/ Fundamentals of Corporate Finance Self Study / Fundamentals of Corporate Finance - Self-Study.iso / Setup / CHAP24.QF_ / CHAP24.QF

MacOS 8.1

Win98

DOS

view JSON data

view as text

+--------+-------------------------+-------------------------+--------+--------+
|00000000| 42 52 47 45 58 4d 30 35 | 30 30 76 30 30 30 32 52 |BRGEXM05|00v0002R|
|00000010| 4f 53 53 20 20 20 20 43 | 68 61 70 74 65 72 20 32 |OSS    C|hapter 2|
|00000020| 34 3a 20 4f 70 74 69 6f | 6e 20 56 61 6c 75 61 74 |4: Optio|n Valuat|
|00000030| 69 6f 6e 20 20 20 20 20 | 20 20 20 20 20 20 20 00 |ion     |       .|
|00000040| 00 00 00 4c 00 00 00 00 | 00 00 00 4c 00 72 27 00 |...L....|...L.r'.|
|00000050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 be 00 00 |........|........|
|00000060| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000080| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000090| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000000a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000000b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 18 14 00 |........|........|
|000000c0| 00 31 01 00 41 20 70 72 | 6f 74 65 63 74 69 76 65 |.1..A pr|otective|
|000000d0| 20 70 75 74 20 6f 70 74 | 69 6f 6e 20 73 74 72 61 | put opt|ion stra|
|000000e0| 74 65 67 79 2e 2e 2e 20 | 20 20 20 20 01 00 70 00 |tegy... |    ..p.|
|000000f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000100| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000120| 00 00 00 00 31 02 00 49 | 6e 20 61 20 70 72 6f 74 |....1..I|n a prot|
|00000130| 65 63 74 69 76 65 20 70 | 75 74 20 6f 70 74 69 6f |ective p|ut optio|
|00000140| 6e 20 73 74 72 61 74 65 | 67 79 2c 2e 2e 2e 20 01 |n strate|gy,... .|
|00000150| 00 70 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.p......|........|
|00000160| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00000170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000180| 00 00 00 00 00 00 00 31 | 03 00 49 6e 20 61 20 70 |.......1|..In a p|
|00000190| 65 72 66 65 63 74 20 6d | 61 72 6b 65 74 2c 20 61 |erfect m|arket, a|
|000001a0| 6e 20 69 6e 76 65 73 74 | 6d 65 6e 74 20 69 6e 2e |n invest|ment in.|
|000001b0| 2e 2e 01 00 70 00 00 00 | 00 00 00 00 00 00 00 00 |....p...|........|
|000001c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|000001d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000001e0| 00 00 00 00 00 00 00 00 | 00 00 31 04 00 49 66 20 |........|..1..If |
|000001f0| 79 6f 75 20 62 75 79 20 | 61 20 63 61 6c 6c 20 6f |you buy |a call o|
|00000200| 70 74 69 6f 6e 20 77 69 | 74 68 2e 2e 2e 20 20 20 |ption wi|th...   |
|00000210| 20 20 20 20 20 01 00 70 | 00 00 00 00 00 00 00 00 |     ..p|........|
|00000220| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000230| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000240| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 05 00 |........|.....1..|
|00000250| 54 68 65 20 70 72 65 73 | 65 6e 74 20 76 61 6c 75 |The pres|ent valu|
|00000260| 65 20 6f 66 20 24 31 30 | 30 20 74 6f 20 62 65 2e |e of $10|0 to be.|
|00000270| 2e 2e 20 20 20 20 20 20 | 01 00 70 00 00 00 00 00 |..      |..p.....|
|00000280| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000290| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002b0| 31 06 00 49 66 20 74 68 | 65 20 72 69 73 6b 2d 66 |1..If th|e risk-f|
|000002c0| 72 65 65 20 72 61 74 65 | 20 69 73 20 58 25 2e 2e |ree rate| is X%..|
|000002d0| 2e 20 20 20 20 20 20 20 | 20 20 20 01 00 70 00 00 |.       |   ..p..|
|000002e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002f0| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000310| 00 00 00 31 07 00 49 6e | 20 74 68 65 20 42 6c 61 |...1..In| the Bla|
|00000320| 63 6b 2d 53 63 68 6f 6c | 65 73 20 6f 70 74 69 6f |ck-Schol|es optio|
|00000330| 6e 20 70 72 69 63 69 6e | 67 2e 2e 2e 20 20 01 00 |n pricin|g...  ..|
|00000340| 70 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |p.......|........|
|00000350| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000370| 00 00 00 00 00 00 31 08 | 00 54 68 65 20 71 75 61 |......1.|.The qua|
|00000380| 6e 74 69 74 79 20 4e 28 | 64 31 29 20 69 6e 20 74 |ntity N(|d1) in t|
|00000390| 68 65 2e 2e 2e 20 20 20 | 20 20 20 20 20 20 20 20 |he...   |        |
|000003a0| 20 01 00 70 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..p....|........|
|000003b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000003c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000003d0| 00 00 00 00 00 00 00 00 | 00 31 09 00 54 68 65 20 |........|.1..The |
|000003e0| 70 75 74 2d 63 61 6c 6c | 20 70 61 72 69 74 79 20 |put-call| parity |
|000003f0| 63 6f 6e 64 69 74 69 6f | 6e 20 66 6f 72 2e 2e 2e |conditio|n for...|
|00000400| 20 20 20 20 01 00 70 00 | 00 00 00 00 00 00 00 00 |    ..p.|........|
|00000410| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000420| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000430| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 0a 00 54 |........|....1..T|
|00000440| 68 65 20 42 6c 61 63 6b | 2d 53 63 68 6f 6c 65 73 |he Black|-Scholes|
|00000450| 20 6f 70 74 69 6f 6e 20 | 70 72 69 63 69 6e 67 2e | option |pricing.|
|00000460| 2e 2e 20 20 20 20 20 01 | 00 70 00 00 00 00 00 00 |..     .|.p......|
|00000470| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000480| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000490| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|000004a0| 0b 00 41 6e 20 41 6d 65 | 72 69 63 61 6e 20 70 75 |..An Ame|rican pu|
|000004b0| 74 20 6f 70 74 69 6f 6e | 20 69 73 20 6e 65 76 65 |t option| is neve|
|000004c0| 72 20 61 73 2e 2e 2e 20 | 20 20 01 00 70 00 00 00 |r as... |  ..p...|
|000004d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000004e0| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|000004f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000500| 00 00 31 0c 00 41 6e 20 | 41 6d 65 72 69 63 61 6e |..1..An |American|
|00000510| 20 63 61 6c 6c 20 6f 70 | 74 69 6f 6e 20 61 6c 77 | call op|tion alw|
|00000520| 61 79 73 20 68 61 73 2e | 2e 2e 20 20 20 01 00 70 |ays has.|..   ..p|
|00000530| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000540| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00000550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000560| 00 00 00 00 00 31 0d 00 | 41 20 63 61 6c 6c 20 6f |.....1..|A call o|
|00000570| 70 74 69 6f 6e 27 73 20 | 64 65 6c 74 61 20 69 73 |ption's |delta is|
|00000580| 20 61 6c 77 61 79 73 2e | 2e 2e 20 20 20 20 20 20 | always.|..      |
|00000590| 01 00 70 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..p.....|........|
|000005a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000005b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000005c0| 00 00 00 00 00 00 00 00 | 31 0e 00 41 6c 6c 20 65 |........|1..All e|
|000005d0| 6c 73 65 20 74 68 65 20 | 73 61 6d 65 2c 20 61 73 |lse the |same, as|
|000005e0| 20 74 68 65 20 65 78 65 | 72 63 69 73 65 2e 2e 2e | the exe|rcise...|
|000005f0| 20 20 20 01 00 70 00 00 | 00 00 00 00 00 00 00 00 |   ..p..|........|
|00000600| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00000610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000620| 00 00 00 00 00 00 00 00 | 00 00 00 31 0f 00 41 6c |........|...1..Al|
|00000630| 6c 20 65 6c 73 65 20 74 | 68 65 20 73 61 6d 65 2c |l else t|he same,|
|00000640| 20 61 73 20 74 68 65 20 | 76 6f 6c 61 74 69 6c 69 | as the |volatili|
|00000650| 74 79 2e 2e 2e 20 01 00 | 70 00 00 00 00 00 00 00 |ty... ..|p.......|
|00000660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000670| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 10 |........|......1.|
|00000690| 00 54 68 65 20 73 65 6e | 73 69 74 69 76 69 74 79 |.The sen|sitivity|
|000006a0| 20 6f 66 20 61 6e 20 6f | 70 74 69 6f 6e 27 73 20 | of an o|ption's |
|000006b0| 70 72 69 63 65 2e 2e 2e | 20 01 00 70 00 00 00 00 |price...| ..p....|
|000006c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006d0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006f0| 00 31 11 00 54 68 65 20 | 73 65 6e 73 69 74 69 76 |.1..The |sensitiv|
|00000700| 69 74 79 20 6f 66 20 61 | 6e 20 6f 70 74 69 6f 6e |ity of a|n option|
|00000710| 27 73 20 70 72 69 63 65 | 2e 2e 2e 20 01 00 70 00 |'s price|... ..p.|
|00000720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000730| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000750| 00 00 00 00 31 12 00 41 | 6e 20 6f 70 74 69 6f 6e |....1..A|n option|
|00000760| 27 73 20 76 61 6c 75 65 | 20 68 61 73 20 74 77 6f |'s value| has two|
|00000770| 20 63 6f 6d 70 6f 6e 65 | 6e 74 73 3a 2e 2e 2e 01 | compone|nts:....|
|00000780| 00 70 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.p......|........|
|00000790| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|000007a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000007b0| 00 00 00 00 00 00 00 31 | 13 00 56 69 65 77 69 6e |.......1|..Viewin|
|000007c0| 67 20 74 68 65 20 6d 61 | 72 6b 65 74 20 76 61 6c |g the ma|rket val|
|000007d0| 75 65 20 6f 66 20 61 2e | 2e 2e 20 20 20 20 20 20 |ue of a.|..      |
|000007e0| 20 20 01 00 70 00 00 00 | 00 00 00 00 00 00 00 00 |  ..p...|........|
|000007f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00000800| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000810| 00 00 00 00 00 00 00 00 | 00 00 31 14 00 52 69 73 |........|..1..Ris|
|00000820| 6b 79 20 62 6f 6e 64 73 | 20 63 61 6e 20 62 65 20 |ky bonds| can be |
|00000830| 74 68 6f 75 67 68 74 20 | 6f 66 20 61 73 20 61 2e |thought |of as a.|
|00000840| 2e 2e 20 20 20 01 00 70 | 00 00 00 00 00 00 00 00 |..   ..p|........|
|00000850| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000860| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000870| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 15 00 |........|.....1..|
|00000880| 54 68 65 20 70 75 72 70 | 6f 73 65 20 6f 66 20 61 |The purp|ose of a|
|00000890| 20 70 72 6f 74 65 63 74 | 69 76 65 20 70 75 74 2e | protect|ive put.|
|000008a0| 2e 2e 20 20 20 20 20 20 | 01 00 70 00 00 00 00 00 |..      |..p.....|
|000008b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008c0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008e0| 31 16 00 41 20 70 72 6f | 74 65 63 74 69 76 65 20 |1..A pro|tective |
|000008f0| 70 75 74 20 73 74 72 61 | 74 65 67 79 20 69 73 20 |put stra|tegy is |
|00000900| 61 2e 2e 2e 20 20 20 20 | 20 20 20 01 00 70 00 00 |a...    |   ..p..|
|00000910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000920| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000940| 00 00 00 31 17 00 41 6e | 20 65 71 75 69 76 61 6c |...1..An| equival|
|00000950| 65 6e 74 20 70 6f 72 74 | 66 6f 6c 69 6f 20 73 74 |ent port|folio st|
|00000960| 72 61 74 65 67 79 20 74 | 6f 2e 2e 2e 20 20 01 00 |rategy t|o...  ..|
|00000970| 70 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |p.......|........|
|00000980| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000990| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000009a0| 00 00 00 00 00 00 31 18 | 00 45 75 72 6f 70 65 61 |......1.|.Europea|
|000009b0| 6e 20 70 75 74 2d 63 61 | 6c 6c 20 70 61 72 69 74 |n put-ca|ll parit|
|000009c0| 79 20 73 61 79 73 20 74 | 68 61 74 2e 2e 2e 20 20 |y says t|hat...  |
|000009d0| 20 01 00 70 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..p....|........|
|000009e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000009f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a00| 00 00 00 00 00 00 00 00 | 00 31 19 00 49 66 20 61 |........|.1..If a|
|00000a10| 20 76 69 6f 6c 61 74 69 | 6f 6e 20 6f 66 20 45 75 | violati|on of Eu|
|00000a20| 72 6f 70 65 61 6e 20 70 | 75 74 2d 63 61 6c 6c 2e |ropean p|ut-call.|
|00000a30| 2e 2e 20 20 01 00 70 00 | 00 00 00 00 00 00 00 00 |..  ..p.|........|
|00000a40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a50| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a60| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 1a 00 57 |........|....1..W|
|00000a70| 68 69 63 68 20 6f 66 20 | 74 68 65 20 66 6f 6c 6c |hich of |the foll|
|00000a80| 6f 77 69 6e 67 20 74 65 | 72 6d 73 20 64 6f 65 73 |owing te|rms does|
|00000a90| 20 6e 6f 74 2e 2e 2e 01 | 00 70 00 00 00 00 00 00 | not....|.p......|
|00000aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ab0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ac0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|00000ad0| 1b 00 57 68 69 63 68 20 | 6f 66 20 74 68 65 20 66 |..Which |of the f|
|00000ae0| 6f 6c 6c 6f 77 69 6e 67 | 20 74 65 72 6d 73 20 64 |ollowing| terms d|
|00000af0| 6f 65 73 20 6e 6f 74 2e | 2e 2e 01 00 70 00 00 00 |oes not.|....p...|
|00000b00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b10| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b30| 00 00 31 1c 00 59 6f 75 | 20 68 61 76 65 20 74 68 |..1..You| have th|
|00000b40| 65 20 63 68 6f 69 63 65 | 20 74 6f 20 69 6e 76 65 |e choice| to inve|
|00000b50| 73 74 20 79 6f 75 72 2e | 2e 2e 20 20 20 01 00 70 |st your.|..   ..p|
|00000b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b70| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00000b80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b90| 00 00 00 00 00 31 1d 00 | 57 68 69 63 68 20 6f 66 |.....1..|Which of|
|00000ba0| 20 74 68 65 20 66 6f 6c | 6c 6f 77 69 6e 67 20 74 | the fol|lowing t|
|00000bb0| 65 72 6d 73 20 64 6f 65 | 73 20 6e 6f 74 2e 2e 2e |erms doe|s not...|
|00000bc0| 01 00 70 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..p.....|........|
|00000bd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00000be0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000bf0| 00 00 00 00 00 00 00 00 | 31 1e 00 54 68 65 20 62 |........|1..The b|
|00000c00| 75 79 65 72 20 6f 66 20 | 61 28 6e 29 20 5f 5f 5f |uyer of |a(n) ___|
|00000c10| 5f 5f 5f 5f 5f 5f 5f 5f | 20 68 61 73 20 74 68 65 |________| has the|
|00000c20| 2e 2e 2e 01 00 70 00 00 | 00 00 00 00 00 00 00 00 |.....p..|........|
|00000c30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00000c40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000c50| 00 00 00 00 00 00 00 00 | 00 00 00 31 1f 00 54 68 |........|...1..Th|
|00000c60| 65 20 62 75 79 65 72 20 | 6f 66 20 61 28 6e 29 20 |e buyer |of a(n) |
|00000c70| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 5f 5f 20 68 61 73 20 |________|___ has |
|00000c80| 74 68 65 2e 2e 2e 01 00 | 70 00 00 00 00 00 00 00 |the.....|p.......|
|00000c90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ca0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000cb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 20 |........|......1 |
|00000cc0| 00 54 68 65 20 62 75 79 | 65 72 20 6f 66 20 61 28 |.The buy|er of a(|
|00000cd0| 6e 29 20 5f 5f 5f 5f 5f | 5f 5f 5f 5f 5f 5f 5f 20 |n) _____|_______ |
|00000ce0| 68 61 73 2e 2e 2e 20 20 | 20 01 00 70 00 00 00 00 |has...  | ..p....|
|00000cf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d00| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d20| 00 31 21 00 54 68 65 20 | 62 75 79 65 72 20 6f 66 |.1!.The |buyer of|
|00000d30| 20 61 28 6e 29 20 5f 5f | 5f 5f 5f 5f 5f 5f 5f 5f | a(n) __|________|
|00000d40| 5f 5f 5f 20 68 61 73 2e | 2e 2e 20 20 01 00 70 00 |___ has.|..  ..p.|
|00000d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d60| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000d70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d80| 00 00 00 00 31 22 00 57 | 68 69 63 68 20 6f 66 20 |....1".W|hich of |
|00000d90| 74 68 65 20 66 6f 6c 6c | 6f 77 69 6e 67 20 74 65 |the foll|owing te|
|00000da0| 72 6d 73 20 61 70 70 65 | 61 72 73 2e 2e 2e 20 01 |rms appe|ars... .|
|00000db0| 00 70 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.p......|........|
|00000dc0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00000dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000de0| 00 00 00 00 00 00 00 31 | 23 00 49 6e 20 74 68 65 |.......1|#.In the|
|00000df0| 20 42 6c 61 63 6b 2d 53 | 63 68 6f 6c 65 73 20 6f | Black-S|choles o|
|00000e00| 70 74 69 6f 6e 20 70 72 | 69 63 69 6e 67 2e 2e 2e |ption pr|icing...|
|00000e10| 20 20 01 00 70 00 00 00 | 00 00 00 00 00 00 00 00 |  ..p...|........|
|00000e20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00000e30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000e40| 00 00 00 00 00 00 00 00 | 00 00 31 24 00 48 6f 77 |........|..1$.How|
|00000e50| 20 6d 61 6e 79 20 75 6e | 69 71 75 65 20 76 61 72 | many un|ique var|
|00000e60| 69 61 62 6c 65 73 20 61 | 70 70 65 61 72 20 69 6e |iables a|ppear in|
|00000e70| 2e 2e 2e 20 20 01 00 70 | 00 00 00 00 00 00 00 00 |...  ..p|........|
|00000e80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000e90| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ea0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 25 00 |........|.....1%.|
|00000eb0| 54 6f 20 66 69 6e 64 20 | 74 68 65 20 76 61 6c 75 |To find |the valu|
|00000ec0| 65 20 6f 66 20 61 20 70 | 75 74 20 6f 70 74 69 6f |e of a p|ut optio|
|00000ed0| 6e 20 69 6e 2e 2e 2e 20 | 01 00 70 00 00 00 00 00 |n in... |..p.....|
|00000ee0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ef0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f10| 31 26 00 41 6d 65 72 69 | 63 61 6e 20 70 75 74 20 |1&.Ameri|can put |
|00000f20| 6f 70 74 69 6f 6e 20 76 | 61 6c 75 65 73 20 61 72 |option v|alues ar|
|00000f30| 65 20 61 6c 77 61 79 73 | 2e 2e 2e 01 00 70 00 00 |e always|.....p..|
|00000f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f50| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f70| 00 00 00 31 27 00 46 6f | 72 20 73 74 6f 63 6b 73 |...1'.Fo|r stocks|
|00000f80| 20 74 68 61 74 20 64 6f | 20 6e 6f 74 20 70 61 79 | that do| not pay|
|00000f90| 20 64 69 76 69 64 65 6e | 64 73 2c 2e 2e 2e 01 00 | dividen|ds,.....|
|00000fa0| 70 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |p.......|........|
|00000fb0| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000fc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000fd0| 00 00 00 00 00 00 31 28 | 00 41 6e 20 69 6e 63 72 |......1(|.An incr|
|00000fe0| 65 61 73 65 20 69 6e 20 | 77 68 69 63 68 20 6f 66 |ease in |which of|
|00000ff0| 20 74 68 65 2e 2e 2e 20 | 20 20 20 20 20 20 20 20 | the... |        |
|00001000| 20 01 00 70 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..p....|........|
|00001010| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|00001020| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001030| 00 00 00 00 00 00 00 00 | 00 31 29 00 41 20 69 6e |........|.1).A in|
|00001040| 63 72 65 61 73 65 20 69 | 6e 20 77 68 69 63 68 20 |crease i|n which |
|00001050| 6f 66 20 74 68 65 20 66 | 6f 6c 6c 6f 77 69 6e 67 |of the f|ollowing|
|00001060| 2c 2e 2e 2e 01 00 70 00 | 00 00 00 00 00 00 00 00 |,.....p.|........|
|00001070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001080| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001090| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 2a 00 54 |........|....1*.T|
|000010a0| 68 65 20 73 65 6e 73 69 | 74 69 76 69 74 79 20 6f |he sensi|tivity o|
|000010b0| 66 20 61 6e 20 6f 70 74 | 69 6f 6e 27 73 20 76 61 |f an opt|ion's va|
|000010c0| 6c 75 65 2e 2e 2e 20 01 | 00 70 00 00 00 00 00 00 |lue... .|.p......|
|000010d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000010e0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000010f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|00001100| 2b 00 54 68 65 20 73 65 | 6e 73 69 74 69 76 69 74 |+.The se|nsitivit|
|00001110| 79 20 6f 66 20 61 6e 20 | 6f 70 74 69 6f 6e 27 73 |y of an |option's|
|00001120| 20 76 61 6c 75 65 2e 2e | 2e 20 01 00 70 00 00 00 | value..|. ..p...|
|00001130| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001140| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001150| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001160| 00 00 31 2c 00 54 68 65 | 20 73 65 6e 73 69 74 69 |..1,.The| sensiti|
|00001170| 76 69 74 79 20 6f 66 20 | 61 6e 20 6f 70 74 69 6f |vity of |an optio|
|00001180| 6e 27 73 20 76 61 6c 75 | 65 2e 2e 2e 20 01 00 70 |n's valu|e... ..p|
|00001190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000011a0| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|000011b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000011c0| 00 00 00 00 00 31 2d 00 | 54 68 65 20 73 65 6e 73 |.....1-.|The sens|
|000011d0| 69 74 69 76 69 74 79 20 | 6f 66 20 61 6e 20 6f 70 |itivity |of an op|
|000011e0| 74 69 6f 6e 27 73 20 76 | 61 6c 75 65 2e 2e 2e 20 |tion's v|alue... |
|000011f0| 01 00 70 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..p.....|........|
|00001200| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00001210| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001220| 00 00 00 00 00 00 00 00 | 31 2e 00 57 68 69 63 68 |........|1..Which|
|00001230| 20 6f 66 20 74 68 65 20 | 66 6f 6c 6c 6f 77 69 6e | of the |followin|
|00001240| 67 20 74 65 72 6d 73 20 | 69 6e 20 74 68 65 2e 2e |g terms |in the..|
|00001250| 2e 20 20 01 00 70 00 00 | 00 00 00 00 00 00 00 00 |.  ..p..|........|
|00001260| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00001270| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001280| 00 00 00 00 00 00 00 00 | 00 00 00 31 2f 00 46 6f |........|...1/.Fo|
|00001290| 72 20 61 20 63 61 6c 6c | 20 61 6e 64 20 70 75 74 |r a call| and put|
|000012a0| 20 6f 70 74 69 6f 6e 20 | 6f 6e 20 74 68 65 20 73 | option |on the s|
|000012b0| 61 6d 65 2e 2e 2e 01 00 | 70 00 00 00 00 00 00 00 |ame.....|p.......|
|000012c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000012d0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000012e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 30 |........|......10|
|000012f0| 00 54 68 65 20 64 65 6c | 74 61 20 6f 66 20 61 20 |.The del|ta of a |
|00001300| 70 75 74 20 6f 70 74 69 | 6f 6e 20 74 65 6c 6c 73 |put opti|on tells|
|00001310| 20 79 6f 75 3a 2e 2e 2e | 20 01 00 70 00 00 00 00 | you:...| ..p....|
|00001320| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001330| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001340| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001350| 00 31 31 00 46 6f 72 20 | 77 68 69 63 68 20 6f 66 |.11.For |which of|
|00001360| 20 74 68 65 20 66 6f 6c | 6c 6f 77 69 6e 67 20 6d | the fol|lowing m|
|00001370| 69 67 68 74 20 61 6e 2e | 2e 2e 20 20 01 00 70 00 |ight an.|..  ..p.|
|00001380| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001390| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|000013a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000013b0| 00 00 00 00 31 32 00 57 | 68 65 6e 20 6f 70 74 69 |....12.W|hen opti|
|000013c0| 6f 6e 73 20 61 72 65 20 | 64 65 73 63 72 69 62 65 |ons are |describe|
|000013d0| 64 20 61 73 20 77 61 73 | 74 69 6e 67 2e 2e 2e 01 |d as was|ting....|
|000013e0| 00 70 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.p......|........|
|000013f0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00001400| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001410| 00 00 00 00 00 00 00 00 | 00 00 00 31 33 00 54 68 |........|...13.Th|
|00001420| 65 20 69 6e 74 72 69 6e | 73 69 63 20 76 61 6c 75 |e intrin|sic valu|
|00001430| 65 20 6f 66 20 61 6e 20 | 6f 70 74 69 6f 6e 2e 2e |e of an |option..|
|00001440| 2e 20 20 20 20 20 01 00 | 70 00 00 00 00 00 00 00 |.     ..|p.......|
|00001450| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001460| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001470| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 34 |........|......14|
|00001480| 00 4f 66 20 74 68 65 20 | 66 61 63 74 6f 72 73 20 |.Of the |factors |
|00001490| 74 68 61 74 20 61 70 70 | 65 61 72 20 61 73 2e 2e |that app|ear as..|
|000014a0| 2e 20 20 20 20 20 20 20 | 20 01 00 70 00 00 00 00 |.       | ..p....|
|000014b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000014c0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000014d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000014e0| 00 31 35 00 53 75 70 70 | 6f 73 65 20 79 6f 75 20 |.15.Supp|ose you |
|000014f0| 6f 77 6e 20 61 6e 20 41 | 6d 65 72 69 63 61 6e 20 |own an A|merican |
|00001500| 63 61 6c 6c 2e 2e 2e 20 | 20 20 20 20 01 00 70 00 |call... |    ..p.|
|00001510| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001520| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00001530| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001540| 00 00 00 00 31 36 00 54 | 68 65 20 66 6f 72 65 63 |....16.T|he forec|
|00001550| 61 73 74 20 6f 66 20 61 | 20 73 74 6f 63 6b 27 73 |ast of a| stock's|
|00001560| 20 66 75 74 75 72 65 2e | 2e 2e 20 20 20 20 20 01 | future.|..     .|
|00001570| 00 70 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.p......|........|
|00001580| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00001590| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000015a0| 00 00 00 00 00 00 00 31 | 37 00 54 68 65 20 65 63 |.......1|7.The ec|
|000015b0| 6f 6e 6f 6d 69 63 20 69 | 6e 74 65 72 70 72 65 74 |onomic i|nterpret|
|000015c0| 61 74 69 6f 6e 20 6f 66 | 20 61 6e 2e 2e 2e 20 20 |ation of| an...  |
|000015d0| 20 20 01 00 70 00 00 00 | 00 00 00 00 00 00 00 00 |  ..p...|........|
|000015e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|000015f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001600| 00 00 00 00 00 00 00 00 | 00 00 31 38 00 54 68 65 |........|..18.The|
|00001610| 20 65 71 75 69 74 79 20 | 69 6e 76 65 73 74 6d 65 | equity |investme|
|00001620| 6e 74 20 69 6e 20 61 20 | 6c 65 76 65 72 61 67 65 |nt in a |leverage|
|00001630| 64 2e 2e 2e 20 01 00 70 | 00 00 00 00 00 00 00 00 |d... ..p|........|
|00001640| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001650| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 39 00 |........|.....19.|
|00001670| 49 66 20 63 6f 6d 70 61 | 6e 79 20 6d 61 6e 61 67 |If compa|ny manag|
|00001680| 65 6d 65 6e 74 20 70 75 | 72 73 75 65 73 2e 2e 2e |ement pu|rsues...|
|00001690| 20 20 20 20 20 20 20 20 | 01 00 70 00 00 00 00 00 |        |..p.....|
|000016a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000016b0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000016c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000016d0| 31 3a 00 49 66 20 63 6f | 6d 70 61 6e 79 20 6d 61 |1:.If co|mpany ma|
|000016e0| 6e 61 67 65 6d 65 6e 74 | 20 70 75 72 73 75 65 73 |nagement| pursues|
|000016f0| 2e 2e 2e 20 20 20 20 20 | 20 20 20 01 00 70 00 00 |...     |   ..p..|
|00001700| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001710| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00001720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001730| 00 00 00 31 3b 00 49 66 | 20 74 77 6f 20 63 6f 6d |...1;.If| two com|
|00001740| 70 61 6e 69 65 73 20 69 | 6e 20 6e 6f 6e 2d 63 6f |panies i|n non-co|
|00001750| 6d 70 6c 65 6d 65 6e 74 | 61 72 79 2e 2e 2e 01 00 |mplement|ary.....|
|00001760| 70 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |p.......|........|
|00001770| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00001780| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001790| 00 00 00 00 00 00 31 3c | 00 54 68 65 20 6d 61 72 |......1<|.The mar|
|000017a0| 6b 65 74 20 76 61 6c 75 | 65 20 6f 66 20 61 20 66 |ket valu|e of a f|
|000017b0| 69 72 6d 27 73 20 28 72 | 69 73 6b 79 29 2e 2e 2e |irm's (r|isky)...|
|000017c0| 20 01 00 70 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..p....|........|
|000017d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000017e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000017f0| 00 00 00 00 00 00 00 00 | 00 31 3d 00 41 20 70 75 |........|.1=.A pu|
|00001800| 74 20 6f 70 74 69 6f 6e | 20 77 69 74 68 20 65 78 |t option| with ex|
|00001810| 65 72 63 69 73 65 20 70 | 72 69 63 65 20 24 33 30 |ercise p|rice $30|
|00001820| 2e 2e 2e 20 01 00 70 00 | 00 00 00 00 00 00 00 00 |... ..p.|........|
|00001830| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001840| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001850| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 3e 00 41 |........|....1>.A|
|00001860| 20 63 61 6c 6c 20 6f 70 | 74 69 6f 6e 20 77 69 74 | call op|tion wit|
|00001870| 68 20 65 78 65 72 63 69 | 73 65 20 70 72 69 63 65 |h exerci|se price|
|00001880| 20 24 33 30 2e 2e 2e 01 | 00 70 00 00 00 00 00 00 | $30....|.p......|
|00001890| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000018a0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000018b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|000018c0| 3f 00 41 20 63 61 6c 6c | 20 6f 70 74 69 6f 6e 20 |?.A call| option |
|000018d0| 77 69 74 68 20 65 78 65 | 72 63 69 73 65 20 70 72 |with exe|rcise pr|
|000018e0| 69 63 65 20 24 33 30 2e | 2e 2e 01 00 70 00 00 00 |ice $30.|....p...|
|000018f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001900| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001920| 00 00 31 40 00 41 20 63 | 61 6c 6c 20 6f 70 74 69 |..1@.A c|all opti|
|00001930| 6f 6e 20 77 69 74 68 20 | 65 78 65 72 63 69 73 65 |on with |exercise|
|00001940| 20 70 72 69 63 65 20 24 | 33 30 2e 2e 2e 01 00 70 | price $|30.....p|
|00001950| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001960| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00001970| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001980| 00 00 00 00 00 31 41 00 | 57 68 61 74 20 69 73 20 |.....1A.|What is |
|00001990| 74 68 65 20 66 75 74 75 | 72 65 20 76 61 6c 75 65 |the futu|re value|
|000019a0| 20 6f 66 20 24 35 2c 30 | 30 30 2e 2e 2e 20 20 20 | of $5,0|00...   |
|000019b0| 01 00 70 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..p.....|........|
|000019c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000019d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000019e0| 00 00 00 00 00 00 00 00 | 31 42 00 57 68 61 74 20 |........|1B.What |
|000019f0| 69 73 20 74 68 65 20 70 | 72 65 73 65 6e 74 20 76 |is the p|resent v|
|00001a00| 61 6c 75 65 20 6f 66 20 | 24 32 30 2c 30 30 30 2e |alue of |$20,000.|
|00001a10| 2e 2e 20 01 00 70 00 00 | 00 00 00 00 00 00 00 00 |.. ..p..|........|
|00001a20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00001a30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001a40| 00 00 00 00 00 00 00 00 | 00 00 00 31 43 00 47 69 |........|...1C.Gi|
|00001a50| 76 65 6e 20 74 68 65 20 | 66 6f 6c 6c 6f 77 69 6e |ven the |followin|
|00001a60| 67 20 69 6e 66 6f 72 6d | 61 74 69 6f 6e 2c 20 77 |g inform|ation, w|
|00001a70| 68 61 74 2e 2e 2e 01 00 | 70 00 00 00 00 00 00 00 |hat.....|p.......|
|00001a80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001a90| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 44 |........|......1D|
|00001ab0| 00 47 69 76 65 6e 20 74 | 68 65 20 66 6f 6c 6c 6f |.Given t|he follo|
|00001ac0| 77 69 6e 67 20 69 6e 66 | 6f 72 6d 61 74 69 6f 6e |wing inf|ormation|
|00001ad0| 2c 20 77 68 61 74 2e 2e | 2e 01 00 70 00 00 00 00 |, what..|...p....|
|00001ae0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001af0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b10| 00 31 45 00 47 69 76 65 | 6e 20 74 68 65 20 66 6f |.1E.Give|n the fo|
|00001b20| 6c 6c 6f 77 69 6e 67 20 | 69 6e 66 6f 72 6d 61 74 |llowing |informat|
|00001b30| 69 6f 6e 2c 20 77 68 61 | 74 2e 2e 2e 01 00 70 00 |ion, wha|t.....p.|
|00001b40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b50| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00001b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b70| 00 00 00 00 31 46 00 47 | 69 76 65 6e 20 74 68 65 |....1F.G|iven the|
|00001b80| 20 66 6f 6c 6c 6f 77 69 | 6e 67 20 69 6e 66 6f 72 | followi|ng infor|
|00001b90| 6d 61 74 69 6f 6e 2c 20 | 77 68 61 74 2e 2e 2e 01 |mation, |what....|
|00001ba0| 00 70 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.p......|........|
|00001bb0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00001bc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001bd0| 00 00 00 00 00 00 00 31 | 47 00 47 69 76 65 6e 20 |.......1|G.Given |
|00001be0| 74 68 65 20 66 6f 6c 6c | 6f 77 69 6e 67 20 69 6e |the foll|owing in|
|00001bf0| 66 6f 72 6d 61 74 69 6f | 6e 2c 20 77 68 61 74 2e |formatio|n, what.|
|00001c00| 2e 2e 01 00 70 00 00 00 | 00 00 00 00 00 00 00 00 |....p...|........|
|00001c10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00001c20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001c30| 00 00 00 00 00 00 00 00 | 00 00 31 48 00 47 69 76 |........|..1H.Giv|
|00001c40| 65 6e 20 74 68 65 20 66 | 6f 6c 6c 6f 77 69 6e 67 |en the f|ollowing|
|00001c50| 20 69 6e 66 6f 72 6d 61 | 74 69 6f 6e 2c 20 77 68 | informa|tion, wh|
|00001c60| 61 74 2e 2e 2e 01 00 70 | 00 00 00 00 00 00 00 00 |at.....p|........|
|00001c70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001c80| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001c90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 49 00 |........|.....1I.|
|00001ca0| 49 66 20 61 20 73 74 6f | 63 6b 20 77 69 74 68 20 |If a sto|ck with |
|00001cb0| 73 74 61 6e 64 61 72 64 | 20 64 65 76 69 61 74 69 |standard| deviati|
|00001cc0| 6f 6e 20 6f 66 2e 2e 2e | 01 00 70 00 00 00 00 00 |on of...|..p.....|
|00001cd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ce0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001cf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001d00| 31 4a 00 41 42 43 20 43 | 6f 6d 70 61 6e 79 20 68 |1J.ABC C|ompany h|
|00001d10| 61 73 20 24 32 35 30 20 | 6d 69 6c 6c 69 6f 6e 20 |as $250 |million |
|00001d20| 66 61 63 65 2e 2e 2e 20 | 20 20 20 01 00 70 00 00 |face... |   ..p..|
|00001d30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001d40| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00001d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001d60| 00 00 00 31 4b 00 41 42 | 43 20 43 6f 6d 70 61 6e |...1K.AB|C Compan|
|00001d70| 79 20 68 61 73 20 24 32 | 35 30 20 6d 69 6c 6c 69 |y has $2|50 milli|
|00001d80| 6f 6e 20 66 61 63 65 2e | 2e 2e 20 20 20 20 01 00 |on face.|..    ..|
|00001d90| 70 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |p.......|........|
|00001da0| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00001db0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001dc0| 00 00 00 00 00 00 31 4c | 00 41 42 43 20 43 6f 6d |......1L|.ABC Com|
|00001dd0| 70 61 6e 79 20 68 61 73 | 20 24 32 35 30 20 6d 69 |pany has| $250 mi|
|00001de0| 6c 6c 69 6f 6e 20 66 61 | 63 65 2e 2e 2e 20 20 20 |llion fa|ce...   |
|00001df0| 20 01 00 70 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..p....|........|
|00001e00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|00001e10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001e20| 00 00 00 00 00 00 00 00 | 00 00 00 00 20 20 20 20 |........|....    |
|00001e30| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00001e40| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00001e50| 20 20 20 20 00 00 00 00 | 00 00 00 00 00 00 00 00 |    ....|........|
|00001e60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001e70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001e80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 20 |........|....... |
|00001e90| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00001ea0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00001eb0| 20 20 20 20 20 20 20 00 | 00 00 00 00 00 00 00 00 |       .|........|
|00001ec0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ed0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ee0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ef0| 00 00 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |..      |        |
|00001f00| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00001f10| 20 20 20 20 20 20 20 20 | 20 20 00 00 00 00 00 00 |        |  ......|
|00001f20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f50| 00 00 00 00 00 20 20 20 | 20 20 20 20 20 20 20 20 |.....   |        |
|00001f60| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00001f70| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 00 00 00 |        |     ...|
|00001f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001fa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001fb0| 00 00 00 00 00 00 00 00 | 20 20 20 20 20 20 20 20 |........|        |
|00001fc0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00001fd0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00001fe0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ff0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002000| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002010| 00 00 00 00 00 00 00 00 | 00 00 00 20 20 20 20 20 |........|...     |
|00002020| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002030| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002040| 20 20 20 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |   .....|........|
|00002050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002060| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 20 20 |........|......  |
|00002080| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002090| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000020a0| 20 20 20 20 20 20 00 00 | 00 00 00 00 00 00 00 00 |      ..|........|
|000020b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000020c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000020d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000020e0| 00 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |.       |        |
|000020f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002100| 20 20 20 20 20 20 20 20 | 20 00 00 00 00 00 00 00 |        | .......|
|00002110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002120| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002130| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002140| 00 00 00 00 20 20 20 20 | 20 20 20 20 20 20 20 20 |....    |        |
|00002150| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002160| 20 20 20 20 20 20 20 20 | 20 20 20 20 00 00 00 00 |        |    ....|
|00002170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002180| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000021a0| 00 00 00 00 00 00 00 20 | 20 20 20 20 20 20 20 20 |....... |        |
|000021b0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000021c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 00 |        |       .|
|000021d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000021e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000021f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002200| 00 00 00 00 00 00 00 00 | 00 00 20 20 20 20 20 20 |........|..      |
|00002210| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002220| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002230| 20 20 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |  ......|........|
|00002240| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002250| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002260| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 20 20 20 |........|.....   |
|00002270| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002280| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002290| 20 20 20 20 20 00 00 00 | 00 00 00 00 00 00 00 00 |     ...|........|
|000022a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000022b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000022c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000022d0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000022e0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000022f0| 20 20 20 20 20 20 20 20 | 00 00 00 00 00 00 00 00 |        |........|
|00002300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002310| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002320| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002330| 00 00 00 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |...     |        |
|00002340| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002350| 20 20 20 20 20 20 20 20 | 20 20 20 00 00 00 00 00 |        |   .....|
|00002360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002370| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002380| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002390| 00 00 00 00 00 00 20 20 | 20 20 20 20 20 20 20 20 |......  |        |
|000023a0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000023b0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 00 00 |        |      ..|
|000023c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000023d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000023e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000023f0| 00 00 00 00 00 00 00 00 | 00 20 20 20 20 20 20 20 |........|.       |
|00002400| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002410| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002420| 20 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .......|........|
|00002430| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002440| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002450| 00 00 00 00 00 00 00 00 | 00 00 00 00 20 20 20 20 |........|....    |
|00002460| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002470| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002480| 20 20 20 20 00 00 00 00 | 00 00 00 00 00 00 00 00 |    ....|........|
|00002490| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000024a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000024b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 20 |........|....... |
|000024c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000024d0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000024e0| 20 20 20 20 20 20 20 00 | 00 00 00 00 00 00 00 00 |       .|........|
|000024f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002500| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002510| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002520| 00 00 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |..      |        |
|00002530| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002540| 20 20 20 20 20 20 20 20 | 20 20 00 00 00 00 00 00 |        |  ......|
|00002550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002560| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002570| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002580| 00 00 00 00 00 20 20 20 | 20 20 20 20 20 20 20 20 |.....   |        |
|00002590| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000025a0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 00 00 00 |        |     ...|
|000025b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000025c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000025d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000025e0| 00 00 00 00 00 00 00 00 | 20 20 20 20 20 20 20 20 |........|        |
|000025f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002600| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002620| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002630| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002640| 00 00 00 00 00 00 00 00 | 00 00 00 20 20 20 20 20 |........|...     |
|00002650| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002660| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002670| 20 20 20 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |   .....|........|
|00002680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002690| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000026a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 20 20 |........|......  |
|000026b0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000026c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|000026d0| 20 20 20 20 20 20 00 00 | 00 00 00 00 00 00 00 00 |      ..|........|
|000026e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000026f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002700| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002710| 00 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |.       |        |
|00002720| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |        |        |
|00002730| 20 20 20 20 20 20 20 20 | 20 00 00 00 00 00 00 00 |        | .......|
|00002740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002750| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002760| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002770| 00 a9 7e 00 00 3e 28 00 | 00 94 29 00 00 09 2b 00 |..~..>(.|..)...+.|
|00002780| 00 6e 2c 00 00 2a 2e 00 | 00 b4 2f 00 00 06 31 00 |.n,..*..|../...1.|
|00002790| 00 c7 32 00 00 2d 34 00 | 00 6e 35 00 00 ae 36 00 |..2..-4.|.n5...6.|
|000027a0| 00 cf 37 00 00 2d 39 00 | 00 63 3a 00 00 9b 3b 00 |..7..-9.|.c:...;.|
|000027b0| 00 e0 3c 00 00 20 3e 00 | 00 65 3f 00 00 8f 40 00 |..<.. >.|.e?...@.|
|000027c0| 00 18 42 00 00 4d 43 00 | 00 2f 46 00 00 59 48 00 |..B..MC.|./F..YH.|
|000027d0| 00 f0 4a 00 00 94 4d 00 | 00 e0 4f 00 00 71 51 00 |..J...M.|..O..qQ.|
|000027e0| 00 17 53 00 00 3f 56 00 | 00 e6 57 00 00 ac 59 00 |..S..?V.|..W...Y.|
|000027f0| 00 73 5b 00 00 44 5d 00 | 00 17 5f 00 00 23 61 00 |.s[..D].|.._..#a.|
|00002800| 00 01 63 00 00 5d 64 00 | 00 b4 66 00 00 33 68 00 |..c..]d.|..f..3h.|
|00002810| 00 da 69 00 00 05 6c 00 | 00 2d 6e 00 00 8e 6f 00 |..i...l.|.-n...o.|
|00002820| 00 f6 70 00 00 62 72 00 | 00 cf 73 00 00 aa 75 00 |..p..br.|..s...u.|
|00002830| 00 a1 77 00 00 38 7a 00 | 00 28 7c 00 00 33 01 00 |..w..8z.|.(|..3..|
|00002840| 09 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002850| 00 00 00 00 00 00 02 00 | 02 00 14 00 7b 5c 66 6f |........|....{\fo|
|00002860| 6e 74 74 62 6c 7b 5c 66 | 30 7d 7b 5c 66 31 7d 7d |nttbl{\f|0}{\f1}}|
|00002870| 00 00 7e 00 7b 20 41 20 | 70 72 6f 74 65 63 74 69 |..~.{ A |protecti|
|00002880| 76 65 20 70 75 74 20 6f | 70 74 69 6f 6e 20 73 74 |ve put o|ption st|
|00002890| 72 61 74 65 67 79 20 69 | 6e 76 6f 6c 76 65 73 20 |rategy i|nvolves |
|000028a0| 74 68 65 20 70 75 72 63 | 68 61 73 65 20 6f 66 20 |the purc|hase of |
|000028b0| 63 61 6c 6c 20 6f 70 74 | 69 6f 6e 73 20 74 6f 20 |call opt|ions to |
|000028c0| 73 75 70 70 6c 65 6d 65 | 6e 74 20 73 68 61 72 65 |suppleme|nt share|
|000028d0| 73 20 6f 66 20 73 74 6f | 63 6b 20 74 68 61 74 20 |s of sto|ck that |
|000028e0| 79 6f 75 20 61 6c 72 65 | 61 64 79 20 6f 77 6e 2e |you alre|ady own.|
|000028f0| 20 7d 08 00 7b 20 54 72 | 75 65 20 7d 09 00 7b 20 | }..{ Tr|ue }..{ |
|00002900| 46 61 6c 73 65 20 7d 00 | 00 00 00 00 00 00 00 00 |False }.|........|
|00002910| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002920| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002940| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002950| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002960| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002970| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002980| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002990| 00 00 00 33 01 00 09 00 | 00 00 00 00 00 00 00 00 |...3....|........|
|000029a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 02 00 |........|........|
|000029b0| 14 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |..{\font|tbl{\f0}|
|000029c0| 7b 5c 66 31 7d 7d 00 00 | 9d 00 7b 20 49 6e 20 61 |{\f1}}..|..{ In a|
|000029d0| 20 70 72 6f 74 65 63 74 | 69 76 65 20 70 75 74 20 | protect|ive put |
|000029e0| 6f 70 74 69 6f 6e 20 73 | 74 72 61 74 65 67 79 2c |option s|trategy,|
|000029f0| 20 74 68 65 20 70 75 72 | 63 68 61 73 65 20 70 72 | the pur|chase pr|
|00002a00| 69 63 65 20 6f 66 20 74 | 68 65 20 6f 70 74 69 6f |ice of t|he optio|
|00002a10| 6e 20 69 73 20 61 6e 61 | 6c 6f 67 6f 75 73 20 74 |n is ana|logous t|
|00002a20| 6f 20 74 68 65 20 70 72 | 65 6d 69 75 6d 20 79 6f |o the pr|emium yo|
|00002a30| 75 20 70 61 79 20 61 6e | 20 69 6e 73 75 72 61 6e |u pay an| insuran|
|00002a40| 63 65 20 63 6f 6d 70 61 | 6e 79 20 74 6f 20 69 6e |ce compa|ny to in|
|00002a50| 73 75 72 65 20 79 6f 75 | 72 20 61 75 74 6f 6d 6f |sure you|r automo|
|00002a60| 62 69 6c 65 2e 20 7d 08 | 00 7b 20 54 72 75 65 20 |bile. }.|.{ True |
|00002a70| 7d 09 00 7b 20 46 61 6c | 73 65 20 7d 00 00 00 00 |}..{ Fal|se }....|
|00002a80| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00002a90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ab0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ac0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ad0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ae0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002af0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002b00| 00 00 00 00 00 00 00 00 | 33 01 00 09 00 00 00 00 |........|3.......|
|00002b10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002b20| 00 01 00 02 00 14 00 7b | 5c 66 6f 6e 74 74 62 6c |.......{|\fonttbl|
|00002b30| 7b 5c 66 30 7d 7b 5c 66 | 31 7d 7d 00 00 8d 00 7b |{\f0}{\f|1}}....{|
|00002b40| 20 49 6e 20 61 20 70 65 | 72 66 65 63 74 20 6d 61 | In a pe|rfect ma|
|00002b50| 72 6b 65 74 2c 20 61 6e | 20 69 6e 76 65 73 74 6d |rket, an| investm|
|00002b60| 65 6e 74 20 69 6e 20 72 | 69 73 6b 6c 65 73 73 20 |ent in r|iskless |
|00002b70| 62 6f 6e 64 73 20 61 6e | 64 20 74 68 65 20 70 75 |bonds an|d the pu|
|00002b80| 72 63 68 61 73 65 20 6f | 66 20 61 20 63 61 6c 6c |rchase o|f a call|
|00002b90| 20 6f 70 74 69 6f 6e 2c | 20 77 69 6c 6c 20 65 78 | option,| will ex|
|00002ba0| 61 63 74 6c 79 20 72 65 | 70 6c 69 63 61 74 65 20 |actly re|plicate |
|00002bb0| 61 20 70 72 6f 74 65 63 | 74 69 76 65 20 70 75 74 |a protec|tive put|
|00002bc0| 20 73 74 72 61 74 65 67 | 79 2e 20 7d 08 00 7b 20 | strateg|y. }..{ |
|00002bd0| 54 72 75 65 20 7d 09 00 | 7b 20 46 61 6c 73 65 20 |True }..|{ False |
|00002be0| 7d 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |}.......|........|
|00002bf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 33 01 00 |........|.....3..|
|00002c70| 09 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c80| 00 00 00 00 00 00 01 00 | 02 00 14 00 7b 5c 66 6f |........|....{\fo|
|00002c90| 6e 74 74 62 6c 7b 5c 66 | 30 7d 7b 5c 66 31 7d 7d |nttbl{\f|0}{\f1}}|
|00002ca0| 00 00 e4 00 7b 20 49 66 | 20 79 6f 75 20 62 75 79 |....{ If| you buy|
|00002cb0| 20 61 20 63 61 6c 6c 20 | 6f 70 74 69 6f 6e 20 77 | a call |option w|
|00002cc0| 69 74 68 20 65 78 65 72 | 63 69 73 65 20 70 72 69 |ith exer|cise pri|
|00002cd0| 63 65 20 45 2c 20 77 72 | 69 74 65 20 61 20 70 75 |ce E, wr|ite a pu|
|00002ce0| 74 20 6f 70 74 69 6f 6e | 20 77 69 74 68 20 65 78 |t option| with ex|
|00002cf0| 65 72 63 69 73 65 20 70 | 72 69 63 65 20 45 2c 20 |ercise p|rice E, |
|00002d00| 62 6f 72 72 6f 77 20 45 | 20 64 6f 6c 6c 61 72 73 |borrow E| dollars|
|00002d10| 20 61 74 20 74 68 65 20 | 72 69 73 6b 2d 66 72 65 | at the |risk-fre|
|00002d20| 65 20 72 61 74 65 2c 20 | 74 68 65 6e 20 28 69 6e |e rate, |then (in|
|00002d30| 20 61 20 70 65 72 66 65 | 63 74 20 6d 61 72 6b 65 | a perfe|ct marke|
|00002d40| 74 29 20 79 6f 75 20 63 | 61 6e 20 73 79 6e 74 68 |t) you c|an synth|
|00002d50| 65 74 69 63 61 6c 6c 79 | 20 72 65 70 6c 69 63 61 |etically| replica|
|00002d60| 74 65 20 61 20 70 6f 73 | 69 74 69 6f 6e 20 69 6e |te a pos|ition in|
|00002d70| 20 74 68 65 20 75 6e 64 | 65 72 6c 79 69 6e 67 20 | the und|erlying |
|00002d80| 61 73 73 65 74 2e 20 7d | 08 00 7b 20 54 72 75 65 |asset. }|..{ True|
|00002d90| 20 7d 09 00 7b 20 46 61 | 6c 73 65 20 7d 00 00 00 | }..{ Fa|lse }...|
|00002da0| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00002db0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002dc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002de0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002df0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e20| 00 00 00 00 00 00 00 00 | 00 33 01 00 09 00 00 00 |........|.3......|
|00002e30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e40| 00 00 02 00 02 00 14 00 | 7b 5c 66 6f 6e 74 74 62 |........|{\fonttb|
|00002e50| 6c 7b 5c 66 30 7d 7b 5c | 66 31 7d 7d 00 00 b2 00 |l{\f0}{\|f1}}....|
|00002e60| 7b 20 54 68 65 20 70 72 | 65 73 65 6e 74 20 76 61 |{ The pr|esent va|
|00002e70| 6c 75 65 20 6f 66 20 24 | 31 30 30 20 74 6f 20 62 |lue of $|100 to b|
|00002e80| 65 20 72 65 63 65 69 76 | 65 64 20 6f 6e 65 20 79 |e receiv|ed one y|
|00002e90| 65 61 72 20 66 72 6f 6d | 20 6e 6f 77 20 69 73 20 |ear from| now is |
|00002ea0| 67 72 65 61 74 65 72 20 | 69 66 20 74 68 65 20 64 |greater |if the d|
|00002eb0| 69 73 63 6f 75 6e 74 20 | 72 61 74 65 20 69 73 20 |iscount |rate is |
|00002ec0| 36 25 20 63 6f 6e 74 69 | 6e 75 6f 75 73 6c 79 20 |6% conti|nuously |
|00002ed0| 63 6f 6d 70 6f 75 6e 64 | 65 64 2c 20 74 68 61 6e |compound|ed, than|
|00002ee0| 20 69 66 20 74 68 65 20 | 64 69 73 63 6f 75 6e 74 | if the |discount|
|00002ef0| 20 72 61 74 65 20 69 73 | 20 36 25 20 63 6f 6d 70 | rate is| 6% comp|
|00002f00| 6f 75 6e 64 65 64 20 61 | 6e 6e 75 61 6c 6c 79 2e |ounded a|nnually.|
|00002f10| 20 7d 08 00 7b 20 54 72 | 75 65 20 7d 09 00 7b 20 | }..{ Tr|ue }..{ |
|00002f20| 46 61 6c 73 65 20 7d 00 | 00 00 00 00 00 00 00 00 |False }.|........|
|00002f30| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002fa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002fb0| 00 00 00 33 01 00 09 00 | 00 00 00 00 00 00 00 00 |...3....|........|
|00002fc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 02 00 |........|........|
|00002fd0| 14 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |..{\font|tbl{\f0}|
|00002fe0| 7b 5c 66 31 7d 7d 00 00 | 7a 00 7b 20 49 66 20 74 |{\f1}}..|z.{ If t|
|00002ff0| 68 65 20 72 69 73 6b 2d | 66 72 65 65 20 72 61 74 |he risk-|free rat|
|00003000| 65 20 69 73 20 58 25 20 | 63 6f 6d 70 6f 75 6e 64 |e is X% |compound|
|00003010| 65 64 20 61 6e 6e 75 61 | 6c 6c 79 2c 20 74 68 65 |ed annua|lly, the|
|00003020| 6e 20 74 68 65 20 63 6f | 6e 74 69 6e 75 6f 75 73 |n the co|ntinuous|
|00003030| 6c 79 20 63 6f 6d 70 6f | 75 6e 64 65 64 20 72 69 |ly compo|unded ri|
|00003040| 73 6b 2d 66 72 65 65 20 | 72 61 74 65 20 77 69 6c |sk-free |rate wil|
|00003050| 6c 20 62 65 20 6c 65 73 | 73 20 74 68 61 6e 20 58 |l be les|s than X|
|00003060| 25 2e 20 7d 08 00 7b 20 | 54 72 75 65 20 7d 09 00 |%. }..{ |True }..|
|00003070| 7b 20 46 61 6c 73 65 20 | 7d 00 00 00 00 00 00 00 |{ False |}.......|
|00003080| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003090| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003100| 00 00 00 00 00 33 01 00 | 09 00 00 00 00 00 00 00 |.....3..|........|
|00003110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00003120| 02 00 14 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |....{\fo|nttbl{\f|
|00003130| 30 7d 7b 5c 66 31 7d 7d | 00 00 e9 00 7b 20 49 6e |0}{\f1}}|....{ In|
|00003140| 20 74 68 65 20 42 6c 61 | 63 6b 2d 53 63 68 6f 6c | the Bla|ck-Schol|
|00003150| 65 73 20 6f 70 74 69 6f | 6e 20 70 72 69 63 69 6e |es optio|n pricin|
|00003160| 67 20 66 6f 72 6d 75 6c | 61 2c 20 74 68 65 72 65 |g formul|a, there|
|00003170| 20 61 72 65 20 35 20 70 | 69 65 63 65 73 20 6f 66 | are 5 p|ieces of|
|00003180| 20 69 6e 66 6f 72 6d 61 | 74 69 6f 6e 20 6e 65 65 | informa|tion nee|
|00003190| 64 65 64 20 74 6f 20 66 | 69 6e 64 20 74 68 65 20 |ded to f|ind the |
|000031a0| 6f 70 74 69 6f 6e 27 73 | 20 70 72 69 63 65 3a 20 |option's| price: |
|000031b0| 74 68 65 20 73 74 6f 63 | 6b 20 70 72 69 63 65 2c |the stoc|k price,|
|000031c0| 20 74 68 65 20 65 78 65 | 72 63 69 73 65 20 70 72 | the exe|rcise pr|
|000031d0| 69 63 65 2c 20 74 68 65 | 20 72 69 73 6b 2d 66 72 |ice, the| risk-fr|
|000031e0| 65 65 20 72 61 74 65 2c | 20 74 68 65 20 6f 70 74 |ee rate,| the opt|
|000031f0| 69 6f 6e 27 73 20 74 69 | 6d 65 20 74 6f 20 6d 61 |ion's ti|me to ma|
|00003200| 74 75 72 69 74 79 2c 20 | 61 6e 64 20 74 68 65 20 |turity, |and the |
|00003210| 73 74 6f 63 6b 27 73 20 | 76 6f 6c 61 74 69 6c 69 |stock's |volatili|
|00003220| 74 79 2e 20 7d 08 00 7b | 20 54 72 75 65 20 7d 09 |ty. }..{| True }.|
|00003230| 00 7b 20 46 61 6c 73 65 | 20 7d 00 00 00 00 00 00 |.{ False| }......|
|00003240| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003250| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003260| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003270| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003280| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003290| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000032a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000032b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000032c0| 00 00 00 00 00 00 33 01 | 00 09 00 00 00 00 00 00 |......3.|........|
|000032d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 02 |........|........|
|000032e0| 00 02 00 14 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |.....{\f|onttbl{\|
|000032f0| 66 30 7d 7b 5c 66 31 7d | 7d 00 00 8e 00 7b 20 54 |f0}{\f1}|}....{ T|
|00003300| 68 65 20 71 75 61 6e 74 | 69 74 79 20 4e 28 64 5c |he quant|ity N(d\|
|00003310| 44 53 2a 42 5c 64 6e 36 | 20 31 5c 64 6e 30 5c 44 |DS*B\dn6| 1\dn0\D|
|00003320| 53 20 29 20 69 6e 20 74 | 68 65 20 42 6c 61 63 6b |S ) in t|he Black|
|00003330| 2d 53 63 68 6f 6c 65 73 | 20 6f 70 74 69 6f 6e 20 |-Scholes| option |
|00003340| 70 72 69 63 69 6e 67 20 | 66 6f 72 6d 75 6c 61 20 |pricing |formula |
|00003350| 69 73 20 61 6c 77 61 79 | 73 20 61 20 6e 75 6d 62 |is alway|s a numb|
|00003360| 65 72 20 62 65 74 77 65 | 65 6e 20 7a 65 72 6f 20 |er betwe|en zero |
|00003370| 61 6e 64 20 6d 69 6e 75 | 73 20 6f 6e 65 2c 20 69 |and minu|s one, i|
|00003380| 6e 63 6c 75 73 69 76 65 | 2e 20 7d 08 00 7b 20 54 |nclusive|. }..{ T|
|00003390| 72 75 65 20 7d 09 00 7b | 20 46 61 6c 73 65 20 7d |rue }..{| False }|
|000033a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000033b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003400| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003410| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003420| 00 00 00 00 00 00 00 00 | 00 00 00 00 33 01 00 09 |........|....3...|
|00003430| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003440| 00 00 00 00 00 02 00 02 | 00 14 00 7b 5c 66 6f 6e |........|...{\fon|
|00003450| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 00 |ttbl{\f0|}{\f1}}.|
|00003460| 00 69 00 7b 20 54 68 65 | 20 70 75 74 2d 63 61 6c |.i.{ The| put-cal|
|00003470| 6c 20 70 61 72 69 74 79 | 20 63 6f 6e 64 69 74 69 |l parity| conditi|
|00003480| 6f 6e 20 66 6f 72 20 6f | 70 74 69 6f 6e 73 20 69 |on for o|ptions i|
|00003490| 73 20 6f 6e 6c 79 20 76 | 61 6c 69 64 20 66 6f 72 |s only v|alid for|
|000034a0| 20 41 6d 65 72 69 63 61 | 6e 2c 20 61 6e 64 20 6e | America|n, and n|
|000034b0| 6f 74 20 45 75 72 6f 70 | 65 61 6e 2c 20 6f 70 74 |ot Europ|ean, opt|
|000034c0| 69 6f 6e 20 74 79 70 65 | 73 2e 20 7d 08 00 7b 20 |ion type|s. }..{ |
|000034d0| 54 72 75 65 20 7d 09 00 | 7b 20 46 61 6c 73 65 20 |True }..|{ False |
|000034e0| 7d 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |}.......|........|
|000034f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003500| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003510| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003520| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003530| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003540| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003560| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 33 01 00 |........|.....3..|
|00003570| 09 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003580| 00 00 00 00 00 00 01 00 | 02 00 14 00 7b 5c 66 6f |........|....{\fo|
|00003590| 6e 74 74 62 6c 7b 5c 66 | 30 7d 7b 5c 66 31 7d 7d |nttbl{\f|0}{\f1}}|
|000035a0| 00 00 68 00 7b 20 54 68 | 65 20 42 6c 61 63 6b 2d |..h.{ Th|e Black-|
|000035b0| 53 63 68 6f 6c 65 73 20 | 6f 70 74 69 6f 6e 20 70 |Scholes |option p|
|000035c0| 72 69 63 69 6e 67 20 66 | 6f 72 6d 75 6c 61 20 69 |ricing f|ormula i|
|000035d0| 73 20 6f 6e 6c 79 20 76 | 61 6c 69 64 20 66 6f 72 |s only v|alid for|
|000035e0| 20 45 75 72 6f 70 65 61 | 6e 2c 20 61 6e 64 20 6e | Europea|n, and n|
|000035f0| 6f 74 20 41 6d 65 72 69 | 63 61 6e 2c 20 6f 70 74 |ot Ameri|can, opt|
|00003600| 69 6f 6e 20 74 79 70 65 | 73 2e 20 7d 08 00 7b 20 |ion type|s. }..{ |
|00003610| 54 72 75 65 20 7d 09 00 | 7b 20 46 61 6c 73 65 20 |True }..|{ False |
|00003620| 7d 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |}.......|........|
|00003630| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003640| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003650| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003670| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003690| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000036a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 33 01 00 |........|.....3..|
|000036b0| 09 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000036c0| 00 00 00 00 00 00 02 00 | 02 00 14 00 7b 5c 66 6f |........|....{\fo|
|000036d0| 6e 74 74 62 6c 7b 5c 66 | 30 7d 7b 5c 66 31 7d 7d |nttbl{\f|0}{\f1}}|
|000036e0| 00 00 49 00 7b 20 41 6e | 20 41 6d 65 72 69 63 61 |..I.{ An| America|
|000036f0| 6e 20 70 75 74 20 6f 70 | 74 69 6f 6e 20 69 73 20 |n put op|tion is |
|00003700| 6e 65 76 65 72 20 61 73 | 20 76 61 6c 75 61 62 6c |never as| valuabl|
|00003710| 65 20 61 73 20 61 20 45 | 75 72 6f 70 65 61 6e 20 |e as a E|uropean |
|00003720| 70 75 74 20 6f 70 74 69 | 6f 6e 2e 20 7d 08 00 7b |put opti|on. }..{|
|00003730| 20 54 72 75 65 20 7d 09 | 00 7b 20 46 61 6c 73 65 | True }.|.{ False|
|00003740| 20 7d 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 | }......|........|
|00003750| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003760| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003770| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003780| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003790| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 33 01 |........|......3.|
|000037d0| 00 09 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037e0| 00 00 00 00 00 00 00 01 | 00 02 00 14 00 7b 5c 66 |........|.....{\f|
|000037f0| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00003800| 7d 00 00 86 00 7b 20 41 | 6e 20 41 6d 65 72 69 63 |}....{ A|n Americ|
|00003810| 61 6e 20 63 61 6c 6c 20 | 6f 70 74 69 6f 6e 20 61 |an call |option a|
|00003820| 6c 77 61 79 73 20 68 61 | 73 20 74 68 65 20 73 61 |lways ha|s the sa|
|00003830| 6d 65 20 76 61 6c 75 65 | 20 61 73 20 61 20 45 75 |me value| as a Eu|
|00003840| 72 6f 70 65 61 6e 20 63 | 61 6c 6c 20 6f 70 74 69 |ropean c|all opti|
|00003850| 6f 6e 2c 20 61 73 73 75 | 6d 69 6e 67 20 74 68 65 |on, assu|ming the|
|00003860| 20 75 6e 64 65 72 6c 79 | 69 6e 67 20 73 74 6f 63 | underly|ing stoc|
|00003870| 6b 20 64 6f 65 73 20 6e | 6f 74 20 70 61 79 20 64 |k does n|ot pay d|
|00003880| 69 76 69 64 65 6e 64 73 | 2e 20 7d 08 00 7b 20 54 |ividends|. }..{ T|
|00003890| 72 75 65 20 7d 09 00 7b | 20 46 61 6c 73 65 20 7d |rue }..{| False }|
|000038a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000038b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000038c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000038d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000038e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000038f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003900| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003920| 00 00 00 00 00 00 00 00 | 00 00 00 00 33 01 00 09 |........|....3...|
|00003930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003940| 00 00 00 00 00 01 00 02 | 00 14 00 7b 5c 66 6f 6e |........|...{\fon|
|00003950| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 00 |ttbl{\f0|}{\f1}}.|
|00003960| 00 5e 00 7b 20 41 20 63 | 61 6c 6c 20 6f 70 74 69 |.^.{ A c|all opti|
|00003970| 6f 6e 27 73 20 64 65 6c | 74 61 20 69 73 20 61 6c |on's del|ta is al|
|00003980| 77 61 79 73 20 6e 6f 6e | 2d 6e 65 67 61 74 69 76 |ways non|-negativ|
|00003990| 65 3b 20 61 20 70 75 74 | 20 6f 70 74 69 6f 6e 27 |e; a put| option'|
|000039a0| 73 20 64 65 6c 74 61 20 | 69 73 20 61 6c 77 61 79 |s delta |is alway|
|000039b0| 73 20 6e 6f 6e 2d 70 6f | 73 69 74 69 76 65 2e 20 |s non-po|sitive. |
|000039c0| 7d 08 00 7b 20 54 72 75 | 65 20 7d 09 00 7b 20 46 |}..{ Tru|e }..{ F|
|000039d0| 61 6c 73 65 20 7d 00 00 | 00 00 00 00 00 00 00 00 |alse }..|........|
|000039e0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000039f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a60| 00 00 33 01 00 09 00 00 | 00 00 00 00 00 00 00 00 |..3.....|........|
|00003a70| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 02 00 14 |........|........|
|00003a80| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
|00003a90| 5c 66 31 7d 7d 00 00 60 | 00 7b 20 41 6c 6c 20 65 |\f1}}..`|.{ All e|
|00003aa0| 6c 73 65 20 74 68 65 20 | 73 61 6d 65 2c 20 61 73 |lse the |same, as|
|00003ab0| 20 74 68 65 20 65 78 65 | 72 63 69 73 65 20 70 72 | the exe|rcise pr|
|00003ac0| 69 63 65 20 6f 66 20 61 | 6e 20 6f 70 74 69 6f 6e |ice of a|n option|
|00003ad0| 20 69 6e 63 72 65 61 73 | 65 73 2c 20 70 75 74 20 | increas|es, put |
|00003ae0| 6f 70 74 69 6f 6e 20 76 | 61 6c 75 65 73 20 69 6e |option v|alues in|
|00003af0| 63 72 65 61 73 65 2e 20 | 7d 08 00 7b 20 54 72 75 |crease. |}..{ Tru|
|00003b00| 65 20 7d 09 00 7b 20 46 | 61 6c 73 65 20 7d 00 00 |e }..{ F|alse }..|
|00003b10| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00003b20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003b30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003b40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003b50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003b70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003b80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003b90| 00 00 00 00 00 00 00 00 | 00 00 33 01 00 09 00 00 |........|..3.....|
|00003ba0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003bb0| 00 00 00 02 00 02 00 14 | 00 7b 5c 66 6f 6e 74 74 |........|.{\fontt|
|00003bc0| 62 6c 7b 5c 66 30 7d 7b | 5c 66 31 7d 7d 00 00 6d |bl{\f0}{|\f1}}..m|
|00003bd0| 00 7b 20 41 6c 6c 20 65 | 6c 73 65 20 74 68 65 20 |.{ All e|lse the |
|00003be0| 73 61 6d 65 2c 20 61 73 | 20 74 68 65 20 76 6f 6c |same, as| the vol|
|00003bf0| 61 74 69 6c 69 74 79 20 | 6f 66 20 74 68 65 20 73 |atility |of the s|
|00003c00| 74 6f 63 6b 20 69 6e 63 | 72 65 61 73 65 73 2c 20 |tock inc|reases, |
|00003c10| 62 6f 74 68 20 63 61 6c | 6c 20 61 6e 64 20 70 75 |both cal|l and pu|
|00003c20| 74 20 6f 70 74 69 6f 6e | 73 20 64 65 63 72 65 61 |t option|s decrea|
|00003c30| 73 65 20 69 6e 20 76 61 | 6c 75 65 2e 20 7d 08 00 |se in va|lue. }..|
|00003c40| 7b 20 54 72 75 65 20 7d | 09 00 7b 20 46 61 6c 73 |{ True }|..{ Fals|
|00003c50| 65 20 7d 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |e }.....|........|
|00003c60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003c70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003c80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003c90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ca0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003cb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003cc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003cd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 33 |........|.......3|
|00003ce0| 01 00 09 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003cf0| 00 00 00 00 00 00 00 00 | 01 00 02 00 14 00 7b 5c |........|......{\|
|00003d00| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00003d10| 7d 7d 00 00 68 00 7b 20 | 54 68 65 20 73 65 6e 73 |}}..h.{ |The sens|
|00003d20| 69 74 69 76 69 74 79 20 | 6f 66 20 61 6e 20 6f 70 |itivity |of an op|
|00003d30| 74 69 6f 6e 27 73 20 70 | 72 69 63 65 20 74 6f 20 |tion's p|rice to |
|00003d40| 61 20 63 68 61 6e 67 65 | 20 69 6e 20 74 68 65 20 |a change| in the |
|00003d50| 72 69 73 6b 2d 66 72 65 | 65 20 72 61 74 65 20 69 |risk-fre|e rate i|
|00003d60| 73 20 63 61 6c 6c 65 64 | 20 74 68 65 20 6f 70 74 |s called| the opt|
|00003d70| 69 6f 6e 27 73 20 93 72 | 68 6f 94 2e 20 7d 08 00 |ion's .r|ho.. }..|
|00003d80| 7b 20 54 72 75 65 20 7d | 09 00 7b 20 46 61 6c 73 |{ True }|..{ Fals|
|00003d90| 65 20 7d 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |e }.....|........|
|00003da0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003db0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003dc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003de0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003df0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003e00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003e10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 33 |........|.......3|
|00003e20| 01 00 09 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003e30| 00 00 00 00 00 00 00 00 | 02 00 02 00 14 00 7b 5c |........|......{\|
|00003e40| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00003e50| 7d 7d 00 00 6d 00 7b 20 | 54 68 65 20 73 65 6e 73 |}}..m.{ |The sens|
|00003e60| 69 74 69 76 69 74 79 20 | 6f 66 20 61 6e 20 6f 70 |itivity |of an op|
|00003e70| 74 69 6f 6e 27 73 20 70 | 72 69 63 65 20 74 6f 20 |tion's p|rice to |
|00003e80| 61 20 63 68 61 6e 67 65 | 20 69 6e 20 69 74 73 20 |a change| in its |
|00003e90| 74 69 6d 65 20 74 6f 20 | 65 78 70 69 72 61 74 69 |time to |expirati|
|00003ea0| 6f 6e 20 69 73 20 63 61 | 6c 6c 65 64 20 74 68 65 |on is ca|lled the|
|00003eb0| 20 6f 70 74 69 6f 6e 27 | 73 20 93 76 65 67 61 94 | option'|s .vega.|
|00003ec0| 2e 20 7d 08 00 7b 20 54 | 72 75 65 20 7d 09 00 7b |. }..{ T|rue }..{|
|00003ed0| 20 46 61 6c 73 65 20 7d | 00 00 00 00 00 00 00 00 | False }|........|
|00003ee0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ef0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f60| 00 00 00 00 33 01 00 09 | 00 00 00 00 00 00 00 00 |....3...|........|
|00003f70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 02 |........|........|
|00003f80| 00 14 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |...{\fon|ttbl{\f0|
|00003f90| 7d 7b 5c 66 31 7d 7d 00 | 00 52 00 7b 20 41 6e 20 |}{\f1}}.|.R.{ An |
|00003fa0| 6f 70 74 69 6f 6e 27 73 | 20 76 61 6c 75 65 20 68 |option's| value h|
|00003fb0| 61 73 20 74 77 6f 20 63 | 6f 6d 70 6f 6e 65 6e 74 |as two c|omponent|
|00003fc0| 73 3a 20 74 68 65 20 69 | 6e 74 72 69 6e 73 69 63 |s: the i|ntrinsic|
|00003fd0| 20 76 61 6c 75 65 2c 20 | 61 6e 64 20 74 68 65 20 | value, |and the |
|00003fe0| 74 69 6d 65 20 76 61 6c | 75 65 2e 20 7d 08 00 7b |time val|ue. }..{|
|00003ff0| 20 54 72 75 65 20 7d 09 | 00 7b 20 46 61 6c 73 65 | True }.|.{ False|
|00004000| 20 7d 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 | }......|........|
|00004010| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004020| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004030| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004040| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004060| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004080| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 33 01 |........|......3.|
|00004090| 00 09 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000040a0| 00 00 00 00 00 00 00 02 | 00 02 00 14 00 7b 5c 66 |........|.....{\f|
|000040b0| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|000040c0| 7d 00 00 b1 00 7b 20 56 | 69 65 77 69 6e 67 20 74 |}....{ V|iewing t|
|000040d0| 68 65 20 6d 61 72 6b 65 | 74 20 76 61 6c 75 65 20 |he marke|t value |
|000040e0| 6f 66 20 61 20 63 6f 6d | 70 61 6e 79 27 73 20 65 |of a com|pany's e|
|000040f0| 71 75 69 74 79 20 61 73 | 20 61 20 63 61 6c 6c 20 |quity as| a call |
|00004100| 6f 70 74 69 6f 6e 20 6f | 6e 20 74 68 65 20 61 73 |option o|n the as|
|00004110| 73 65 74 73 20 6f 66 20 | 74 68 65 20 66 69 72 6d |sets of |the firm|
|00004120| 2c 20 74 68 65 20 6f 70 | 74 69 6f 6e 27 73 20 65 |, the op|tion's e|
|00004130| 78 65 72 63 69 73 65 20 | 70 72 69 63 65 20 69 73 |xercise |price is|
|00004140| 20 74 68 65 20 6d 61 72 | 6b 65 74 20 76 61 6c 75 | the mar|ket valu|
|00004150| 65 20 6f 66 20 74 68 65 | 20 63 6f 6d 70 61 6e 79 |e of the| company|
|00004160| 27 73 20 6f 75 74 73 74 | 61 6e 64 69 6e 67 20 64 |'s outst|anding d|
|00004170| 65 62 74 2e 20 7d 08 00 | 7b 20 54 72 75 65 20 7d |ebt. }..|{ True }|
|00004180| 09 00 7b 20 46 61 6c 73 | 65 20 7d 00 00 00 00 00 |..{ Fals|e }.....|
|00004190| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|000041a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004200| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004210| 00 00 00 00 00 00 00 33 | 01 00 09 00 00 00 00 00 |.......3|........|
|00004220| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004230| 01 00 02 00 14 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |......{\|fonttbl{|
|00004240| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 00 00 5d 00 7b 20 |\f0}{\f1|}}..].{ |
|00004250| 52 69 73 6b 79 20 62 6f | 6e 64 73 20 63 61 6e 20 |Risky bo|nds can |
|00004260| 62 65 20 74 68 6f 75 67 | 68 74 20 6f 66 20 61 73 |be thoug|ht of as|
|00004270| 20 61 20 63 6f 6d 62 69 | 6e 61 74 69 6f 6e 20 6f | a combi|nation o|
|00004280| 66 20 72 69 73 6b 6c 65 | 73 73 20 62 6f 6e 64 73 |f riskle|ss bonds|
|00004290| 20 61 6e 64 20 77 72 69 | 74 74 65 6e 20 70 75 74 | and wri|tten put|
|000042a0| 20 6f 70 74 69 6f 6e 73 | 2e 20 7d 08 00 7b 20 54 | options|. }..{ T|
|000042b0| 72 75 65 20 7d 09 00 7b | 20 46 61 6c 73 65 20 7d |rue }..{| False }|
|000042c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000042d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000042e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000042f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004310| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004320| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004330| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004340| 00 00 00 00 00 00 00 00 | 00 00 00 00 33 01 00 09 |........|....3...|
|00004350| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004360| 00 00 00 00 00 01 00 05 | 00 14 00 7b 5c 66 6f 6e |........|...{\fon|
|00004370| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 00 |ttbl{\f0|}{\f1}}.|
|00004380| 00 54 00 7b 20 54 68 65 | 20 70 75 72 70 6f 73 65 |.T.{ The| purpose|
|00004390| 20 6f 66 20 61 20 70 72 | 6f 74 65 63 74 69 76 65 | of a pr|otective|
|000043a0| 20 70 75 74 20 73 74 72 | 61 74 65 67 79 20 66 72 | put str|ategy fr|
|000043b0| 6f 6d 20 61 20 73 74 6f | 63 6b 68 6f 6c 64 65 72 |om a sto|ckholder|
|000043c0| 27 73 20 70 65 72 73 70 | 65 63 74 69 76 65 20 69 |'s persp|ective i|
|000043d0| 73 20 74 6f 3a 20 7d 31 | 00 7b 20 47 75 61 72 61 |s to: }1|.{ Guara|
|000043e0| 6e 74 65 65 20 61 20 6d | 69 6e 69 6d 75 6d 20 73 |ntee a m|inimum s|
|000043f0| 61 6c 65 20 70 72 69 63 | 65 20 66 6f 72 20 74 68 |ale pric|e for th|
|00004400| 65 20 73 74 6f 63 6b 2e | 20 7d 4b 00 7b 20 53 70 |e stock.| }K.{ Sp|
|00004410| 65 63 75 6c 61 74 65 20 | 6f 6e 20 74 68 65 20 6d |eculate |on the m|
|00004420| 69 6e 69 6d 75 6d 20 70 | 72 69 63 65 20 74 68 61 |inimum p|rice tha|
|00004430| 74 20 61 20 73 74 6f 63 | 6b 20 77 69 6c 6c 20 61 |t a stoc|k will a|
|00004440| 63 68 69 65 76 65 20 69 | 6e 20 74 68 65 20 66 75 |chieve i|n the fu|
|00004450| 74 75 72 65 2e 20 7d 71 | 00 7b 20 50 72 6f 66 69 |ture. }q|.{ Profi|
|00004460| 74 20 69 66 20 74 68 65 | 20 73 74 6f 63 6b 20 70 |t if the| stock p|
|00004470| 72 69 63 65 20 64 65 63 | 72 65 61 73 65 73 20 69 |rice dec|reases i|
|00004480| 6e 20 76 61 6c 75 65 2c | 20 61 74 20 74 68 65 20 |n value,| at the |
|00004490| 65 78 70 65 6e 73 65 20 | 6f 66 20 6c 6f 73 73 65 |expense |of losse|
|000044a0| 73 20 69 66 20 74 68 65 | 20 73 74 6f 63 6b 20 70 |s if the| stock p|
|000044b0| 72 69 63 65 20 69 6e 63 | 72 65 61 73 65 73 20 69 |rice inc|reases i|
|000044c0| 6e 20 76 61 6c 75 65 2e | 20 7d 4d 00 7b 20 53 70 |n value.| }M.{ Sp|
|000044d0| 65 63 75 6c 61 74 65 20 | 6f 6e 20 74 68 65 20 6d |eculate |on the m|
|000044e0| 61 78 69 6d 75 6d 20 76 | 6f 6c 61 74 69 6c 69 74 |aximum v|olatilit|
|000044f0| 79 20 74 68 65 20 73 74 | 6f 63 6b 20 77 69 6c 6c |y the st|ock will|
|00004500| 20 72 65 61 6c 69 7a 65 | 20 69 6e 20 74 68 65 20 | realize| in the |
|00004510| 66 75 74 75 72 65 2e 20 | 7d 81 00 7b 20 43 72 65 |future. |}..{ Cre|
|00004520| 61 74 65 20 69 6e 63 6f | 6d 65 20 69 66 20 74 68 |ate inco|me if th|
|00004530| 65 20 73 74 6f 63 6b 20 | 70 72 69 63 65 20 72 65 |e stock |price re|
|00004540| 6d 61 69 6e 73 20 73 74 | 61 62 6c 65 2c 20 61 74 |mains st|able, at|
|00004550| 20 74 68 65 20 65 78 70 | 65 6e 73 65 20 6f 66 20 | the exp|ense of |
|00004560| 6c 6f 73 73 65 73 20 69 | 66 20 74 68 65 20 73 74 |losses i|f the st|
|00004570| 6f 63 6b 20 70 72 69 63 | 65 20 69 6e 63 72 65 61 |ock pric|e increa|
|00004580| 73 65 73 20 6f 72 20 64 | 65 63 72 65 61 73 65 73 |ses or d|ecreases|
|00004590| 20 69 6e 20 76 61 6c 75 | 65 2e 20 7d 00 00 00 00 | in valu|e. }....|
|000045a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|000045b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000045c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000045d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000045e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000045f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004600| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004620| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 33 01 |........|......3.|
|00004630| 00 09 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004640| 00 00 00 00 00 00 00 03 | 00 05 00 14 00 7b 5c 66 |........|.....{\f|
|00004650| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00004660| 7d 00 00 59 00 7b 20 41 | 20 70 72 6f 74 65 63 74 |}..Y.{ A| protect|
|00004670| 69 76 65 20 70 75 74 20 | 73 74 72 61 74 65 67 79 |ive put |strategy|
|00004680| 20 69 73 20 61 20 70 6f | 72 74 66 6f 6c 69 6f 20 | is a po|rtfolio |
|00004690| 63 6f 6e 73 69 73 74 69 | 6e 67 20 6f 66 20 74 68 |consisti|ng of th|
|000046a0| 65 20 70 75 72 63 68 61 | 73 65 20 6f 66 20 5f 5f |e purcha|se of __|
|000046b0| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 5f 5f 2e 20 7d 3f 00 |________|___. }?.|
|000046c0| 7b 20 73 74 6f 63 6b 20 | 61 6e 64 20 74 68 65 20 |{ stock |and the |
|000046d0| 70 75 72 63 68 61 73 65 | 20 6f 66 20 63 61 6c 6c |purchase| of call|
|000046e0| 20 61 6e 64 20 70 75 74 | 20 6f 70 74 69 6f 6e 73 | and put| options|
|000046f0| 20 6f 6e 20 74 68 65 20 | 73 74 6f 63 6b 20 7d 37 | on the |stock }7|
|00004700| 00 7b 20 73 74 6f 63 6b | 20 61 6e 64 20 74 68 65 |.{ stock| and the|
|00004710| 20 70 75 72 63 68 61 73 | 65 20 6f 66 20 63 61 6c | purchas|e of cal|
|00004720| 6c 20 6f 70 74 69 6f 6e | 73 20 6f 6e 20 74 68 65 |l option|s on the|
|00004730| 20 73 74 6f 63 6b 20 7d | 36 00 7b 20 73 74 6f 63 | stock }|6.{ stoc|
|00004740| 6b 20 61 6e 64 20 74 68 | 65 20 70 75 72 63 68 61 |k and th|e purcha|
|00004750| 73 65 20 6f 66 20 70 75 | 74 20 6f 70 74 69 6f 6e |se of pu|t option|
|00004760| 73 20 6f 6e 20 74 68 65 | 20 73 74 6f 63 6b 20 7d |s on the| stock }|
|00004770| 2f 00 7b 20 73 74 6f 63 | 6b 20 61 6e 64 20 77 72 |/.{ stoc|k and wr|
|00004780| 69 74 69 6e 67 20 63 61 | 6c 6c 20 6f 70 74 69 6f |iting ca|ll optio|
|00004790| 6e 73 20 6f 6e 20 74 68 | 65 20 73 74 6f 63 6b 20 |ns on th|e stock |
|000047a0| 7d 23 00 7b 20 63 61 6c | 6c 20 61 6e 64 20 70 75 |}#.{ cal|l and pu|
|000047b0| 74 20 6f 70 74 69 6f 6e | 73 20 6f 6e 20 61 20 73 |t option|s on a s|
|000047c0| 74 6f 63 6b 20 7d 00 00 | 00 00 00 00 00 00 00 00 |tock }..|........|
|000047d0| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|000047e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000047f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004800| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004810| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004820| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004830| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004840| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004850| 00 00 00 00 00 00 00 00 | 33 01 00 09 00 00 00 00 |........|3.......|
|00004860| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004870| 00 04 00 05 00 14 00 7b | 5c 66 6f 6e 74 74 62 6c |.......{|\fonttbl|
|00004880| 7b 5c 66 30 7d 7b 5c 66 | 31 7d 7d 00 00 5e 00 7b |{\f0}{\f|1}}..^.{|
|00004890| 20 41 6e 20 65 71 75 69 | 76 61 6c 65 6e 74 20 70 | An equi|valent p|
|000048a0| 6f 72 74 66 6f 6c 69 6f | 20 73 74 72 61 74 65 67 |ortfolio| strateg|
|000048b0| 79 20 74 6f 20 74 68 65 | 20 70 72 6f 74 65 63 74 |y to the| protect|
|000048c0| 69 76 65 20 70 75 74 20 | 69 73 20 74 68 65 20 70 |ive put |is the p|
|000048d0| 75 72 63 68 61 73 65 20 | 6f 66 20 5f 5f 5f 5f 5f |urchase |of _____|
|000048e0| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 5f 2e 20 7d 40 00 7b |________|__. }@.{|
|000048f0| 20 63 61 6c 6c 20 6f 70 | 74 69 6f 6e 73 20 6f 6e | call op|tions on|
|00004900| 20 61 20 73 74 6f 63 6b | 20 61 6e 64 20 77 72 69 | a stock| and wri|
|00004910| 74 69 6e 67 20 70 75 74 | 20 6f 70 74 69 6f 6e 73 |ting put| options|
|00004920| 20 6f 6e 20 74 68 65 20 | 73 74 6f 63 6b 20 7d 48 | on the |stock }H|
|00004930| 00 7b 20 63 61 6c 6c 20 | 6f 70 74 69 6f 6e 73 20 |.{ call |options |
|00004940| 6f 6e 20 61 20 73 74 6f | 63 6b 20 61 6e 64 20 62 |on a sto|ck and b|
|00004950| 6f 72 72 6f 77 69 6e 67 | 20 61 74 20 74 68 65 20 |orrowing| at the |
|00004960| 72 69 73 6b 2d 66 72 65 | 65 20 69 6e 74 65 72 65 |risk-fre|e intere|
|00004970| 73 74 20 72 61 74 65 20 | 7d 47 00 7b 20 70 75 74 |st rate |}G.{ put|
|00004980| 20 6f 70 74 69 6f 6e 73 | 20 6f 6e 20 61 20 73 74 | options| on a st|
|00004990| 6f 63 6b 20 61 6e 64 20 | 62 6f 72 72 6f 77 69 6e |ock and |borrowin|
|000049a0| 67 20 61 74 20 74 68 65 | 20 72 69 73 6b 2d 66 72 |g at the| risk-fr|
|000049b0| 65 65 20 69 6e 74 65 72 | 65 73 74 20 72 61 74 65 |ee inter|est rate|
|000049c0| 20 7d 4c 00 7b 20 63 61 | 6c 6c 20 6f 70 74 69 6f | }L.{ ca|ll optio|
|000049d0| 6e 73 20 6f 6e 20 61 20 | 73 74 6f 63 6b 20 61 6e |ns on a |stock an|
|000049e0| 64 20 6c 65 6e 64 69 6e | 67 20 66 75 6e 64 73 20 |d lendin|g funds |
|000049f0| 61 74 20 74 68 65 20 72 | 69 73 6b 2d 66 72 65 65 |at the r|isk-free|
|00004a00| 20 69 6e 74 65 72 65 73 | 74 20 72 61 74 65 20 7d | interes|t rate }|
|00004a10| 4b 00 7b 20 70 75 74 20 | 6f 70 74 69 6f 6e 73 20 |K.{ put |options |
|00004a20| 6f 6e 20 61 20 73 74 6f | 63 6b 20 61 6e 64 20 6c |on a sto|ck and l|
|00004a30| 65 6e 64 69 6e 67 20 66 | 75 6e 64 73 20 61 74 20 |ending f|unds at |
|00004a40| 74 68 65 20 72 69 73 6b | 2d 66 72 65 65 20 69 6e |the risk|-free in|
|00004a50| 74 65 72 65 73 74 20 72 | 61 74 65 20 7d 00 00 00 |terest r|ate }...|
|00004a60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00004a70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004a80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004a90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ab0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ac0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ad0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ae0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 33 |........|.......3|
|00004af0| 01 00 09 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004b00| 00 00 00 00 00 00 00 00 | 03 00 05 00 14 00 7b 5c |........|......{\|
|00004b10| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00004b20| 7d 7d 00 00 a1 00 7b 20 | 45 75 72 6f 70 65 61 6e |}}....{ |European|
|00004b30| 20 70 75 74 2d 63 61 6c | 6c 20 70 61 72 69 74 79 | put-cal|l parity|
|00004b40| 20 73 61 79 73 20 74 68 | 61 74 20 74 68 65 20 64 | says th|at the d|
|00004b50| 69 66 66 65 72 65 6e 63 | 65 20 69 6e 20 70 72 69 |ifferenc|e in pri|
|00004b60| 63 65 20 66 6f 72 20 63 | 61 6c 6c 20 6f 70 74 69 |ce for c|all opti|
|00004b70| 6f 6e 73 20 6c 65 73 73 | 20 70 75 74 20 6f 70 74 |ons less| put opt|
|00004b80| 69 6f 6e 73 2c 20 62 6f | 74 68 20 77 69 74 68 20 |ions, bo|th with |
|00004b90| 65 78 65 72 63 69 73 65 | 20 70 72 69 63 65 20 45 |exercise| price E|
|00004ba0| 20 61 6e 64 20 74 69 6d | 65 20 74 6f 20 6d 61 74 | and tim|e to mat|
|00004bb0| 75 72 69 74 79 20 54 2c | 20 69 73 20 65 71 75 61 |urity T,| is equa|
|00004bc0| 6c 20 74 6f 3a 20 7d 41 | 00 7b 20 54 68 65 20 73 |l to: }A|.{ The s|
|00004bd0| 74 6f 63 6b 20 70 72 69 | 63 65 20 6d 69 6e 75 73 |tock pri|ce minus|
|00004be0| 20 74 68 65 20 66 75 74 | 75 72 65 20 76 61 6c 75 | the fut|ure valu|
|00004bf0| 65 20 6f 66 20 74 68 65 | 20 65 78 65 72 63 69 73 |e of the| exercis|
|00004c00| 65 20 70 72 69 63 65 2e | 20 7d 40 00 7b 20 54 68 |e price.| }@.{ Th|
|00004c10| 65 20 73 74 6f 63 6b 20 | 70 72 69 63 65 20 70 6c |e stock |price pl|
|00004c20| 75 73 20 74 68 65 20 66 | 75 74 75 72 65 20 76 61 |us the f|uture va|
|00004c30| 6c 75 65 20 6f 66 20 74 | 68 65 20 65 78 65 72 63 |lue of t|he exerc|
|00004c40| 69 73 65 20 70 72 69 63 | 65 2e 20 7d 42 00 7b 20 |ise pric|e. }B.{ |
|00004c50| 54 68 65 20 73 74 6f 63 | 6b 20 70 72 69 63 65 20 |The stoc|k price |
|00004c60| 6d 69 6e 75 73 20 74 68 | 65 20 70 72 65 73 65 6e |minus th|e presen|
|00004c70| 74 20 76 61 6c 75 65 20 | 6f 66 20 74 68 65 20 65 |t value |of the e|
|00004c80| 78 65 72 63 69 73 65 20 | 70 72 69 63 65 2e 20 7d |xercise |price. }|
|00004c90| 41 00 7b 20 54 68 65 20 | 73 74 6f 63 6b 20 70 72 |A.{ The |stock pr|
|00004ca0| 69 63 65 20 70 6c 75 73 | 20 74 68 65 20 70 72 65 |ice plus| the pre|
|00004cb0| 73 65 6e 74 20 76 61 6c | 75 65 20 6f 66 20 74 68 |sent val|ue of th|
|00004cc0| 65 20 65 78 65 72 63 69 | 73 65 20 70 72 69 63 65 |e exerci|se price|
|00004cd0| 2e 20 7d 2c 00 7b 20 54 | 68 65 20 73 74 6f 63 6b |. },.{ T|he stock|
|00004ce0| 20 70 72 69 63 65 20 70 | 6c 75 73 20 74 68 65 20 | price p|lus the |
|00004cf0| 65 78 65 72 63 69 73 65 | 20 70 72 69 63 65 2e 20 |exercise| price. |
|00004d00| 7d 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |}.......|........|
|00004d10| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d90| 00 00 00 33 01 00 09 00 | 00 00 00 00 00 00 00 00 |...3....|........|
|00004da0| 00 00 00 00 00 00 00 00 | 00 00 00 00 05 00 05 00 |........|........|
|00004db0| 14 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |..{\font|tbl{\f0}|
|00004dc0| 7b 5c 66 31 7d 7d 00 00 | 52 00 7b 20 49 66 20 61 |{\f1}}..|R.{ If a|
|00004dd0| 20 76 69 6f 6c 61 74 69 | 6f 6e 20 6f 66 20 45 75 | violati|on of Eu|
|00004de0| 72 6f 70 65 61 6e 20 70 | 75 74 2d 63 61 6c 6c 20 |ropean p|ut-call |
|00004df0| 70 61 72 69 74 79 20 69 | 73 20 6f 62 73 65 72 76 |parity i|s observ|
|00004e00| 65 64 2c 20 74 68 65 6e | 20 5f 5f 5f 5f 5f 5f 5f |ed, then| _______|
|00004e10| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 2e 20 7d 21 00 7b 20 |________|_. }!.{ |
|00004e20| 6d 61 72 6b 65 74 20 70 | 72 69 63 65 73 20 61 72 |market p|rices ar|
|00004e30| 65 20 69 6e 65 66 66 69 | 63 69 65 6e 74 20 7d 2b |e ineffi|cient }+|
|00004e40| 00 7b 20 61 6e 20 61 72 | 62 69 74 72 61 67 65 20 |.{ an ar|bitrage |
|00004e50| 74 72 61 64 69 6e 67 20 | 6f 70 70 6f 72 74 75 6e |trading |opportun|
|00004e60| 69 74 79 20 65 78 69 73 | 74 73 20 7d 40 00 7b 20 |ity exis|ts }@.{ |
|00004e70| 65 69 74 68 65 72 20 74 | 68 65 20 63 61 6c 6c 20 |either t|he call |
|00004e80| 6f 70 74 69 6f 6e 20 6f | 72 20 70 75 74 20 6f 70 |option o|r put op|
|00004e90| 74 69 6f 6e 20 28 6f 72 | 20 62 6f 74 68 29 20 61 |tion (or| both) a|
|00004ea0| 72 65 20 6d 69 73 70 72 | 69 63 65 64 20 7d 7b 00 |re mispr|iced }{.|
|00004eb0| 7b 20 79 6f 75 20 63 61 | 6e 20 63 72 65 61 74 65 |{ you ca|n create|
|00004ec0| 20 61 20 73 79 6e 74 68 | 65 74 69 63 20 70 6f 73 | a synth|etic pos|
|00004ed0| 69 74 69 6f 6e 20 69 6e | 20 61 20 73 74 6f 63 6b |ition in| a stock|
|00004ee0| 20 74 68 61 74 20 68 61 | 73 20 64 69 66 66 65 72 | that ha|s differ|
|00004ef0| 65 6e 74 20 76 61 6c 75 | 65 20 74 68 61 6e 20 74 |ent valu|e than t|
|00004f00| 68 65 20 61 63 74 75 61 | 6c 20 73 74 6f 63 6b 20 |he actua|l stock |
|00004f10| 70 72 69 63 65 20 69 6e | 20 74 68 65 20 73 74 6f |price in| the sto|
|00004f20| 63 6b 20 6d 61 72 6b 65 | 74 20 7d 20 00 7b 20 61 |ck marke|t } .{ a|
|00004f30| 6c 6c 20 6f 66 20 74 68 | 65 20 61 62 6f 76 65 20 |ll of th|e above |
|00004f40| 61 72 65 20 63 6f 72 72 | 65 63 74 20 7d 00 00 00 |are corr|ect }...|
|00004f50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00004f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004f70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004f90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004fa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004fb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004fc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004fd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 33 |........|.......3|
|00004fe0| 01 00 09 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ff0| 00 00 00 00 00 00 00 00 | 02 00 05 00 14 00 7b 5c |........|......{\|
|00005000| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00005010| 7d 7d 00 00 5a 00 7b 20 | 57 68 69 63 68 20 6f 66 |}}..Z.{ |Which of|
|00005020| 20 74 68 65 20 66 6f 6c | 6c 6f 77 69 6e 67 20 74 | the fol|lowing t|
|00005030| 65 72 6d 73 20 64 6f 65 | 73 20 6e 6f 74 20 61 70 |erms doe|s not ap|
|00005040| 70 65 61 72 20 69 6e 20 | 74 68 65 20 45 75 72 6f |pear in |the Euro|
|00005050| 70 65 61 6e 20 70 75 74 | 2d 63 61 6c 6c 20 70 61 |pean put|-call pa|
|00005060| 72 69 74 79 20 72 65 6c | 61 74 69 6f 6e 3f 20 7d |rity rel|ation? }|
|00005070| 0f 00 7b 20 53 74 6f 63 | 6b 20 70 72 69 63 65 20 |..{ Stoc|k price |
|00005080| 7d 1a 00 7b 20 53 74 6f | 63 6b 20 70 72 69 63 65 |}..{ Sto|ck price|
|00005090| 20 76 6f 6c 61 74 69 6c | 69 74 79 20 7d 12 00 7b | volatil|ity }..{|
|000050a0| 20 45 78 65 72 63 69 73 | 65 20 70 72 69 63 65 20 | Exercis|e price |
|000050b0| 7d 14 00 7b 20 50 75 74 | 20 6f 70 74 69 6f 6e 20 |}..{ Put| option |
|000050c0| 76 61 6c 75 65 20 7d 15 | 00 7b 20 43 61 6c 6c 20 |value }.|.{ Call |
|000050d0| 6f 70 74 69 6f 6e 20 76 | 61 6c 75 65 20 7d 00 00 |option v|alue }..|
|000050e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000050f0| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005100| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005120| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005130| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005140| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005150| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005160| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005170| 33 01 00 09 00 00 00 00 | 00 00 00 00 00 00 00 00 |3.......|........|
|00005180| 00 00 00 00 00 00 00 00 | 00 05 00 05 00 14 00 7b |........|.......{|
|00005190| 5c 66 6f 6e 74 74 62 6c | 7b 5c 66 30 7d 7b 5c 66 |\fonttbl|{\f0}{\f|
|000051a0| 31 7d 7d 00 00 5a 00 7b | 20 57 68 69 63 68 20 6f |1}}..Z.{| Which o|
|000051b0| 66 20 74 68 65 20 66 6f | 6c 6c 6f 77 69 6e 67 20 |f the fo|llowing |
|000051c0| 74 65 72 6d 73 20 64 6f | 65 73 20 6e 6f 74 20 61 |terms do|es not a|
|000051d0| 70 70 65 61 72 20 69 6e | 20 74 68 65 20 45 75 72 |ppear in| the Eur|
|000051e0| 6f 70 65 61 6e 20 70 75 | 74 2d 63 61 6c 6c 20 70 |opean pu|t-call p|
|000051f0| 61 72 69 74 79 20 72 65 | 6c 61 74 69 6f 6e 3f 20 |arity re|lation? |
|00005200| 7d 1b 00 7b 20 52 69 73 | 6b 2d 66 72 65 65 20 69 |}..{ Ris|k-free i|
|00005210| 6e 74 65 72 65 73 74 20 | 72 61 74 65 20 7d 1d 00 |nterest |rate }..|
|00005220| 7b 20 4f 70 74 69 6f 6e | 20 74 69 6d 65 20 74 6f |{ Option| time to|
|00005230| 20 65 78 70 69 72 61 74 | 69 6f 6e 20 7d 15 00 7b | expirat|ion }..{|
|00005240| 20 43 61 6c 6c 20 6f 70 | 74 69 6f 6e 20 76 61 6c | Call op|tion val|
|00005250| 75 65 20 7d 14 00 7b 20 | 50 75 74 20 6f 70 74 69 |ue }..{ |Put opti|
|00005260| 6f 6e 20 76 61 6c 75 65 | 20 7d 18 00 7b 20 4d 61 |on value| }..{ Ma|
|00005270| 72 6b 65 74 20 76 61 6c | 75 65 20 6f 66 20 64 65 |rket val|ue of de|
|00005280| 62 74 20 7d 00 00 00 00 | 00 00 00 00 00 00 00 00 |bt }....|........|
|00005290| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|000052a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000052b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000052c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000052d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000052e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000052f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005310| 00 00 00 00 00 00 33 01 | 00 09 00 00 00 00 00 00 |......3.|........|
|00005320| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 05 |........|........|
|00005330| 00 05 00 14 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |.....{\f|onttbl{\|
|00005340| 66 30 7d 7b 5c 66 31 7d | 7d 00 00 58 01 7b 20 59 |f0}{\f1}|}..X.{ Y|
|00005350| 6f 75 20 68 61 76 65 20 | 74 68 65 20 63 68 6f 69 |ou have |the choi|
|00005360| 63 65 20 74 6f 20 69 6e | 76 65 73 74 20 79 6f 75 |ce to in|vest you|
|00005370| 72 20 66 75 6e 64 73 20 | 61 74 20 66 69 76 65 20 |r funds |at five |
|00005380| 61 6c 74 65 72 6e 61 74 | 69 76 65 20 62 61 6e 6b |alternat|ive bank|
|00005390| 73 2c 20 65 61 63 68 20 | 6f 66 20 77 68 69 63 68 |s, each |of which|
|000053a0| 20 75 73 65 73 20 61 20 | 64 69 66 66 65 72 65 6e | uses a |differen|
|000053b0| 74 20 63 6f 6d 70 6f 75 | 6e 64 69 6e 67 20 70 65 |t compou|nding pe|
|000053c0| 72 69 6f 64 20 69 6e 20 | 63 61 6c 63 75 6c 61 74 |riod in |calculat|
|000053d0| 69 6e 67 20 74 68 65 20 | 69 6e 74 65 72 65 73 74 |ing the |interest|
|000053e0| 20 74 68 65 79 20 70 61 | 79 20 6f 6e 20 74 68 65 | they pa|y on the|
|000053f0| 69 72 20 64 65 70 6f 73 | 69 74 73 2e 20 49 66 20 |ir depos|its. If |
|00005400| 65 61 63 68 20 62 61 6e | 6b 20 71 75 6f 74 65 73 |each ban|k quotes|
|00005410| 20 61 20 6e 6f 6d 69 6e | 61 6c 20 72 61 74 65 20 | a nomin|al rate |
|00005420| 6f 66 20 38 25 20 61 6e | 6e 75 61 6c 6c 79 2c 20 |of 8% an|nually, |
|00005430| 61 6e 64 20 79 6f 75 20 | 64 65 70 6f 73 69 74 20 |and you |deposit |
|00005440| 24 35 2c 30 30 30 20 77 | 69 74 68 20 65 61 63 68 |$5,000 w|ith each|
|00005450| 20 62 61 6e 6b 20 74 6f | 64 61 79 2c 20 77 68 69 | bank to|day, whi|
|00005460| 63 68 20 62 61 6e 6b 20 | 61 63 63 6f 75 6e 74 20 |ch bank |account |
|00005470| 77 69 6c 6c 20 67 72 6f | 77 20 74 6f 20 74 68 65 |will gro|w to the|
|00005480| 20 6c 61 72 67 65 73 74 | 20 61 6d 6f 75 6e 74 20 | largest| amount |
|00005490| 74 65 6e 20 79 65 61 72 | 73 20 66 72 6f 6d 20 6e |ten year|s from n|
|000054a0| 6f 77 3f 20 7d 31 00 7b | 20 41 20 62 61 6e 6b 20 |ow? }1.{| A bank |
|000054b0| 74 68 61 74 20 75 73 65 | 73 20 61 6e 6e 75 61 6c |that use|s annual|
|000054c0| 20 69 6e 74 65 72 65 73 | 74 20 63 6f 6d 70 6f 75 | interes|t compou|
|000054d0| 6e 64 69 6e 67 2e 20 7d | 35 00 7b 20 41 20 62 61 |nding. }|5.{ A ba|
|000054e0| 6e 6b 20 74 68 61 74 20 | 75 73 65 73 20 73 65 6d |nk that |uses sem|
|000054f0| 69 61 6e 6e 75 61 6c 20 | 69 6e 74 65 72 65 73 74 |iannual |interest|
|00005500| 20 63 6f 6d 70 6f 75 6e | 64 69 6e 67 2e 20 7d 32 | compoun|ding. }2|
|00005510| 00 7b 20 41 20 62 61 6e | 6b 20 74 68 61 74 20 75 |.{ A ban|k that u|
|00005520| 73 65 73 20 6d 6f 6e 74 | 68 6c 79 20 69 6e 74 65 |ses mont|hly inte|
|00005530| 72 65 73 74 20 63 6f 6d | 70 6f 75 6e 64 69 6e 67 |rest com|pounding|
|00005540| 2e 20 7d 30 00 7b 20 41 | 20 62 61 6e 6b 20 74 68 |. }0.{ A| bank th|
|00005550| 61 74 20 75 73 65 73 20 | 64 61 69 6c 79 20 69 6e |at uses |daily in|
|00005560| 74 65 72 65 73 74 20 63 | 6f 6d 70 6f 75 6e 64 69 |terest c|ompoundi|
|00005570| 6e 67 2e 20 7d 35 00 7b | 20 41 20 62 61 6e 6b 20 |ng. }5.{| A bank |
|00005580| 74 68 61 74 20 75 73 65 | 73 20 63 6f 6e 74 69 6e |that use|s contin|
|00005590| 75 6f 75 73 20 69 6e 74 | 65 72 65 73 74 20 63 6f |uous int|erest co|
|000055a0| 6d 70 6f 75 6e 64 69 6e | 67 2e 20 7d 00 00 00 00 |mpoundin|g. }....|
|000055b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|000055c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005600| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005620| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005630| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 33 01 |........|......3.|
|00005640| 00 09 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005650| 00 00 00 00 00 00 00 04 | 00 05 00 14 00 7b 5c 66 |........|.....{\f|
|00005660| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00005670| 7d 00 00 62 00 7b 20 57 | 68 69 63 68 20 6f 66 20 |}..b.{ W|hich of |
|00005680| 74 68 65 20 66 6f 6c 6c | 6f 77 69 6e 67 20 74 65 |the foll|owing te|
|00005690| 72 6d 73 20 64 6f 65 73 | 20 6e 6f 74 20 61 70 70 |rms does| not app|
|000056a0| 65 61 72 20 69 6e 20 74 | 68 65 20 42 6c 61 63 6b |ear in t|he Black|
|000056b0| 2d 53 63 68 6f 6c 65 73 | 20 63 61 6c 6c 20 6f 70 |-Scholes| call op|
|000056c0| 74 69 6f 6e 20 70 72 69 | 63 69 6e 67 20 66 6f 72 |tion pri|cing for|
|000056d0| 6d 75 6c 61 3f 20 7d 1b | 00 7b 20 4f 70 74 69 6f |mula? }.|.{ Optio|
|000056e0| 6e 20 74 69 6d 65 20 74 | 6f 20 6d 61 74 75 72 69 |n time t|o maturi|
|000056f0| 74 79 20 7d 1b 00 7b 20 | 52 69 73 6b 2d 66 72 65 |ty }..{ |Risk-fre|
|00005700| 65 20 69 6e 74 65 72 65 | 73 74 20 72 61 74 65 20 |e intere|st rate |
|00005710| 7d 0f 00 7b 20 53 74 6f | 63 6b 20 70 72 69 63 65 |}..{ Sto|ck price|
|00005720| 20 7d 13 00 7b 20 53 74 | 6f 63 6b 20 64 69 76 69 | }..{ St|ock divi|
|00005730| 64 65 6e 64 73 20 7d 1a | 00 7b 20 53 74 6f 63 6b |dends }.|.{ Stock|
|00005740| 20 70 72 69 63 65 20 76 | 6f 6c 61 74 69 6c 69 74 | price v|olatilit|
|00005750| 79 20 7d 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |y }.....|........|
|00005760| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005770| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005780| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005790| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057e0| 00 00 00 00 00 33 01 00 | 09 00 00 00 00 00 00 00 |.....3..|........|
|000057f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 05 00 |........|........|
|00005800| 05 00 14 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |....{\fo|nttbl{\f|
|00005810| 30 7d 7b 5c 66 31 7d 7d | 00 00 83 00 7b 20 54 68 |0}{\f1}}|....{ Th|
|00005820| 65 20 62 75 79 65 72 20 | 6f 66 20 61 28 6e 29 20 |e buyer |of a(n) |
|00005830| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 5f 5f 20 68 61 73 20 |________|___ has |
|00005840| 74 68 65 20 72 69 67 68 | 74 2c 20 62 75 74 20 6e |the righ|t, but n|
|00005850| 6f 74 20 74 68 65 20 6f | 62 6c 69 67 61 74 69 6f |ot the o|bligatio|
|00005860| 6e 2c 20 74 6f 20 62 75 | 79 20 61 6e 20 61 73 73 |n, to bu|y an ass|
|00005870| 65 74 20 6f 6e 20 61 20 | 73 70 65 63 69 66 69 65 |et on a |specifie|
|00005880| 64 20 64 61 74 65 20 66 | 6f 72 20 61 20 73 70 65 |d date f|or a spe|
|00005890| 63 69 66 69 65 64 20 70 | 72 69 63 65 2e 20 7d 17 |cified p|rice. }.|
|000058a0| 00 7b 20 41 6d 65 72 69 | 63 61 6e 20 70 75 74 20 |.{ Ameri|can put |
|000058b0| 6f 70 74 69 6f 6e 20 7d | 18 00 7b 20 41 6d 65 72 |option }|..{ Amer|
|000058c0| 69 63 61 6e 20 63 61 6c | 6c 20 6f 70 74 69 6f 6e |ican cal|l option|
|000058d0| 20 7d 12 00 7b 20 70 72 | 6f 74 65 63 74 69 76 65 | }..{ pr|otective|
|000058e0| 20 70 75 74 20 7d 17 00 | 7b 20 45 75 72 6f 70 65 | put }..|{ Europe|
|000058f0| 61 6e 20 70 75 74 20 6f | 70 74 69 6f 6e 20 7d 18 |an put o|ption }.|
|00005900| 00 7b 20 45 75 72 6f 70 | 65 61 6e 20 63 61 6c 6c |.{ Europ|ean call|
|00005910| 20 6f 70 74 69 6f 6e 20 | 7d 00 00 00 00 00 00 00 | option |}.......|
|00005920| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00005930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005940| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005950| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005960| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005970| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005980| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005990| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000059a0| 00 00 00 00 00 00 00 00 | 00 00 00 33 01 00 09 00 |........|...3....|
|000059b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000059c0| 00 00 00 00 04 00 05 00 | 14 00 7b 5c 66 6f 6e 74 |........|..{\font|
|000059d0| 74 62 6c 7b 5c 66 30 7d | 7b 5c 66 31 7d 7d 00 00 |tbl{\f0}|{\f1}}..|
|000059e0| 84 00 7b 20 54 68 65 20 | 62 75 79 65 72 20 6f 66 |..{ The |buyer of|
|000059f0| 20 61 28 6e 29 20 5f 5f | 5f 5f 5f 5f 5f 5f 5f 5f | a(n) __|________|
|00005a00| 5f 20 68 61 73 20 74 68 | 65 20 72 69 67 68 74 2c |_ has th|e right,|
|00005a10| 20 62 75 74 20 6e 6f 74 | 20 74 68 65 20 6f 62 6c | but not| the obl|
|00005a20| 69 67 61 74 69 6f 6e 2c | 20 74 6f 20 73 65 6c 6c |igation,| to sell|
|00005a30| 20 61 6e 20 61 73 73 65 | 74 20 6f 6e 20 61 20 73 | an asse|t on a s|
|00005a40| 70 65 63 69 66 69 65 64 | 20 64 61 74 65 20 66 6f |pecified| date fo|
|00005a50| 72 20 61 20 73 70 65 63 | 69 66 69 65 64 20 70 72 |r a spec|ified pr|
|00005a60| 69 63 65 2e 20 7d 17 00 | 7b 20 41 6d 65 72 69 63 |ice. }..|{ Americ|
|00005a70| 61 6e 20 70 75 74 20 6f | 70 74 69 6f 6e 20 7d 18 |an put o|ption }.|
|00005a80| 00 7b 20 41 6d 65 72 69 | 63 61 6e 20 63 61 6c 6c |.{ Ameri|can call|
|00005a90| 20 6f 70 74 69 6f 6e 20 | 7d 12 00 7b 20 70 72 6f | option |}..{ pro|
|00005aa0| 74 65 63 74 69 76 65 20 | 70 75 74 20 7d 17 00 7b |tective |put }..{|
|00005ab0| 20 45 75 72 6f 70 65 61 | 6e 20 70 75 74 20 6f 70 | Europea|n put op|
|00005ac0| 74 69 6f 6e 20 7d 18 00 | 7b 20 45 75 72 6f 70 65 |tion }..|{ Europe|
|00005ad0| 61 6e 20 63 61 6c 6c 20 | 6f 70 74 69 6f 6e 20 7d |an call |option }|
|00005ae0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005af0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b70| 00 00 33 01 00 09 00 00 | 00 00 00 00 00 00 00 00 |..3.....|........|
|00005b80| 00 00 00 00 00 00 00 00 | 00 00 00 02 00 05 00 14 |........|........|
|00005b90| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
|00005ba0| 5c 66 31 7d 7d 00 00 8e | 00 7b 20 54 68 65 20 62 |\f1}}...|.{ The b|
|00005bb0| 75 79 65 72 20 6f 66 20 | 61 28 6e 29 20 5f 5f 5f |uyer of |a(n) ___|
|00005bc0| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 20 68 61 73 20 74 68 |________|_ has th|
|00005bd0| 65 20 72 69 67 68 74 2c | 20 62 75 74 20 6e 6f 74 |e right,| but not|
|00005be0| 20 74 68 65 20 6f 62 6c | 69 67 61 74 69 6f 6e 2c | the obl|igation,|
|00005bf0| 20 74 6f 20 62 75 79 20 | 61 6e 20 61 73 73 65 74 | to buy |an asset|
|00005c00| 20 6f 6e 20 6f 72 20 62 | 65 66 6f 72 65 20 61 20 | on or b|efore a |
|00005c10| 73 70 65 63 69 66 69 65 | 64 20 64 61 74 65 20 66 |specifie|d date f|
|00005c20| 6f 72 20 61 20 73 70 65 | 63 69 66 69 65 64 20 70 |or a spe|cified p|
|00005c30| 72 69 63 65 2e 20 7d 17 | 00 7b 20 41 6d 65 72 69 |rice. }.|.{ Ameri|
|00005c40| 63 61 6e 20 70 75 74 20 | 6f 70 74 69 6f 6e 20 7d |can put |option }|
|00005c50| 18 00 7b 20 41 6d 65 72 | 69 63 61 6e 20 63 61 6c |..{ Amer|ican cal|
|00005c60| 6c 20 6f 70 74 69 6f 6e | 20 7d 12 00 7b 20 70 72 |l option| }..{ pr|
|00005c70| 6f 74 65 63 74 69 76 65 | 20 70 75 74 20 7d 17 00 |otective| put }..|
|00005c80| 7b 20 45 75 72 6f 70 65 | 61 6e 20 70 75 74 20 6f |{ Europe|an put o|
|00005c90| 70 74 69 6f 6e 20 7d 18 | 00 7b 20 45 75 72 6f 70 |ption }.|.{ Europ|
|00005ca0| 65 61 6e 20 63 61 6c 6c | 20 6f 70 74 69 6f 6e 20 |ean call| option |
|00005cb0| 7d 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |}.......|........|
|00005cc0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005cd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005ce0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005cf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005d00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005d10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005d20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005d30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005d40| 00 00 00 33 01 00 09 00 | 00 00 00 00 00 00 00 00 |...3....|........|
|00005d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 05 00 |........|........|
|00005d60| 14 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |..{\font|tbl{\f0}|
|00005d70| 7b 5c 66 31 7d 7d 00 00 | 90 00 7b 20 54 68 65 20 |{\f1}}..|..{ The |
|00005d80| 62 75 79 65 72 20 6f 66 | 20 61 28 6e 29 20 5f 5f |buyer of| a(n) __|
|00005d90| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 5f 5f 20 68 61 73 20 |________|___ has |
|00005da0| 74 68 65 20 72 69 67 68 | 74 2c 20 62 75 74 20 6e |the righ|t, but n|
|00005db0| 6f 74 20 74 68 65 20 6f | 62 6c 69 67 61 74 69 6f |ot the o|bligatio|
|00005dc0| 6e 2c 20 74 6f 20 73 65 | 6c 6c 20 61 6e 20 61 73 |n, to se|ll an as|
|00005dd0| 73 65 74 20 6f 6e 20 6f | 72 20 62 65 66 6f 72 65 |set on o|r before|
|00005de0| 20 61 20 73 70 65 63 69 | 66 69 65 64 20 64 61 74 | a speci|fied dat|
|00005df0| 65 20 66 6f 72 20 61 20 | 73 70 65 63 69 66 69 65 |e for a |specifie|
|00005e00| 64 20 70 72 69 63 65 2e | 20 7d 17 00 7b 20 41 6d |d price.| }..{ Am|
|00005e10| 65 72 69 63 61 6e 20 70 | 75 74 20 6f 70 74 69 6f |erican p|ut optio|
|00005e20| 6e 20 7d 18 00 7b 20 41 | 6d 65 72 69 63 61 6e 20 |n }..{ A|merican |
|00005e30| 63 61 6c 6c 20 6f 70 74 | 69 6f 6e 20 7d 12 00 7b |call opt|ion }..{|
|00005e40| 20 70 72 6f 74 65 63 74 | 69 76 65 20 70 75 74 20 | protect|ive put |
|00005e50| 7d 17 00 7b 20 45 75 72 | 6f 70 65 61 6e 20 70 75 |}..{ Eur|opean pu|
|00005e60| 74 20 6f 70 74 69 6f 6e | 20 7d 18 00 7b 20 45 75 |t option| }..{ Eu|
|00005e70| 72 6f 70 65 61 6e 20 63 | 61 6c 6c 20 6f 70 74 69 |ropean c|all opti|
|00005e80| 6f 6e 20 7d 00 00 00 00 | 00 00 00 00 00 00 00 00 |on }....|........|
|00005e90| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005ea0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005eb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005ec0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005ed0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005ee0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005ef0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005f00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005f10| 00 00 00 00 00 00 33 01 | 00 09 00 00 00 00 00 00 |......3.|........|
|00005f20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 05 |........|........|
|00005f30| 00 05 00 14 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |.....{\f|onttbl{\|
|00005f40| 66 30 7d 7b 5c 66 31 7d | 7d 00 00 ef 00 7b 20 57 |f0}{\f1}|}....{ W|
|00005f50| 68 69 63 68 20 6f 66 20 | 74 68 65 20 66 6f 6c 6c |hich of |the foll|
|00005f60| 6f 77 69 6e 67 20 74 65 | 72 6d 73 20 61 70 70 65 |owing te|rms appe|
|00005f70| 61 72 73 20 69 6e 20 74 | 68 65 20 42 6c 61 63 6b |ars in t|he Black|
|00005f80| 2d 53 63 68 6f 6c 65 73 | 20 63 61 6c 6c 20 6f 70 |-Scholes| call op|
|00005f90| 74 69 6f 6e 20 70 72 69 | 63 69 6e 67 20 66 6f 72 |tion pri|cing for|
|00005fa0| 6d 75 6c 61 3f 5c 70 61 | 72 5c 74 61 62 5c 74 61 |mula?\pa|r\tab\ta|
|00005fb0| 62 20 49 2e 20 53 74 6f | 63 6b 20 70 72 69 63 65 |b I. Sto|ck price|
|00005fc0| 20 76 6f 6c 61 74 69 6c | 69 74 79 5c 70 61 72 5c | volatil|ity\par\|
|00005fd0| 74 61 62 5c 74 61 62 20 | 49 49 2e 20 52 69 73 6b |tab\tab |II. Risk|
|00005fe0| 2d 66 72 65 65 20 69 6e | 74 65 72 65 73 74 20 72 |-free in|terest r|
|00005ff0| 61 74 65 5c 70 61 72 5c | 74 61 62 5c 74 61 62 20 |ate\par\|tab\tab |
|00006000| 49 49 49 2e 20 50 75 74 | 20 6f 70 74 69 6f 6e 20 |III. Put| option |
|00006010| 76 61 6c 75 65 5c 70 61 | 72 5c 74 61 62 5c 74 61 |value\pa|r\tab\ta|
|00006020| 62 20 49 56 2e 20 4d 61 | 72 6b 65 74 20 76 61 6c |b IV. Ma|rket val|
|00006030| 75 65 20 6f 66 20 64 65 | 62 74 20 7d 0a 00 7b 20 |ue of de|bt }..{ |
|00006040| 49 20 6f 6e 6c 79 20 7d | 0b 00 7b 20 49 49 20 6f |I only }|..{ II o|
|00006050| 6e 6c 79 20 7d 11 00 7b | 20 49 20 61 6e 64 20 49 |nly }..{| I and I|
|00006060| 56 20 6f 6e 6c 79 20 7d | 13 00 7b 20 49 49 20 61 |V only }|..{ II a|
|00006070| 6e 64 20 49 49 49 20 6f | 6e 6c 79 20 7d 11 00 7b |nd III o|nly }..{|
|00006080| 20 49 20 61 6e 64 20 49 | 49 20 6f 6e 6c 79 20 7d | I and I|I only }|
|00006090| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000060a0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000060b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000060c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000060d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000060e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000060f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006100| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006120| 00 00 33 01 00 09 00 00 | 00 00 00 00 00 00 00 00 |..3.....|........|
|00006130| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 05 00 14 |........|........|
|00006140| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
|00006150| 5c 66 31 7d 7d 00 00 da | 00 7b 20 49 6e 20 74 68 |\f1}}...|.{ In th|
|00006160| 65 20 42 6c 61 63 6b 2d | 53 63 68 6f 6c 65 73 20 |e Black-|Scholes |
|00006170| 6f 70 74 69 6f 6e 20 70 | 72 69 63 69 6e 67 20 66 |option p|ricing f|
|00006180| 6f 72 6d 75 6c 61 2c 20 | 74 68 65 20 74 65 72 6d |ormula, |the term|
|00006190| 73 20 4e 28 64 5c 44 53 | 2a 42 5c 64 6e 36 20 31 |s N(d\DS|*B\dn6 1|
|000061a0| 5c 64 6e 30 5c 44 53 20 | 29 20 61 6e 64 20 4e 28 |\dn0\DS |) and N(|
|000061b0| 64 5c 44 53 2a 42 5c 64 | 6e 36 20 32 5c 64 6e 30 |d\DS*B\d|n6 2\dn0|
|000061c0| 5c 44 53 20 29 20 72 65 | 66 65 72 20 74 6f 20 64 |\DS ) re|fer to d|
|000061d0| 72 61 77 73 20 66 72 6f | 6d 20 74 68 65 20 63 75 |raws fro|m the cu|
|000061e0| 6d 75 6c 61 74 69 76 65 | 20 5f 5f 5f 5f 5f 5f 5f |mulative| _______|
|000061f0| 5f 5f 5f 20 70 72 6f 62 | 61 62 69 6c 69 74 79 20 |___ prob|ability |
|00006200| 64 69 73 74 72 69 62 75 | 74 69 6f 6e 20 66 6f 72 |distribu|tion for|
|00006210| 20 61 20 73 74 61 6e 64 | 61 72 64 69 7a 65 64 2c | a stand|ardized,|
|00006220| 20 72 61 6e 64 6f 6d 20 | 76 61 72 69 61 62 6c 65 | random |variable|
|00006230| 2e 20 7d 0a 00 7b 20 6e | 6f 72 6d 61 6c 20 7d 09 |. }..{ n|ormal }.|
|00006240| 00 7b 20 67 61 6d 6d 61 | 20 7d 08 00 7b 20 62 65 |.{ gamma| }..{ be|
|00006250| 74 61 20 7d 0b 00 7b 20 | 50 6f 69 73 73 6f 6e 20 |ta }..{ |Poisson |
|00006260| 7d 0b 00 7b 20 75 6e 69 | 66 6f 72 6d 20 7d 00 00 |}..{ uni|form }..|
|00006270| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006280| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006290| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000062a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000062b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000062c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000062d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000062e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000062f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006300| 33 01 00 09 00 00 00 00 | 00 00 00 00 00 00 00 00 |3.......|........|
|00006310| 00 00 00 00 00 00 00 00 | 00 04 00 05 00 14 00 7b |........|.......{|
|00006320| 5c 66 6f 6e 74 74 62 6c | 7b 5c 66 30 7d 7b 5c 66 |\fonttbl|{\f0}{\f|
|00006330| 31 7d 7d 00 00 70 00 7b | 20 48 6f 77 20 6d 61 6e |1}}..p.{| How man|
|00006340| 79 20 75 6e 69 71 75 65 | 20 76 61 72 69 61 62 6c |y unique| variabl|
|00006350| 65 73 20 61 70 70 65 61 | 72 20 69 6e 20 74 68 65 |es appea|r in the|
|00006360| 20 42 6c 61 63 6b 2d 53 | 63 68 6f 6c 65 73 20 6f | Black-S|choles o|
|00006370| 70 74 69 6f 6e 20 70 72 | 69 63 69 6e 67 20 66 6f |ption pr|icing fo|
|00006380| 72 6d 75 6c 61 20 66 6f | 72 20 74 68 65 20 76 61 |rmula fo|r the va|
|00006390| 6c 75 65 20 6f 66 20 61 | 20 63 61 6c 6c 20 6f 70 |lue of a| call op|
|000063a0| 74 69 6f 6e 3f 20 7d 05 | 00 7b 20 32 20 7d 05 00 |tion? }.|.{ 2 }..|
|000063b0| 7b 20 33 20 7d 05 00 7b | 20 34 20 7d 05 00 7b 20 |{ 3 }..{| 4 }..{ |
|000063c0| 35 20 7d 05 00 7b 20 36 | 20 7d 00 00 00 00 00 00 |5 }..{ 6| }......|
|000063d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000063e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000063f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
+--------+-------------------------+-------------------------+--------+--------+