没太懂解析，可以画个图吗？

问题如下：

Based on Exhibit 5, the current value of the equity swap described in Exhibit 4 would be zero if the equity index was currently trading the closest to:

选项：

97.30.

99.09.

100.00.

解释：

B is correct.

The equity index level at which the swap’s fair value would be zero can be calculated by setting the swap valuation formula equal to zero and solving for St :

$V_{EQ,t}=V_{FIX}(C_0)-(\frac{S_t}{S_{t-1}})NA_E=0$

he value of the fixed leg of the swap has a present value of $19,818,678, or 99.0934% of par value:

Treating the swap notional value as par value and substituting the present value of the fixed leg and S0 into the equation yields

$0=99.0934-\left(\frac{s_t}{100}\right)100\\\\$

Solving for St yields St = 99.0934

中文解析：

本题相当于第（4）小题的变形，思路和计算过程类似，只是这里需要另t时刻的value=0.反求此时的equity index。