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解释：
老师您好，我想问一个一级的问题，关于Accrued Interest的，请问AI0和AIT到底该怎么理解呢？如果AI0表示：上次付息日到0时刻的应付利息，那么0时刻不就是上次付息日么？应该等于0才是啊，AIT表示上次付息日到t=T时刻的应付利息对么？
NO.PZ2019010402000001 问题如下 A trar is looking for arbitrage opportunity relating to a bonfutures baseon following information: Quotefutures price=103 Conversion factor=1.02 One month remaining to expiration, no coupon ring this perio Quotebonprice=108 AI0=0.1 AIT=0.15 Annucompounrisk-free rate=0.2%The arbitrage profit is closest to: A.0.8965 B.2.9075 C.1.3253 B is correct.考点fixeincome futures定价解析:No-arbitrage futures price:F0(T) =(108+0.1) (1 + 0.002)1/12-0.15=107.968市场中的futures price=quotefutures pri* CF=103*1.02=105.06arbitrage profit应该是两个futures price之差的现值所以arbitrage profit= (107.968−105.06)(1+0.2%)1/12=2.9075\frac{(107.968-105.06)}{{(1+0.2\%)}^{1/12}}=2.9075(1+0.2%)1/12(107.968−105.06)=2.9075求No-arbitrage futures price画图:（该题合约期间没有coupon，所以PVC=0) 能否下题目中每个条件分别代表具体什么意思?
NO.PZ2019010402000001 问题如下 A trar is looking for arbitrage opportunity relating to a bonfutures baseon following information: Quotefutures price=103 Conversion factor=1.02 One month remaining to expiration, no coupon ring this perio Quotebonprice=108 AI0=0.1 AIT=0.15 Annucompounrisk-free rate=0.2%The arbitrage profit is closest to: A.0.8965 B.2.9075 C.1.3253 B is correct.考点fixeincome futures定价解析:No-arbitrage futures price:F0(T) =(108+0.1) (1 + 0.002)1/12-0.15=107.968市场中的futures price=quotefutures pri* CF=103*1.02=105.06arbitrage profit应该是两个futures price之差的现值所以arbitrage profit= (107.968−105.06)(1+0.2%)1/12=2.9075\frac{(107.968-105.06)}{{(1+0.2\%)}^{1/12}}=2.9075(1+0.2%)1/12(107.968−105.06)=2.9075求No-arbitrage futures price画图:（该题合约期间没有coupon，所以PVC=0) 为什么不用自然对数折现
NO.PZ2019010402000001 问题如下 A trar is looking for arbitrage opportunity relating to a bonfutures baseon following information: Quotefutures price=103 Conversion factor=1.02 One month remaining to expiration, no coupon ring this perio Quotebonprice=108 AI0=0.1 AIT=0.15 Annucompounrisk-free rate=0.2%The arbitrage profit is closest to: A.0.8965 B.2.9075 C.1.3253 B is correct.考点fixeincome futures定价解析:No-arbitrage futures price:F0(T) =(108+0.1) (1 + 0.002)1/12-0.15=107.968市场中的futures price=quotefutures pri* CF=103*1.02=105.06arbitrage profit应该是两个futures price之差的现值所以arbitrage profit= (107.968−105.06)(1+0.2%)1/12=2.9075\frac{(107.968-105.06)}{{(1+0.2\%)}^{1/12}}=2.9075(1+0.2%)1/12(107.968−105.06)=2.9075求No-arbitrage futures price画图:（该题合约期间没有coupon，所以PVC=0) 我根据解析中画图法算出来FP=102.9672，和103*1.02轧差后是2.09
NO.PZ2019010402000001 问题如下 A trar is looking for arbitrage opportunity relating to a bonfutures baseon following information: Quotefutures price=103 Conversion factor=1.02 One month remaining to expiration, no coupon ring this perio Quotebonprice=108 AI0=0.1 AIT=0.15 Annucompounrisk-free rate=0.2%The arbitrage profit is closest to: A.0.8965 B.2.9075 C.1.3253 B is correct.考点fixeincome futures定价解析:No-arbitrage futures price:F0(T) =(108+0.1) (1 + 0.002)1/12-0.15=107.968市场中的futures price=quotefutures pri* CF=103*1.02=105.06arbitrage profit应该是两个futures price之差的现值所以arbitrage profit= (107.968−105.06)(1+0.2%)1/12=2.9075\frac{(107.968-105.06)}{{(1+0.2\%)}^{1/12}}=2.9075(1+0.2%)1/12(107.968−105.06)=2.9075求No-arbitrage futures price画图:（该题合约期间没有coupon，所以PVC=0) 如题
NO.PZ2019010402000001 问题如下 A trar is looking for arbitrage opportunity relating to a bonfutures baseon following information: Quotefutures price=103 Conversion factor=1.02 One month remaining to expiration, no coupon ring this perio Quotebonprice=108 AI0=0.1 AIT=0.15 Annucompounrisk-free rate=0.2%The arbitrage profit is closest to: A.0.8965 B.2.9075 C.1.3253 B is correct.考点fixeincome futures定价解析:No-arbitrage futures price:F0(T) =(108+0.1) (1 + 0.002)1/12-0.15=107.968市场中的futures price=quotefutures pri* CF=103*1.02=105.06arbitrage profit应该是两个futures price之差的现值所以arbitrage profit= (107.968−105.06)(1+0.2%)1/12=2.9075\frac{(107.968-105.06)}{{(1+0.2\%)}^{1/12}}=2.9075(1+0.2%)1/12(107.968−105.06)=2.9075求No-arbitrage futures price画图:（该题合约期间没有coupon，所以PVC=0) 请问解答中arbitrage profit为什么要折现呢？
