NO.PZ2023091802000057
问题如下：
The current price of Commodity X in the spot market is $42.47. Forward contracts for delivery of Commodity X in one year are trading at a price of $43.11. If the current continuously compounded annual risk-free interest rate is 7.0%, calculate the implicit lease rate for Commodity X. Holding the calculated implicit lease rate constant, would the forward market for Commodity X be in backwardation or contango if the continuously compounded annual risk-free rate immediately fell to 5.0%?
选项：
A.
The implicit lease rate is 1.49%. Holding this rate constant, the forward market would be in contango if the continuously compounded annual risk-free rate immediately fell to 5.0%.
B.
The implicit lease rate is 5.50%. Holding this rate constant, the forward market would be in backwardation if the continuously compounded annual risk-free rate immediately fell to 5.0%.
C.
The implicit lease rate is 1.49%. Holding this rate constant, the forward market would be in backwardation if the continuously compounded annual risk-free rate immediately fell to 5.0%.
D.
The implicit lease rate is 5.50%. Holding this rate constant, the forward market would be in contango if the continuously compounded annual risk-free rate immediately fell to 5.0%.
解释：
Step1: Calculate implicit lease rate = 0.07 – 0.0150 = 5.5%.
Step2: The forward price ($43.11) is higher
than the spot price ($42.47), the market for Commodity X is currently in
contango.
Step 3: If annual risk-free rate immediately
fell to 5.0%, holding the lease rate constant, forward price 
is lower than the spot price ($42.47) the market would be
in backwardation.
老师，我哪里算错了吗？我按了几遍计算器咋都是2.87？
