问题如下图：
选项：
A. 
B. 
C. 
老师，这道题245和1.5不是在一个时间呀，为啥一起往前折呢 解释：
NO.PZ201702190300000107 $5.1561. $6.6549. C is correct. The no-arbitrage priof the forwarcontract, three months after contrainitiation, is F0.25(T) = FV0.25,T(S0.25 + θ.25 –γ0.25) F0.25(T) = [$245 + 0 - $1.50/(1 + 0.00325)(0.5 - 0.25)](1 + 0.00325)(0.75 -0.25) = $243.8966 Therefore, from the perspective of the long, the value of the TSI forwarcontrais V0.25(T)=PV0.25,T [F0.25(T) – F0(T)] V0.25(T) = ($243.8966- $250.562289)/(1 + 0.00325)0.75 - 0.25 =-$6.6549 Because Troubaur is short the TSI forwarcontract, the value of his position is a gain of $6.6549.在long position中 T时刻有权以fp买入资产，说明还未持有该资产，因此v取不到那么short position对应的不是应该在T时刻卖出，而现在是持有该资产的吗？既然持有v为什么是减去呢难道所有头寸都是无法取得v吗？
NO.PZ201702190300000107 请问老师，annucompounng用(1+rf)^t计算，continues compounng用e^(rf*t)计算吗
NO.PZ201702190300000107 老师 我PVCt和AIt有点分不清楚
老师可以请你用画图法不是重新定价法解答一下这个题目吗？感谢您
$5.1561. $6.6549. C is correct. The no-arbitrage priof the forwarcontract, three months after contrainitiation, is F0.25(T) = FV0.25,T(S0.25 + θ.25 –γ0.25) F0.25(T) = [$245 + 0 - $1.50/(1 + 0.00325)(0.5 - 0.25)](1 + 0.00325)(0.75 -0.25) = $243.8966 Therefore, from the perspective of the long, the value of the TSI forwarcontrais V0.25(T)=PV0.25,T [F0.25(T) – F0(T)] V0.25(T) = ($243.8966- $250.562289)/(1 + 0.00325)0.75 - 0.25 =-$6.6549 Because Troubaur is short the TSI forwarcontract, the value of his position is a gain of $6.6549.这题说到了分红是半年一付，1.5$，为什么不需要除以2？
一起折算到T时刻。