单选题 The price of a 90-day forward contract on a 90-day Treasury bill will be:
  • A. above the current price of a 90-day T-bill.
  • B. above the current price of a 180-day T-bill.
  • C. either above or below the current price of a 180-day T-bill.
【正确答案】 B
【答案解析】Since purchasing a 180-day T-bill today will result in a 90-day T-bill 90 days from now, the forward price must be higher than the current price of a 180-day T-bill. As long as interest rates are positive, no one would agree to sell a 180-day bill at a lower price 90 days later.