题目3%是复利啊，为什么红利折现不是用e 3%t呢？
问题如下图：
选项：
A. 
B. 
C. 
解释：
NO.PZ2019010402000007问题如下A manager solequity forwarcontraone month ago. The maturity of forwarcontrais three months. A vinof $1 will paiin one month before contraexpiration. The annually compounrisk-free rate is 3%. The current spot priof unrlying is $56, anthe initiforwarpriis $60. The value of the manager’s position is:A.-4.7026B.4.7026C.4.8512B is correct.考点equity forwarcontract求value解析画图（long方）valuelong=(56−1(1+3%)1/12)−60(1+3%)2/12=−4.7026value_{long}=(56-\frac1{{(1+3\%)}^{1/12}})-\frac{60}{{(1+3\%)}^{2/12}}=-4.7026valuelong=(56−(1+3%)1/121)−(1+3%)2/1260=−4.7026因为这一题的头寸是short方，所以value=4.7026老师好，我在答一系列题的时候，对于期限小于1年的折现率如果算产生了一些困惑，以60天为例，有的时候是（1+rf*60/360）(如本题），有的时候是（1+rf）^(60/360)，能否请老师帮忙指出一下我应该是哪里理解出现了偏差。并请老师帮忙总结一下，什么时候用什么，谢谢！
NO.PZ2019010402000007问题如下A manager solequity forwarcontraone month ago. The maturity of forwarcontrais three months. A vinof $1 will paiin one month before contraexpiration. The annually compounrisk-free rate is 3%. The current spot priof unrlying is $56, anthe initiforwarpriis $60. The value of the manager’s position is:A.-4.7026B.4.7026C.4.8512B is correct.考点equity forwarcontract求value解析画图（long方）valuelong=(56−1(1+3%)1/12)−60(1+3%)2/12=−4.7026value_{long}=(56-\frac1{{(1+3\%)}^{1/12}})-\frac{60}{{(1+3\%)}^{2/12}}=-4.7026valuelong=(56−(1+3%)1/121)−(1+3%)2/1260=−4.7026因为这一题的头寸是short方，所以value=4.7026怎麼知道是short
NO.PZ2019010402000007 问题如下 A manager solequity forwarcontraone month ago. The maturity of forwarcontrais three months. A vinof $1 will paiin one month before contraexpiration. The annually compounrisk-free rate is 3%. The current spot priof unrlying is $56, anthe initiforwarpriis $60. The value of the manager’s position is: A.-4.7026 B.4.7026 C.4.8512 B is correct.考点equity forwarcontract求value解析画图（long方）valuelong=(56−1(1+3%)1/12)−60(1+3%)2/12=−4.7026value_{long}=(56-\frac1{{(1+3\%)}^{1/12}})-\frac{60}{{(1+3\%)}^{2/12}}=-4.7026valuelong=(56−(1+3%)1/121)−(1+3%)2/1260=−4.7026因为这一题的头寸是short方，所以value=4.7026 如题
NO.PZ2019010402000007 问题如下 A manager solequity forwarcontraone month ago. The maturity of forwarcontrais three months. A vinof $1 will paiin one month before contraexpiration. The annually compounrisk-free rate is 3%. The current spot priof unrlying is $56, anthe initiforwarpriis $60. The value of the manager’s position is: A.-4.7026 B.4.7026 C.4.8512 B is correct.考点equity forwarcontract求value解析画图（long方）valuelong=(56−1(1+3%)1/12)−60(1+3%)2/12=−4.7026value_{long}=(56-\frac1{{(1+3\%)}^{1/12}})-\frac{60}{{(1+3\%)}^{2/12}}=-4.7026valuelong=(56−(1+3%)1/121)−(1+3%)2/1260=−4.7026因为这一题的头寸是short方，所以value=4.7026 这道题已知，给了连续复利的无风险利率The annually compounrisk-free rate is 3%. 折现的时候为啥用离散的方式折现呢？为啥不用e的Rfc来折现呢？虽然对结果影响不大，我想请老师给我一下。
NO.PZ2019010402000007问题如下A manager solequity forwarcontraone month ago. The maturity of forwarcontrais three months. A vinof $1 will paiin one month before contraexpiration. The annually compounrisk-free rate is 3%. The current spot priof unrlying is $56, anthe initiforwarpriis $60. The value of the manager’s position is:A.-4.7026B.4.7026C.4.8512B is correct.考点equity forwarcontract求value解析画图（long方）valuelong=(56−1(1+3%)1/12)−60(1+3%)2/12=−4.7026value_{long}=(56-\frac1{{(1+3\%)}^{1/12}})-\frac{60}{{(1+3\%)}^{2/12}}=-4.7026valuelong=(56−(1+3%)1/121)−(1+3%)2/1260=−4.7026因为这一题的头寸是short方，所以value=4.7026是不是就是公式里的F（T）那么F0（T）和F（T）在题目表述中一般都分别是怎么表述 有什么区别啊
