BOND FUTURES - HELP PLEASE

CFA Level II
#1

Hi - I can’t wrap my head around the formula for bond futures. It seems that CFAI uses both FVCI and PVCI.

QF(t) = 1/CF(t) * [FV( B(Y+T) +AI0 ) - AI(t) - FVCI]

QF(t) = 1/CF(t) * [FV( B(Y+T) +AI0 - AI(t) - PVCI)

Where am I going wrong? What exactly is the time used to discount FVCI/PVCI? Thanks.

#2

They’re the same formula. You either take the FV(bond - PVCI), or you have FV(bond) - FVCI

It’s hard to see because of how its written.

#3

I doubt this is even asked a formula at all…