能不能画个图？

NO.PZ2021061002000063问题如下 A client owns 1,000 commonnon-vinpaying shares of K company, a spot priof AU24 per share.The client enters into a forwarcommitment to sell all the position in threemonths a priof AU128.4. Whiof the following market events ismost likely to result in the greatest loss in the forwarcontraMTM valuefrom the client’s perspective? A.The rise in the risk-free interestrate.B.A fall in the risk-free interest rate.C.immeate cline in the K stospot pricefollowing contrainception. For a short forwarposition, the mark-to-market (MTM) value is given the formulMTM value = F0(T)/(1+r)^T-t - StFrom this formulwe csee thincrease in the risk-free rate will cause the MTM value to crease, resulting in a loss. Therefore, option A is correct.On the other han a crease in the stoprice, well a crease in the risk-free rate, will cause the MTM value to increase. 中文解析根据题干可知，客户想要通过远期合约在3个月后减少持有的股票头寸，因此他应该进入的是short forwar寸。Short forwar寸下，MTM value = F0(T)/(1+r)^T-t - St由上式可以看到无风险利率上涨会使得MTM value下降，也就是会产生loss。因此选A。而股票价格下跌，以及无风险利率的下跌会使得MTM value增加。 有点忘记这个概念了，麻烦下

NO.PZ2021061002000063问题如下 A client owns 1,000 commonnon-vinpaying shares of K company, a spot priof AU24 per share.The client enters into a forwarcommitment to sell all the position in threemonths a priof AU128.4. Whiof the following market events ismost likely to result in the greatest loss in the forwarcontraMTM valuefrom the client’s perspective? A.The rise in the risk-free interestrate.B.A fall in the risk-free interest rate.C.immeate cline in the K stospot pricefollowing contrainception. 中文解析根据题干可知，客户想要通过远期合约在3个月后减少持有的股票头寸，因此他应该进入的是short forwar寸。Short forwar寸下，MTM value = F0(T)/(1+r)T-t - St由上式可以看到无风险利率上涨会使得MTM value下降，也就是会产生loss。因此选A。而股票价格下跌，以及无风险利率的下跌会使得MTM value增加。 老师r变化本质上是影响了什么？ 是持有资产这段时间占用资金的沉没成本吗？

NO.PZ2021061002000063问题如下 A client owns 1,000 commonnon-vinpaying shares of K company, a spot priof AU24 per share.The client enters into a forwarcommitment to sell all the position in threemonths a priof AU128.4. Whiof the following market events ismost likely to result in the greatest loss in the forwarcontraMTM valuefrom the client’s perspective? A.The rise in the risk-free interestrate.B.A fall in the risk-free interest rate.C.immeate cline in the VIVU spot pricefollowing contrainception. 中文解析根据题干可知，客户想要通过远期合约在3个月后减少持有的股票头寸，因此他应该进入的是short forwar寸。Short forwar寸下，MTM value = F0(T)/(1+r)T-t - St由上式可以看到无风险利率上涨会使得MTM value下降，也就是会产生loss。因此选A。而股票价格下跌，以及无风险利率的下跌会使得MTM value增加。 能翻译一下题目吗？理解的是他买的124 想卖128 这不是long吗

NO.PZ2021061002000063 问题如下 A client owns 1,000 commonnon-vinpaying shares of K company, a spot priof AU24 per share.The client enters into a forwarcommitment to sell all the position in threemonths a priof AU128.4. Whiof the following market events ismost likely to result in the greatest loss in the forwarcontraMTM valuefrom the client’s perspective? A.The rise in the risk-free interestrate. B.A fall in the risk-free interest rate. C.immeate cline in the VIVU spot pricefollowing contrainception. 中文解析根据题干可知，客户想要通过远期合约在3个月后减少持有的股票头寸，因此他应该进入的是short forwar寸。Short forwar寸下，MTM value = F0(T)/(1+r)T-t - St由上式可以看到无风险利率上涨会使得MTM value下降，也就是会产生loss。因此选A。而股票价格下跌，以及无风险利率的下跌会使得MTM value增加。 从逻辑上说，有一点不理解为什么forwarcontracts，在0时刻，v=0? 那是说在初始时，这个远期合约没有价值吗？感觉怪怪的，我花了钱去买了一个没有价值的东西？ 怎么理解才是正确的呢？谢谢

NO.PZ2021061002000063 问题如下 A client owns 1,000 commonnon-vinpaying shares of K company, a spot priof AU24 per share.The client enters into a forwarcommitment to sell all the position in threemonths a priof AU128.4. Whiof the following market events ismost likely to result in the greatest loss in the forwarcontraMTM valuefrom the client’s perspective? A.The rise in the risk-free interestrate. B.A fall in the risk-free interest rate. C.immeate cline in the VIVU spot pricefollowing contrainception. 中文解析根据题干可知，客户想要通过远期合约在3个月后减少持有的股票头寸，因此他应该进入的是short forwar寸。Short forwar寸下，MTM value = F0(T)/(1+r)T-t - St由上式可以看到无风险利率上涨会使得MTM value下降，也就是会产生loss。因此选A。而股票价格下跌，以及无风险利率的下跌会使得MTM value增加。 F0T=S0(1+RF)的T次方，如果利率上涨，期货的价格会变贵，那么原来约定的期货价格和新的变贵的期货价格相比，就有了LOSS