问题如下：
Testa acquired a Spanish packaging company. The Spanish investment involved Testa acquiring 200,000 shares of a packaging company at EUR90 per share. He decided to fully hedge the position with a six month USD/EUR forward contract. Details of the euro hedge at initiation and three months later are provided in Exhibit 1.
Exhibit 1 2009 Spot and Forward USD/EUR Quotes (Bid-Offer) and Annualized Libor Rates
Using Exhibit 1, if the Spanish shares had been sold after three months, the mark-to-market value (in US dollars) the manager will report is closest to:
选项：
A.
-$489,182.
B.-$489,850.
C.-$491,400.
解释：
B is correct.
考点：Mark-to-market value of Forward Contract
解析：0时刻签订6个月远期合约，卖欧元，所以卖1欧元可获得1.3935-19/10000=1.3916USD.
3个月后，为了提早结束之前签订的远期合约，所以签订3个月的反向对冲合约，买欧元，所以买1欧元需支付-（1.4210-21/10000）=-1.4189USD。
合约的面值为200,000* EUR90 per share= EUR 18m，所以6个月后的现金流轧差为：USD（1.3916-1.4189）*18m, 以USD Libor=1.266%折到3个月后，所以折现的时间为90天，单利计算，（1.3916-1.4189）*18m/（1+1.266%*90/360）= -USD489,850。
为什么做反向对冲的时候要用汇率1.4084，不用1.4189呢？根据“乘小除大”，18000000应该乘汇率，不应该乘小的吗？
