关于Exam FM的SAMPLE一道题的疑问

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我是在soa官网上下载的sample 　其中衍生品市场中的第31题有疑问
题目如下:

31. (formerly Question 58 from the Interest Theory section)

You are given the following information:

(i) The current price of stock A is 50.

(ii) Stock A will not pay any dividends in the next year.

(iii) The annual effective risk-free interest rate is 6%.

(iv) Each transaction costs 1.

(v) There are no transaction costs when the forward is settled.

Based on no arbitrage, calculate the maximum price of a one-year forward.

(A) 49.06

(B) 50.00

(C) 50.88

(D) 53.00

(E) 55.12

官方的答案是:

31. Solution: E
The transaction costs are 2 (1 for the forward and 1 for the stock)
The price of the forward is therefore (50 + 2)(1.06) = 55.12.

我不是很理解这个答案！

为什么transaction cost要算2次呢　

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关键词：Sample Exam AMPL PLE amp effective following interest current forward

我觉得　如果算了两次　那投资stock比投资forward要合算啊　这样就有arbitrage了

Imagine you are Market maker, you sell forward, so you set the price for forward.
Here are the steps that Market Marker will do to sell a stock forward
1. Buy stock from the market, cost $50 plus $1 transaction cost
2. Sell forward to buyer, transaction cost is $1
So that (50+1+1)x(1+r)