什么时候forward point乘以100？什么时候乘以10000？
问题如下图：
选项：
A. 
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C. 
解释：
NO.PZ2016010802000213 问题如下 The JPY/AUspot exchange rate is 82.42, the JPY interest rate is 0.15%, anthe AUinterest rate is 4.95%. If the interest rates are quoteon the basis of a 360-y year, the 90-y forwarpoints in JPY/AUwoulclosest to: A.–377.0. B.–97.7. C.98.9. is correct.The forwarexchange rate is given byFJPY/AUS(JPY/AU(1+ijpy)/(1+iAU=82.42[(1+0.0015(90/360)]/[1+0.0495(90/360)]=82.42*0.98815=81.443The forwarpoints are 100 × (F – S) = 100 × (81.443 – 82.42) = 100 × (–0.977) = –97.7. Note thbecause the spot exchange rate is quotewith two cimplaces, the forwarpoints are scale100.考点ForwarPremium anscount解析第一步，先算得远期汇率水平，FJPY/AUS(JPY/AU(1+ijpy)/(1+iAU=82.42[(1+0.0015(90/360)]/[1+0.0495(90/360)]=82.42*0.98815=81.443第二步，计算forwarpoints 100 × (F – S) = 100 × (81.443 – 82.42) = 100 × (–0.977) = –97.7. . 我就只算到了第一步，从哪里看出这道题求的是ForwarPremium啊
NO.PZ2016010802000213 问题如下 The JPY/AUspot exchange rate is 82.42, the JPY interest rate is 0.15%, anthe AUinterest rate is 4.95%. If the interest rates are quoteon the basis of a 360-y year, the 90-y forwarpoints in JPY/AUwoulclosest to: A.–377.0. B.–97.7. C.98.9. is correct.The forwarexchange rate is given byFJPY/AUS(JPY/AU(1+ijpy)/(1+iAU=82.42[(1+0.0015(90/360)]/[1+0.0495(90/360)]=82.42*0.98815=81.443The forwarpoints are 100 × (F – S) = 100 × (81.443 – 82.42) = 100 × (–0.977) = –97.7. Note thbecause the spot exchange rate is quotewith two cimplaces, the forwarpoints are scale100.考点ForwarPremium anscount解析第一步，先算得远期汇率水平，FJPY/AUS(JPY/AU(1+ijpy)/(1+iAU=82.42[(1+0.0015(90/360)]/[1+0.0495(90/360)]=82.42*0.98815=81.443第二步，计算forwarpoints 100 × (F – S) = 100 × (81.443 – 82.42) = 100 × (–0.977) = –97.7. . 82.42JPY=AU2.42（1+0.15/4）JPY=(1+0.495/4)AU2.42*1.0375JPY=1.1238AU6.0907JPY=AU00*（76.0907-82.42）=-632.92
NO.PZ2016010802000213 问题如下 The JPY/AUspot exchange rate is 82.42, the JPY interest rate is 0.15%, anthe AUinterest rate is 4.95%. If the interest rates are quoteon the basis of a 360-y year, the 90-y forwarpoints in JPY/AUwoulclosest to: A.–377.0. B.–97.7. C.98.9. is correct.The forwarexchange rate is given byFJPY/AUS(JPY/AU(1+ijpy)/(1+iAU=82.42[(1+0.0015(90/360)]/[1+0.0495(90/360)]=82.42*0.98815=81.443The forwarpoints are 100 × (F – S) = 100 × (81.443 – 82.42) = 100 × (–0.977) = –97.7. Note thbecause the spot exchange rate is quotewith two cimplaces, the forwarpoints are scale100.考点ForwarPremium anscount解析第一步，先算得远期汇率水平，FJPY/AUS(JPY/AU(1+ijpy)/(1+iAU=82.42[(1+0.0015(90/360)]/[1+0.0495(90/360)]=82.42*0.98815=81.443第二步，计算forwarpoints 100 × (F – S) = 100 × (81.443 – 82.42) = 100 × (–0.977) = –97.7. . 抛开这道题目不讲，我们在现实生活中in point应该认为它是万分之一还是百分之一
NO.PZ2016010802000213 问题如下 The JPY/AUspot exchange rate is 82.42, the JPY interest rate is 0.15%, anthe AUinterest rate is 4.95%. If the interest rates are quoteon the basis of a 360-y year, the 90-y forwarpoints in JPY/AUwoulclosest to: A.–377.0. B.–97.7. C.98.9. is correct.The forwarexchange rate is given byFJPY/AUS(JPY/AU(1+ijpy)/(1+iAU=82.42[(1+0.0015(90/360)]/[1+0.0495(90/360)]=82.42*0.98815=81.443The forwarpoints are 100 × (F – S) = 100 × (81.443 – 82.42) = 100 × (–0.977) = –97.7. Note thbecause the spot exchange rate is quotewith two cimplaces, the forwarpoints are scale100.考点ForwarPremium anscount解析第一步，先算得远期汇率水平，FJPY/AUS(JPY/AU(1+ijpy)/(1+iAU=82.42[(1+0.0015(90/360)]/[1+0.0495(90/360)]=82.42*0.98815=81.443第二步，计算forwarpoints 100 × (F – S) = 100 × (81.443 – 82.42) = 100 × (–0.977) = –97.7. . in points也就是万分之一，在计算时为什么是用最终(F-S)的差值乘以100 ，而不是乘以10000呢？
NO.PZ2016010802000213 为什么问题里都是求FORWAR解答中有时候需要减去S，有时候不需要？
