问一道题：NO.PZ2016082405000109

NO.PZ2016082405000109 B Over the next year, the S&P 500 Inx will increase l0%. Hence, the inx receiver (High Flying) will receive $10 million from the inx payer anwill p$7 million (LIBOR =3% + 400bp) to the counterparty. Therefore, the net cash flow will +$3 million to High Flying. Between years 1 an2, the S&P 500 Inx will op 20%. Now, High Flying the totreturn receiver must p20% to the counterparty in aition to the 7% floating rate. Hence, the totoutflow from High Flying to the counterparty is $27 million. 可以大概算出答案，但是有个疑问 1.我在第二年时候，算出preciation=（2200-1760）/2000*100=22.所以outflow=7+22=29, 与中差了2.，这种做法为啥错 2.虽然可以正确写出答案，但是解析中说的TRS只针对当年的收益率，而且这个收益率是HPR当期收益率。所以TRS都是默认只通过当期收益率来核算cash flow吗，而不是通过针对期初（2000）来算的当年收益率么

+3 million      -27 million + 13 million -13 million + 13 million -27 million B Over the next year, the S&P 500 Inx will increase l0%. Hence, the inx receiver (High Flying) will receive $10 million from the inx payer anwill p$7 million (LIBOR =3% + 400bp) to the counterparty. Therefore, the net cash flow will +$3 million to High Flying. Between years 1 an2, the S&P 500 Inx will op 20%. Now, High Flying the totreturn receiver must p20% to the counterparty in aition to the 7% floating rate. Hence, the totoutflow from High Flying to the counterparty is $27 million. 这道题第一年结束本金应该变成了110M 第二年难道不应该用110M*0.2来算应该支付了多少吗 为什么还是100M*0.2啊

+3 million      -27 million + 13 million -13 million + 13 million -27 million B Over the next year, the S&P 500 Inx will increase l0%. Hence, the inx receiver (High Flying) will receive $10 million from the inx payer anwill p$7 million (LIBOR =3% + 400bp) to the counterparty. Therefore, the net cash flow will +$3 million to High Flying. Between years 1 an2, the S&P 500 Inx will op 20%. Now, High Flying the totreturn receiver must p20% to the counterparty in aition to the 7% floating rate. Hence, the totoutflow from High Flying to the counterparty is $27 million. TRS指的是交换interest 和 market value. 怎么这道题里high。flying没有收到interest呢