小編導讀：
　　為幫助廣大考生迎戰(zhàn)2015年FRM考試，高頓網校為考生們推出了考試名師免費直播答疑與講義免費下載！進入直播>>
　　2.      EXAMPLE 23.9: FRM EXAM 2008-QUESTION 3-31
　　Helman Bank has made a loan of USD 300 million at 6.5% per annum. Helman enters into a total return swap under which it will pay the interest on the loan plus the change in the marked-to-market value of the loan, and in exchange Helman will receive LIBOR+50 bps. Settlement payments are made semiannually. What is the cash flow for Helman on the first settlement date if the mark-to-market value of the loan falls by 2% and LIBOR is 4%?
　　A.     Net inflow of USD 9.0 million
　　B.     Net inflow of USD 12.0 million
　　C.     Net outflow of USD 9.0 million
　　D.     Net outflow of USD 12.0 million
　　答案選擇Net cash outflow 9M, 我認為答案錯誤，此題無答案。因為TRS中，marked to market price of loan drop 2%，所以流出現金流應該是貸款利率(6.5%/2-2%)，而不是解答中的+2%。書中例題對價格減少也是“-”處理，不是“+”，所以我認為解答是錯誤的。
　　您還會為FRM考試感到煩惱嗎？高頓網校精品題庫，包含歷年真題，模擬試題等題型，題題結合考試大綱貼近考試考點。堅持每天做題練習，一定可以提升備考效果，為贏取屬于自己的美好明天加油吧！馬上開始練習 >>>
        FRM考試在線高清視頻指導