That interest rate is the annual interest rate, because we have to calculate the interest for three months, so it is the annual interest rate *1/4 (3/12); That 100 means that the short-term interest rate futures are quoted with the percent sign omitted, so the calculation should be multiplied by 100 (the variable value of the three-month US treasury bond futures and the three-month euro interest rate futures contract is one percent, which means $25,100000/100/). )