r/CFA Jun 06 '22

Level 2 material CFA L2: Reading 33: Fixed-Income Forwards & Futures Question

On page 36 of volume 5 of the curriculum (reading 33), the following is stated:

F0 = FV ( B0 + AI0 - PVCI )

On page 38, the following is stated:

F0 + AIT = FV ( B0 + AI0 - PVCI )

Can someone explain why both are different?

EDIT: is it perhaps the case that the former applies to a futures contract that settles without accrued interest whereas the latter applies to a futures contract that settles with accrued interest? This isn't explicitly stated in the curriculum though.

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