SOA exam FM 2017年最新样题第199题。答案给的是E，但是计算出来的结果是A啊。
Miaoqi and Nui entered into a four year interest rate swap on May 5, 2015. The notional amount of the swap was a level 250,000 for all four years. The swap has annual settlement periods with the first period starting on May 5, 2015.
Under the swap, Miaoqi agreed to pay a variable rate based on the one year spot rate at the beginning of each settlement period. Nui will pay Miaoqi the fixed rate of 4% on each settlement date.
On May 5, 2017, the spot interest rate curve was as follows:
Time (t) Spot Rate (tr)
1          3.8%
2          4.1%
3          4.3%
4          4.5%
5          4.7%
Miaoqi decides that she wants to sell the swap on May 5, 2017.
Calculate the market value of the swap on May 5, 2017, from Miaoqi’s position in the swap.
A. – 443
B. – 251
C. 251
D. 438
E. 443