Question: A swap that involves the exchange of a fixed payment for a floating payment can be interpreted as a series of forward contracts with different

A swap that involves the exchange of a fixed payment for a floating payment can be interpreted as a series of forward contracts with different expiration dates. These implied forward contracts will most likely have:

.

.

different prices due to differences in the cost of carry.

.

different prices due to differences in the price of the underlying at expiration.

.

identical prices.

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