单选题
Consider a stock put option with the following characteristics:
Type of option: put option on stock
Underlying asset: 100 shares of Compaq
Exercise price : $32.50 per share
Premium : $4.00 per share
Expiration date : November
Expiration-day price of Compaq stock were $28.50 per share, which of the following would describe the expiration-day profit/loss for the investors in the Compaq put option?
【正确答案】
C
【答案解析】LONG option: Max (0, X - S
T
) - P
T = Max ( 0, 32.50 - 28.50) - 4.00 = Max (0, 4.00 ) - 4.00 =4.00 -4.00 =0.
SHORT option : P
t
- Max ( 0, X - S
T
) = 4.00 - Max (0, 32.50 - 28.50 ) = 4.00 - Max ( 0, 4.00) =4.00-4.00=0.