问题 问答题

一只股票现在的价格是40元,该股票一个月后价格将是42元或者38元。假如无风险利率是8%,用无风险套利原则说明,执行价格为39元的一个月期欧式看涨期权的价值是多少

答案

参考答案:

解析:一个月后期权的内在价值为:3元或0元。
假设股票与期权可构造一个组合,该组合一个月后为定值
用△股股票和1单位空头的call构造无风险组合,设V为该组合现值,则一个月前后组合的价值如下所示:


计算上述无风险组合的期末值及具体构成:42-3=38△
得:△=0.75
V△t=42×0.75-3=28.5
将上述无风险组合的期末值折现:
由上述无风险组合的期初值、具体构成及股票现价计算期权价格
设看涨期权现值为c,有40×0.75-c=28.31
得;c=1.69

阅读理解

School education is very important and useful. Yet no one can learn everything from school. A teacher, no matter how much he knows, can not teach his students everything they want to know. The teacher’s job is to show his students how to learn. He teaches them how to read and how to think. So much more is to be learned outside school by the students themselves.

It is always more important to know how to study by oneself than to learn some facts or a formula by heart. It is actually quiet easy to learn a certain fact in history or a formula(公式) in mathematics. But it is very difficult to use a formula in working out a maths problem. Great scientist, such as Einstein, Newton and Galileo, didn’t get everything from school. But they were all so successful and invented so many things for men. They worked hard all their lives, wasting not a single moment. They would ask many questions as they read and they did thousands of experiments.

小题1:According to the passage, a good teacher should be one who is to_________.

A.help his students to gain a good memory.

B.train his students’ ability to learn

C.teach his students everything he knows

D.have his students studying long hours小题2:If a student want to learn better, the most important thing for him to do is_______.

A.to learn all the useful facts and formula by heart

B.to do everything as his teacher have said in class

C.to absorb (吸收) as much knowledge from his teacher as possible

D.to think more while he is studying小题3:The main reason for the success of the great scientists is that________.

A.the teachers who had taught them were all experienced.

B.they used to work and study without a moment’s rest.

C.they had received more schooling than other people

D.they know how to study and worked hard小题4:What’s the good advice the writer gives us?

A.We can learn better without teachers

B.We should do more asking and thinking while studying

C.We should pay enough attention to classroom

D.Book knowledge is of little use

单项选择题