答案和详解如下： 1.An investor buys a call option that has an option premium of $5 and a strike price of $22.50. The current market price of the stock is $25.75. At expiration, the value of the stock is $23.00. The net profit/loss of the call position is closest to: A) -$4.50. B) $4.50. C) -$5.00. D) $0.75. The correct answer was A) The option is in-the-money by $0.50 ($23.00 – $22.50). The investor paid $5.00 for the call option, thus the net loss is –$4.50 ($0.50 – $5.00). 2.Mosaks, Inc., has a put option with a strike price of $105. If Mosaks stock price is $115 at expiration, the value of the put option is: A) $10. B) $0. C) $100. D) $105. The correct answer was B) The put has a value of $0 because it will not be exercised. Put value is MAX (0, X-S). 3.Consider a call option with a strike price of $32. If the stock price at expiration is $41, the value of the call option is: A) $0. B) $9. C) $32. D) $41. The correct answer was B) The call has a $9 ($41-$32) value at expiration, because the holder of the call can exercise his right to buy the stock at $32 and then sell the stock on the open market for $41. Remember, the intrinsic value of a call at expiration is MAX (0, S-X). 4.An investor purchases a stock for $40 a share and simultaneously sells a call option on the stock with an exercise price of $42 for a premium of $3/share. Ignoring dividends and transactions cost, what is the maximum profit that the writer of this covered call can earn if the position is held to expiration? A) $2. B) $5. C) $3. D) $8. The correct answer was B) This is an out of the money covered call. The stock can go up $2 to the strike price and then the writer will get $3 for the premium, total $5. | 
发表于 2008-4-10 16:00
|