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1.

Selling Currency Call Options. Mike Suerth sold a call option(買權) on Canadian dollars for $.01 per unit. The strike price was $.76, and the spot rate at the time the option was exercised was $.82. Assume Mike did not obtain Canadian dollars until the option was exercised. Also assume that there are 50,000 units in a Canadian dollar option. What was Mike’s net profit on the call option?

執行買權條件 : 現價>履約價→0.82>0.76 條件成立

Net profit = 50,000*(0.76-0.82+0.01)=-2,500 加幣

 

3.

Speculating with Currency Put Options. Alice Duever purchased a put option on British pounds for $.04 per unit. The strike price was $1.80 and the spot rate at the time the pound option was exercised was $1.59. Assume there are 31,250 units in a British pound option. What was Alice’s net profit on the option?

執行賣權條件 : 履約價>現價→1.8>1.59 條件成立

Net profit = 31,250*(1.8-1.59-0.04) = 5,312.5英鎊

 

4.

即期匯率=0.76

Possible Value of Australian Dollar

$0.72 → Net profit per unit = 0.72+0.01-0.76 = -0.03

$0.73 → Net profit per unit = 0.73+0.01-0.76 = -0.02

$0.74 → Net profit per unit = 0.74+0.01-0.76 = -0.01

$0.75 → Net profit per unit = 0.75+0.01-0.76 = 0

$0.76 → Net profit per unit = 0.76+0.01-0.76 = 0.01

 

5.

Call option, $0.02 per unit, strike price = $1.45, 即期匯率 = $1.46, 31,250units

Net profit = 31,250*(1.46-1.45-0.02) = 31,250*(-0.01) = -$312.5 英鎊

 

8.

Put option. $0.02 per unit. 即期匯率 = $0.86 per unit.

Possible Spot rate of Canadian Dollar on Expiration Date

$0.76 → Net profit per unit = 0.86-0.76-0.02 = 0.08

$0.79 → Net profit per unit = 0.86-0.79-0.02 = 0.05

$0.84 → Net profit per unit = 0.86-0.84-0.02 = 0

$0.87 → Net profit per unit = 0.86-0.87-0.02 = -0.03

$0.89 → Net profit per unit = 0.86-0.89-0.02 = -0.05

$0.91 → Net profit per unit = 0.86-0.91-0.02 = -0.07

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