In the first question in the Forwards chapter we are asked to find the value of the swap made at inception, the underlying price is 1000, the interest rate is 6.75%, and the time is 1. The answer is So -F(0,T)/(1+R). My question is, isn’t the value of a forward at inception considered to be zero? I thought the book was very explicit about that, but it answers the question very differently…

please read - this is an off market one.

Ooooh. Yes, I see it now, thanks a lot.