问一道题：NO.PZ2019052801000044

NO.PZ2019052801000044 问题如下 The party with the short position hcito liver anis trying to choose between the three bon in the table below. Assume the most recent settlement priis 92-16, or 92.5. Whibonis the cheapest-to-liver bon A.Bon1. B.Bon2. C.Bon3. Bon4. A is correct. 考点Interest Rate rivative-Interest rate Futures解析Bon1: 99.32-(92.5×1.0597)=$1.2978Bon2: 140.65-(92.5×1.4972)=$2.1590Bon3: 117.73-(92.5×1.2584)=$1.3280Bon4: 129.54-(92.5×1.3762)=$2.2415Bon1最小，所以cheapest-to-liver bonBon1。 QFP是哪个英文缩写，是quotefuture price吗，意思是期货报价？

NO.PZ2019052801000044问题如下The party with the short position hcito liver anis trying to choose between the three bon in the table below. Assume the most recent settlement priis 92-16, or 92.5. Whibonis the cheapest-to-liver bonA.Bon1.B.Bon2.C.Bon3.Bon4.A is correct. 考点Interest Rate rivative-Interest rate Futures解析Bon1: 99.32-(92.5×1.0597)=$1.2978Bon2: 140.65-(92.5×1.4972)=$2.1590Bon3: 117.73-(92.5×1.2584)=$1.3280Bon4: 129.54-(92.5×1.3762)=$2.2415Bon1最小，所以cheapest-to-liver bonBon1。老师好，有两个问题1、按照课程的公式CT最便宜的债券即等于 short方买债券的成本-收到的钱课里给的公式是Bon-QFP*CF按照这个公式，Bon应该是交割价格92.5%，而期货报价QFP*CF是期货到期short收到的钱啊，bon的CT该是92.5%-QFP1*CF1，以此类推才对啊。我看也有别的同学问了和我相同的问题，但老师的没有让我明白，看了反而更糊涂了。2、在推倒CT，有AIT购买成本是BT+AIT（是T时刻lshort在市场买债券时支付卖方的AI吗？）T交割日收到的钱是QFP*CF+AIT 这里为什么还要有一个AIT呢？short在市场买到债券再卖给long，应该是交割日当天操作完？哪里来的AIT要给short呢？

NO.PZ2019052801000044 问题如下 The party with the short position hcito liver anis trying to choose between the three bon in the table below. Assume the most recent settlement priis 92-16, or 92.5. Whibonis the cheapest-to-liver bon A.Bon1. B.Bon2. C.Bon3. Bon4. A is correct. 考点Interest Rate rivative-Interest rate Futures解析Bon1: 99.32-(92.5×1.0597)=$1.2978Bon2: 140.65-(92.5×1.4972)=$2.1590Bon3: 117.73-(92.5×1.2584)=$1.3280Bon4: 129.54-(92.5×1.3762)=$2.2415Bon1最小，所以cheapest-to-liver bonBon1。 首先CT的 原理就是站在Short 头寸方到期交割最便宜的的Bon那么挑一个成本最低的就是CT以根据老师上课画图 计算公式就是 CT= Minimize cost = 市场买回价格（即本题的交割价格） - 照搬印抄表格里的QFPx (这就是Long 方付给Short方的收益)=BT- QFP x ，所以本题这数据乱带一通是不是有问题？

NO.PZ2019052801000044 问题如下 The party with the short position hcito liver anis trying to choose between the three bon in the table below. Assume the most recent settlement priis 92-16, or 92.5. Whibonis the cheapest-to-liver bon A.Bon1. B.Bon2. C.Bon3. Bon4. A is correct. 考点Interest Rate rivative-Interest rate Futures解析Bon1: 99.32-(92.5×1.0597)=$1.2978Bon2: 140.65-(92.5×1.4972)=$2.1590Bon3: 117.73-(92.5×1.2584)=$1.3280Bon4: 129.54-(92.5×1.3762)=$2.2415Bon1最小，所以cheapest-to-liver bonBon1。 题目的recent settlement pri不是现在short方买债券的价格B0吗？

NO.PZ2019052801000044问题如下 The party with the short position hcito liver anis trying to choose between the three bon in the table below. Assume the most recent settlement priis 92-16, or 92.5. Whibonis the cheapest-to-liver bonA.Bon1.B.Bon2.C.Bon3.Bon4.A is correct. 考点Interest Rate rivative-Interest rate Futures解析Bon1: 99.32-(92.5×1.0597)=$1.2978Bon2: 140.65-(92.5×1.4972)=$2.1590Bon3: 117.73-(92.5×1.2584)=$1.3280Bon4: 129.54-(92.5×1.3762)=$2.2415Bon1最小，所以cheapest-to-liver bonBon1。这个题按照英语理解92.5是近期交割价，我怎么按照基础课程讲解bt-qpt×cp为最小值来理解，bt就是近期购买报价92.5，而方框里的值要乘以后面的值。