Derivative Investments:the value of a forward contract

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Questions 1:

Conceptually, a FRA most likely allows a company that wants to invest money in the future to lock

in a rate by making a:

A. variable payment and receiving a fixed payment.

B. fixed payment and receiving a different fixed payment.

C. fixed payment and receiving a variable payment.

Questions 2:

During its life, the value of a forward contract is most likely equal to the price of the underlying

minus the price of the:

A. forward, discounted over the remaining term of the contract.

B. forward.

C. forward, discounted over the original term of the contract.

View answer resolution

【Answer to question 1】（A）

【analysis】

FRAs are forward contracts that conceptually allow lenders to lock in a fixed payment on a future investment by receiving a known payment and making an unknown payment which offsets the unknown future interest payment.

【Answer to question 2】（A）

【analysis】

The value of a forward contract is the spot price of the underlying minus the present value of the forward contract. Calculating the present value requires adjusting the time period to account for the remaining term of the contract.

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