if Jacobs enters into a 10m 4-year annual pay floating rate equity swap based on 1 year LIBOR and the total return on the S&P 500 Index, what is the value of the remianing 3-year wap to the floating rate payer after one year if the index has increased from 1054 to 1103, and the libor term structure is as given below
LIBOR
1-year: 4.1%
2_year: 4.7%
3-year: 5.3%

选项：
A. 0
B. 48935
C. 9583

答案是A,  the value for the floating payer on reset day is zero, 浮动利率支付方重置日价值为0，可以理解，为什么equity return也是0呢？指数明明上涨了不是么？

打了半天字，求大牛赐教。