单选题 A long interest rate call and a short interest rate put is an equivalent position to: A. a short position in a forward rate agreement. B. a pay-fixed interest rate swap. C. a long position in a forward rate agreement.

【正确答案】 C

【答案解析】A long call and short put on interest rates is equivalent to a long position in a forward rate agreement. Both gain when forward rates increase and decline in value when interest rates decrease.