If creating synthetic equity out of T-bills held today, do we grow the value of the T-bills by the rfr in the calculation of # of contracts to create the position…and if so, why?

Similarly, if we have say $5M coming to us in 3 months, do we use the PV of that $3M in the calculation of how to create synthetic eq?

I’m confused about what value exactly to use in the formula: beta-beta/beta * value/quoted price * multiplier