怎么理解这个计算过程

问题如下：

A bank buys a bond on itscoupon payment date. Three months later, in order to generate immediate liquidity,the bank decides to repo the bond. Details of the bond and repo transaction areas follows:

If the repo contractexpires 6 months from now, what is the bank’s expected cash outflow at the endof the repo transaction?

选项：

A.

USD 94,497

B.

USD 95,702

C.

USD 97,630

D.

USD 100,739

解释：

A is incorrect. Leftout the accrued interest of 5%*0.25 in the correct equation for cash inflow.

B is correct. Cashinflow at beginning of repo: (100,000)*(98%+5%*0.25)*(1-5%) = 94,288;Cashoutflow at end of repo: 94,288*(1+3%*0.5)=95,702

C is incorrect. Used1 instead of 98% for price in the correct equation for cash inflow.

D is incorrect. Leftout haircut of 5% in the correct equation for cash inflow.