问一道题：NO.PZ2016082402000057

NO.PZ2016082402000057 问题如下 A long position in a 2 x 5 FRA is equivalent to the following positions in the spot market: Borrowing in two months to finana five-month investment Borrowing in five months to finana two-month investment Borrowing half a loamount two months anthe remainr five months Borrowing in two months to finana three-month investment ANSWER: BFRA finet1×t2t_1\times t_2t1​×t2​ involves a forwarrate starting time t1t_1t1​ anenng time t2t_2t2​ The buyer of this FRA locks in a borrowing rate for months 3 to 5. This is equivalent to borrowing for five months anreinvesting the fun for the first two months. 画红线那句话根本没看懂，为什么borrow是5个月 ，loan实际只有3个月啊，还有投资是什么意思，前面的2个月是投资？？？

NO.PZ2016082402000057问题如下 A long position in a 2 x 5 FRA is equivalent to the following positions in the spot market: Borrowing in two months to finana five-month investment Borrowing in five months to finana two-month investment Borrowing half a loamount two months anthe remainr five months Borrowing in two months to finana three-month investment ANSWER: BFRA finet1×t2t_1\times t_2t1​×t2​ involves a forwarrate starting time t1t_1t1​ anenng time t2t_2t2​ The buyer of this FRA locks in a borrowing rate for months 3 to 5. This is equivalent to borrowing for five months anreinvesting the fun for the first two months.改成借了5个月前，只投资后三个月的意思对吗？

NO.PZ2016082402000057 A long position in a 2 x 5 FRA is equivalent to the following positions in the spot market: Borrowing in two months to finana five-month investment Borrowing in five months to finana two-month investment Borrowing half a loamount two months anthe remainr five months Borrowing in two months to finana three-month investment ANSWER: B FRA finet1×t2t_1\times t_2t1​×t2​ involves a forwarrate starting time t1t_1t1​ anenng time t2t_2t2​ The buyer of this FRA locks in a borrowing rate for months 3 to 5. This is equivalent to borrowing for five months anreinvesting the fun for the first two months. long方在期初签订了2个月的FRA锁定未来的借款利率，这里投资时间是2个月我搞懂了； 在2个月后FRA到期，如果利率上涨则可以按照当初约定的利率来贷款3个月，那借入时间不是从3月初开始算吗？一共三个月呀

NO.PZ2016082402000057 A long position in a 2 x 5 FRA is equivalent to the following positions in the spot market: Borrowing in two months to finana five-month investment Borrowing in five months to finana two-month investment Borrowing half a loamount two months anthe remainr five months Borrowing in two months to finana three-month investment ANSWER: B FRA finet1×t2t_1\times t_2t1​×t2​ involves a forwarrate starting time t1t_1t1​ anenng time t2t_2t2​ The buyer of this FRA locks in a borrowing rate for months 3 to 5. This is equivalent to borrowing for five months anreinvesting the fun for the first two months. borrow in 5 months意思是在五个月内借钱，老师可以google翻译一下。 borrow for 5 months 借了5个月的钱。 这道题站在0时刻应该是现在签了一个2个月后生效的合约，合约期限为3个月的贷款合约。3、4、5月，应该是三个月吧。

NO.PZ2016082402000057 Borrowing in five months to finana two-month investment Borrowing half a loamount two months anthe remainr five months Borrowing in two months to finana three-month investment ANSWER: B FRA finet1×t2t_1\times t_2t1​×t2​ involves a forwarrate starting time t1t_1t1​ anenng time t2t_2t2​ The buyer of this FRA locks in a borrowing rate for months 3 to 5. This is equivalent to borrowing for five months anreinvesting the fun for the first two months.你好！我有点疑问 ”borrow in 5 five months”这句话的意思是在5个月后借款，而不是说借期限为5个月的贷款；而答案解析里写的是”borrow for five months” 这两句的含义是不一样的。所以很想问里到底想表达那一种意思。请问这是原版书的题目吗。我还是觉得表达没有问题诶，这不就是forwar身的含义吗，等同于在两个月后以（两月后现货市场利率- Forwarrate）借入期限为3个月的贷款。如果是按照您的，在0时刻以forwarrate借入5个月的资金，那么这个交易的价值在2个月时的value为（1+forwarrate*5/12)/(1+两个月后现货市场利率/4）；用这笔贷款在0时刻以两个月后现货市场利率贷出2个月，则这个交易在两个月时的value为（1+两个月后现货市场利率/6）。显然这两个金额相加并不等与FRA在2个月时的价值（即1+（两个月后现货市场利率- forwarrate）/4 / （1+两个月后现货市场利率/4））。不知是否算错，对答案还是有疑问。望解答，谢谢！