以下一道題是Handbook的題目
可是我看了解答後卻實在不了解
請教各位可以幫忙解釋一下嗎?

P.197
example8.2

ABC,Inc,entered a forward rate agreement(FRA) to receive a rate of 3.75% with a continuous compounding on a principal of USD 1 million between the end of year 1 and the end of year 2.The zero rates are 3.25% and 3.5% for one and two years.What is the value of the FRA when the deal is just entered?