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QUESTION 9

You have gathered the following information for a put option on a non-dividend paying stock:

Current stock price ($)	90
Exercise price ($)	104
Time to Expiration (Years)	1
Returns standard deviation (%)	50
Risk Free Rate (APR with annual compounding)	4.00%

Based on this information, what is the price of the put option using the Black-Scholes formula?

		Less than $10
		Between $10 and $15
		Between $15 and $20
		Between $20 and $25
		More than $25

QUESTION 9B

Is the following statement true or false:

A person or firm that takes the risk of loss for the chance for profit is known as a speculator.

		True
		False

QUESTION 9C

Is the following statement true or false:

Adding a long futures position to a short position in the underlying asset is known as a short hedge.

		True
		False

QUESTION 9D

Which of the following formulas would you use to calculate the payoff on a long futures position:

		Payoff = (F0 + ST) * Number of units
		Payoff = (F0 * ST) * Number of units
		Payoff = (ST - F0) * Number of units
		Payoff = (F0 - ST) * Number of units

QUESTION 9E

You enter a long futures position on feeder cattle with a futures price of $2.00 per pound. Each futures contract is for 50,000 pounds. On the expiration date the price of feeder cattle is $2.50. Based on this information, what was your profit or loss on this position?

		Gain between $0 and $20,000
		Gain between $20,000 and $30,000
		Lose between $0 and $20,000
		Lose between $20,000 and $30,000