问题如下：
Suppose that both the one-year forward and one-year futures price of the British pound is USD 1.3000. During the year the futures price decreases to USD 1.2000 and then rises to USD 1.4000 at the end of the year. The forward price is also 1.4000 at the end of the year. How are the timing of cash flows different for (a) a trader entering into a forward contract to buy 1 million British pounds in one year to (b) a trader entering into a futures contract to buy 1 million British pounds in one year.
选项：
解释：
Both traders will make a profit of USD 100,000. The forward trader will make all the profit at the end of the year. The futures trader will have negative cash flows followed by positive cash flows because of daily settlement. On a present value basis, the forward trader will do better. Note that if the price had increased to USD 1.5000 and then reduced to USD 1.4000, the futures trader would do better on a present value basis.
present value basis怎么理解？
