请问Ｃ答案是如何做到duration和currency neutral的？还有“the long position in this contract is equivalent to buying the 5-year Treasury and financing it for 6 months”中的financing it for 6 months 是如何做到的？

12.单选题 已收藏 标记 纠错 A European call option and a European put option are written on the same underlying, and both options have the same expiration date and exercise price. At expiration, it is possible that both options will have: A negative values. B the same value. C positive values. 查看解析 上一题 下一题 正确答案B 您的答案B本题平均正确率：75% Factors affect the value of an option 难度：一般 推荐：      答案解析 问：A European call option and a European put option are written on the same underlying, and both options have the same expiration date and exercise price. 这里的“are written on ”和short没有关联？就是条约规范是吧？

这老师怎么翻译的，批发的基金？？？？？？？？？？而且大额存单的购买者不也是个人吗？？？？

04.单选题 已收藏 标记 纠错 A put option with an exercise price of 80 will expire in 73 days. No cash payments will be made by the underlying asset over the life of the option. If the underlying asset is at 75 and the risk-free rate of return is 5.0 percent, what are the lower bounds for an American put option and a European put option, respectively, closest to: A for an American put option is 4.22; for a European put option is 5.00. B for an American put option is 5; for a European put option is 4.22. C for an American put option is 4.22; for a European put option is 4.22. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：67% Factors affect the value of an option 难度：一般 推荐：      答案解析 问：这道题会算了。但是the lower bounds怎么翻译，是profit的意思吗？和valuation有关系吗

10.单选题 收藏 标记 纠错 What is the minimum value for a European put option? A Max(0,S-X) B Max[0,X/(1+RFR)T-S] C Max[0,S-X/(1+RFR)T] 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：81% Factors affect the value of an option 难度：一般 推荐：      答案解析 The lower bound for a European put ranges from zero to the present value of the exercise price less the prevailing stock price, where the exercise price is discounted at the risk-free rate. 问：1.为什么不考虑时间价值？2.折现应该是 T-t吧，当前时间不一定是t=0时刻？

07.单选题 已收藏 标记 纠错 Which of the following best describes an American put option on a stock? A is bounded by B can never sell for more than its intrinsic value. C will never sell for less than its intrinsic value. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：65% Factors affect the value of an option 难度：一般 推荐：      答案解析 At any time t, an American put will never sell below intrinsic value, but may sell for more than that. The lower bound is max [0, X-S]. 问：A中be bounded怎么翻译？错误的原因是什么

关于abs的问题：按照老师的例子，abs的流程是：融资人-金融公司-spv-投资者。在这个流程中，spv起到什么作用呢？老师讲的流程是spv作为发债人在金融市场发债，那么金融公司不可以直接发abs吗，为什么要通过spv?

公司理财，***老师讲义第52页的例题，计算Economic income，***老师说，除了常规公式算法，还有第二种更直接的算法是，V0*12%就是EC了，结果是一样的，没看懂这个逻辑。如果V0*wacc就可以计算EI，那还要公式EC=CF-ED作什么呢？网课视频截图如下，***老师的算法2，我用天蓝色框出来了。

课后第二题第四小题D 为什么是total variation /n-1 而不是n-2，谢谢。

为什么C要除以2呢？是一年付息2次吗