3.75\%-3.50\%)}\times{(2-1)}\times e^{-3.50\%\times2}=2,331V=$1,000,000×(3.75%−3.50%)×(2−1)×e−3.50%×2=2,331 助教你好这题是收录在经典题里的，我答对了，但我是因为看见题干最后一句问的是the value of FRA when the aler is just entere便认为题目是在问我forwar0时刻的value，于是选我压根没理会题干给的远期利率和zero rate。而李老师的做法是先验证远期利率3.75%是否合理。我的思路有问题吗？我看过往其他同学提问中都是在研究利率怎么算，可是这题明明不需要算吧？

NO.PZ2016082402000058问题如下 ABInc., enterea forwarrate agreement (FRto receive a rate of 3.75% with continuous compounng on a principof US1 million between the enof ye1 anthe enof ye2. The zero rates are 3.25% an3.50% for one antwo years. Whis the value of the FRA when the is just entere A.US35,629B.US34,965C.US664US0ANSWER: he market-implieforwarrate is given e−R2×2=e(−R1×1−F1,2×1)e^{-R_2\times2}=e^{(-R_1\times1-F_{1,2}\times1)}e−R2​×2=e(−R1​×1−F1,2​×1),or F1,2=2×3.50−1×3.25=3.75%.F_{1,2}=2\times3.50-1\times3.25=3.75\%.F1,2​=2×3.50−1×3.25=3.75%. Given ththis is exactly equto the quoterate, the value must zero. If instethis rate w3.50%, for example, the value woulV=$1,000,000×(3.75%−3.50%)×(2−1)×e−3.50%×2=2,331V=\$1,000,000\times{(3.75\%-3.50\%)}\times{(2-1)}\times e^{-3.50\%\times2}=2,331V=$1,000,000×(3.75%−3.50%)×(2−1)×e−3.50%×2=2,331这个题能用画图法解一下吗