什么时候用这个指数，什么时候用百分比来算折现

问题如下：

Troubadour considers an equity forward contract for Texas Steel, Inc. (TSI). Information regarding TSI common shares and a TSI equity forward contract is presented in Exhibit 2.The current annual compounded risk-free rate is 0.30%.

Exhibit 2 Selected Information for TSI

l The price per share of TSI’s common shares is $250.

l The forward price per share for a nine-month TSI equity forward contract is $250.562289.

l Assume annual compounding.

Based on Exhibit 2, Troubadour should find that an arbitrage opportunity relat­ing to TSI shares is

选项：

A.

not available.

B.

available based on carry arbitrage.

C.

available based on reverse carry arbitrage

解释：

The carry arbitrage model price of the forward contract is FV(S₀) = S₀(1 + r)^T= $250(1 + 0.003)^0.75 = $250.562289. The market price of the TSI forward contract is $250.562289. A carry or reverse carry arbitrage opportunity does not exist because the market price of the for­ward contract is equal to the carry arbitrage model price.