问题如下图：
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解释：
请问quarterly reset就要把利率除以4吗，那如果是monthly reset就是除以12？
NO.PZ2019052801000050问题如下A US company entereinto a one-yecurrenswwith quarterly reset six months ago. The notionprinciple is $1,000,000, the swap’s initiation, the US company receives the notionamount in Australillars anpays to the counterparty the notionamount in US llars. the swap’s expiration, the US company pays the notionamount in Australillars anreceives from the counterparty the notionamount in US llars.The annufixeswrates for Australillars is 4% anfor US llars is 3.6%.The current spot exchange rate is A$1.2 / $ . The US term structure is: r(90)=3.58% r(180)= 3.74% The Australiterm structure is: r(90)=3.82% r(180)= 4.1%Whis the value of the currenswto US company? A.$-142,145million.B.$142,145million.C.$166 ,385.$-166 ,385. C is correct. 考点货币互换估值.解析美国公司收美元本金和利息的价值lB $ =0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227{l}B_{\;\$}\;=0.009e^{-0.0358\times0.25}+1.009e^{-0.0374\times0.5}\\=0.999227lB$=0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227美国公司支澳大利亚元本金和利息的价值lB A$ =0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411{l}B_{\;A\$}\;=0.01e^{-0.0382\times0.25}+1.01e^{-0.041\times0.5}\\=0.999411lBA$=0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385{l}V=(0.999227-0.999411\v1.2)\times1,0000,000=166,385lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385 1、“本题是1年期的swap，每季度交换一次，已经过了半年了，求value的问题”求的不是0时刻签约的value？那是求1年到期，现在的value？2、FRM考试只要给了利率没说怎么计息，就用连续复利吗？
NO.PZ2019052801000050 问题如下 A US company entereinto a one-yecurrenswwith quarterly reset six months ago. The notionprinciple is $1,000,000, the swap’s initiation, the US company receives the notionamount in Australillars anpays to the counterparty the notionamount in US llars. the swap’s expiration, the US company pays the notionamount in Australillars anreceives from the counterparty the notionamount in US llars.The annufixeswrates for Australillars is 4% anfor US llars is 3.6%.The current spot exchange rate is A$1.2 / $ . The US term structure is: r(90)=3.58% r(180)= 3.74% The Australiterm structure is: r(90)=3.82% r(180)= 4.1%Whis the value of the currenswto US company? A.$-142,145million. B.$142,145million. C.$166 ,385. $-166 ,385. C is correct. 考点货币互换估值.解析美国公司收美元本金和利息的价值lB $ =0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227{l}B_{\;\$}\;=0.009e^{-0.0358\times0.25}+1.009e^{-0.0374\times0.5}\\=0.999227lB$=0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227美国公司支澳大利亚元本金和利息的价值lB A$ =0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411{l}B_{\;A\$}\;=0.01e^{-0.0382\times0.25}+1.01e^{-0.041\times0.5}\\=0.999411lBA$=0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385{l}V=(0.999227-0.999411\v1.2)\times1,0000,000=166,385lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385 老师按照基础班讲义的238和239页的原理来说，美国公司在期初收A，付US在期末就要付A，收美元；老师上课的时候说本金的交换方向和收利息的方向是反过来的嘛，但是这里为啥本金和利息的折现都是同一个方向呢？
NO.PZ2019052801000050问题如下 A US company entereinto a one-yecurrenswwith quarterly reset six months ago. The notionprinciple is $1,000,000, the swap’s initiation, the US company receives the notionamount in Australillars anpays to the counterparty the notionamount in US llars. the swap’s expiration, the US company pays the notionamount in Australillars anreceives from the counterparty the notionamount in US llars.The annufixeswrates for Australillars is 4% anfor US llars is 3.6%.The current spot exchange rate is A$1.2 / $ . The US term structure is: r(90)=3.58% r(180)= 3.74% The Australiterm structure is: r(90)=3.82% r(180)= 4.1%Whis the value of the currenswto US company? A.$-142,145million.B.$142,145million.C.$166 ,385.$-166 ,385.C is correct. 考点货币互换估值.解析期初和期末美国公司收美元本金和利息的价值lB $ =0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227{l}B_{\;\$}\;=0.009e^{-0.0358\times0.25}+1.009e^{-0.0374\times0.5}\\=0.999227lB$=0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227期初和期末美国公司支澳大利亚元本金和利息的价值lB A$ =0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411{l}B_{\;A\$}\;=0.01e^{-0.0382\times0.25}+1.01e^{-0.041\times0.5}\\=0.999411lBA$=0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385{l}V=(0.999227-0.999411\v1.2)\times1,0000,000=166,385lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385 请问这个是基础课程哪里的知识点，这个答案公式有什么含义
NO.PZ2019052801000050 问题如下 A US company entereinto a one-yecurrenswwith quarterly reset six months ago. The notionprinciple is $1,000,000, the swap’s initiation, the US company receives the notionamount in Australillars anpays to the counterparty the notionamount in US llars. the swap’s expiration, the US company pays the notionamount in Australillars anreceives from the counterparty the notionamount in US llars.The annufixeswrates for Australillars is 4% anfor US llars is 3.6%.The current spot exchange rate is A$1.2 / $ . The US term structure is: r(90)=3.58% r(180)= 3.74% The Australiterm structure is: r(90)=3.82% r(180)= 4.1%Whis the value of the currenswto US company? A.$-142,145million. B.$142,145million. C.$166 ,385. $-166 ,385. C is correct. 考点货币互换估值.解析期初和期末美国公司收美元本金和利息的价值lB $ =0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227{l}B_{\;\$}\;=0.009e^{-0.0358\times0.25}+1.009e^{-0.0374\times0.5}\\=0.999227lB$=0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227期初和期末美国公司支澳大利亚元本金和利息的价值lB A$ =0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411{l}B_{\;A\$}\;=0.01e^{-0.0382\times0.25}+1.01e^{-0.041\times0.5}\\=0.999411lBA$=0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385{l}V=(0.999227-0.999411\v1.2)\times1,0000,000=166,385lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385 （1）0.009,1.009,0.01,1.01怎么来的？（2）年末本金不回收吗，如果回收了在公式哪里表现了呢（3）4%和3.6%没用到吗
NO.PZ2019052801000050 问题如下 A US company entereinto a one-yecurrenswwith quarterly reset six months ago. The notionprinciple is $1,000,000, the swap’s initiation, the US company receives the notionamount in Australillars anpays to the counterparty the notionamount in US llars. the swap’s expiration, the US company pays the notionamount in Australillars anreceives from the counterparty the notionamount in US llars.The annufixeswrates for Australillars is 4% anfor US llars is 3.6%.The current spot exchange rate is A$1.2 / $ . The US term structure is: r(90)=3.58% r(180)= 3.74% The Australiterm structure is: r(90)=3.82% r(180)= 4.1%Whis the value of the currenswto US company? A.$-142,145million. B.$142,145million. C.$166 ,385. $-166 ,385. C is correct. 考点货币互换估值.解析期初和期末美国公司收美元本金和利息的价值lB $ =0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227{l}B_{\;\$}\;=0.009e^{-0.0358\times0.25}+1.009e^{-0.0374\times0.5}\\=0.999227lB$=0.009e−0.0358×0.25+1.009e−0.0374×0.5=0.999227期初和期末美国公司支澳大利亚元本金和利息的价值lB A$ =0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411{l}B_{\;A\$}\;=0.01e^{-0.0382\times0.25}+1.01e^{-0.041\times0.5}\\=0.999411lBA$=0.01e−0.0382×0.25+1.01e−0.041×0.5=0.999411lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385{l}V=(0.999227-0.999411\v1.2)\times1,0000,000=166,385lV=(0.999227−0.999411÷1.2)×1,0000,000=166,385 请问为什么这里用连续复利求解呢，谢谢
