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　　16.    Assume that the 3-month and 6-month LIBOR spot rates are 4% and 5% respectively (continuously compounded). An investor enters into an FRA in which she will receive 8% (quarterly compounding) on a principal of $5,000,000 between months 3 and calculate the current value of an FRA.
　　A.    $23,773
　　B.    $24,773
　　C.    $25,773
　　D.    $26,773
　　答案：A
　　答疑：這道題目需嚴(yán)格注意，在計(jì)算過(guò)程中采取的利率形式。
　　*9步：求解遠(yuǎn)期利率。