A. Correct because each forward contract will be created at the fixed price that corresponds to the fixed price of a swap of the same maturity with payments made at the same dates as the series of forward contracts. That means that some of the forward contracts would have positive values and some would have negative values, but their combined values would equal zero. B. Incorrect because a swap is not similar to a series of forward contracts when all the forward contracts have the same maturity date. C. Incorrect because each forward contract will be created at the fixed price that corresponds to the fixed price of a swap of the same maturity with payments made at the same dates as the series of forward contracts. That means that some of the forward contracts would have positive values and some would have negative values, but their combined values would equal zero. Therefore, a swap contract is similar to a series of long forward contracts of which some have positive values and some have negative values, but long forward contracts are not matched with the short forward contracts at each swap payment date.