问题如下:
If the current spot price of gold is USD 1,250, the one-year futures price of gold is USD 1,300, and the risk-free rate is 5% per annum (annually compounded), what is an estimate of the implied gold lease rate?
解释:
Let l be the implied gold lease rate (annually com-pounded). Then:
so that
l =1,250* 1.05/ 1,300 - 1 = 0.0096
that is, the implied lease rate is 0.96%.
请问为什么这里要把implied lease rate在分母除呢