问题
单项选择题
An analyst does research about European option. An investor purchases a European put option with an exercise price of $38.60. If the stock price at expiration is $25.34 and the dividend yield is 3.5%, the payoff per share is closest to:（）
A. $11.91
B. $13.26
C. $14.61
答案
参考答案：B
解析：
收益为：$38.60-$25.34=$13.26。在计算期权价值如最大最小边界时，需要考虑未来预期股利的折现；在计算期权收益时，则只用考虑行权价和实际价格的差。题目中，是看跌期权，股票价格低于行权价时的支付是股票价格减去行权价。