replicate the performance of the index.
Since they cancel each other out, it is not required to reproduce the idiosyncratic (firm-specific) return components of an index. Instead, a replicating portfolio ought to reflect the risks that are common to all of the assets in the benchmark index.
Passive fund managers aim to replicate the performance of a specific market index, such as the S&P 500 or the FTSE 100, rather than trying to outperform or time the market. They achieve this by constructing their portfolios to closely mirror the composition and weightings of the underlying index. The objective is to match the returns of the index as closely as possible, rather than actively selecting and trading securities to beat the market.
Passive investing strategies, such as index funds or exchange-traded funds (ETFs), have gained popularity due to their lower costs, simplicity, and the belief that it is difficult for active fund managers to consistently outperform the market over the long term.
While passive fund managers do not aim to produce returns with less risk than the index (option d), their goal is to provide investors with returns that closely track the index's performance. By replicating the index, they offer investors exposure to the broad market and its returns, without attempting to outperform or time market movements.
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MetLife was able to dramatically expand its global footprint by acquiring Alico, a global player in the insurance business, from AIG in 2010 when AIG was in financial distress. This shows that not all diversification moves erode performance.
a) true
b) false
Answer:
True
Explanation:
It is true that not all diversification erodes performance. That is it is not all diversification moves that reduces performance or destroys it. Sometimes diversification could lead to greater risks or greater costs of investment. By diversifying and acquiring Alico metlife was able to increase and expand globally
a price-weighted index consists of firm a and firm b common stocks. the price of firm a common stocks increased from $100 to $120. the price of firm b common stocks decreased from $100 to $80. what is the return on this price-weighted index?
With the price of firm a common stocks increased from $100 to $120 and the price of firm b common stocks decreased from $100 to $80 , the return of price-weighted index is 0%.
A price-weighted index is calculated by adding up the prices of each stock in the index and dividing by the number of stocks. The return on the price-weighted index is determined by comparing the current index value to the previous index value.
Let's say the price-weighted index consists of two stocks, firm A and firm B. Initially, the prices of firm A and firm B are $100 and $100, respectively, and the index value is ($100 + $100) ÷ 2 = $100.
After the changes, the price of firm A increases to $120 and the price of firm B decreases to $80. The current index value would be ($120 + $80) ÷ 2 = $100.
To determine the return on the price-weighted index, we can calculate the percentage change in the index value:
(($100 - $100) ÷ $100) x 100 = 0%
In this case, the return on the price-weighted index is 0%, indicating that the index value has not changed. This is because the price increase of firm A was offset by the price decrease of firm B.
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Describe the internal control issue in the following situation. The mail clerk opens the mail, records the receipts, and turns this record and the receipts over to the bookkeeper, who deposits the receipts in the bank. The bookkeeper then records the receipts in the customer accounts.
The internal control issue in the situation with the mail clerk opening the mail and recording the receipts, and the bookkeeper recording the deposits, is Segregation of Duties.
What is the Segregation of Duties internal control ?The procedures, checks, and balances that must be put in place when a business expands are known as internal controls. Any component of your business, from IT to human resources, can be related to internal controls.
One important internal control is the separation of duties, which prevents employees from being able to commit fraud or errors while also covering them up while performing their regular duties.
The idea that managing a firm shouldn't be the responsibility of one person forms the cornerstone of segregation of roles. No one individual should be in charge of any task that could result in fraud or other illegal activities that could hurt the business.
This is why the mail clerk and the bookkeeper should not be doing the number of tasks that they do.
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Somebody help I'll give 30 points
Answer:
1. Salesforce helps their people feel good by giving back to the community. They also offer great challenges and rewards, and have open communication culture.
2. Cisco offers good benefits that focus on family and enabling people to combine parenthood with their jobs. It’s also a great place to learn and develop professionally.
3. Admiral allows people to give back to the community through charity. They have built a strong sense of belonging and believe in the importance of having fun so people bring their best to work.
Explanation:
Answer:
Happy meal wih a mcdoobale
Explanation:
Everybody should leave this app and go to question cove. You do not need any points to ask questions and you get correct answers in as little as 30 seconds. Not to mention you can easily message somebody without any problems.
Answer:
what happened to karlie
Explanation:
Suppose that the income velocity of money is falling by 0.6% per year and the money supply is growing by 2.9% per year.
If real GDP is constant, what will the inflation rate be over the year?
If real GDP is growing by 1.2% per year, what will the inflation rate be over the year?
Main Answer:
The inflation rate over the year, given the specified conditions, will be 3.5%.
Explanation:
The inflation rate can be calculated by subtracting the growth rate of real GDP from the sum of the growth rate of money supply and the negative growth rate of income velocity. In this case, with a constant real GDP, the inflation rate can be determined solely by the growth rate of money supply and the negative growth rate of income velocity.
The falling income velocity of money indicates that people are spending money less frequently, which can be a sign of reduced economic activity or a shift in saving behavior. A decline in income velocity tends to decrease the overall level of spending in the economy. On the other hand, an increasing money supply implies that there is more money circulating in the economy. This additional money can potentially lead to increased spending and higher prices.
When real GDP is constant, the growth rate of real GDP is zero. Therefore, the inflation rate is determined by the difference between the growth rate of money supply (2.9%) and the negative growth rate of income velocity (-0.6%). By subtracting -0.6% from 2.9%, we get an inflation rate of 3.5%.
In this scenario, the falling income velocity of money suggests that people are either spending less or saving more. When people spend less, it puts downward pressure on prices as the demand for goods and services decreases. However, the growth in the money supply counteracts this effect. With an increasing money supply, more money is available for spending, which can potentially drive up prices.
Given that real GDP is constant, there is no increase in the production of goods and services to meet the potential increase in demand resulting from the growing money supply. Therefore, the excess money supply can lead to inflationary pressures, causing the general price level to rise.
In summary, when income velocity is falling by 0.6% per year and the money supply is growing by 2.9% per year, and real GDP is constant, the inflation rate over the year will be 3.5%. This is because the growth in the money supply outpaces the decline in income velocity, leading to an overall increase in prices.
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3. A fine-dining restaurant has been making every- thing from scratch for the five years it has been open; it is the only operation in the area known for scratch- cooking. The management hires a new chef who does a make–buy analysis only to discover that she can get much better pricing on many of her products if she buys them premade. After a tasting comparison, she discovers that the premade products are of high quality and taste only slightly different from her own. Should she switch to the premade products? Would your answer be different if this decision took place when the restaurant first opened?
Answer:
No
Explanation:
The premade products could have been contaminated with any type of disease because she doesn't know what went inside whereas making it from scratch means she is able to monitor and remove and contaminated product.
:)
you have a portfolio that is 34 percent invested in stock r, 20 percent invested in stock s, with the remainder in stock t. the expected return on these stocks is 9.3 percent, 10.7 percent, and 13.0 percent, respectively. what is the expected return on the portfolio?
The expected return on the portfolio is 11.28 %
expected return = 0.34*9.3 + 0.20*10.7 + 0.46*13 = 11.28 %
A portfolio is a collection of monetary investments like shares, bonds, commodities, cash, and cash equivalents, along with closed-cease price range and alternate traded finances (ETFs). people commonly consider that stocks, bonds, and cash incorporate the middle of a portfolio.
A portfolio is a compilation of substances that exemplifies your beliefs, talents, qualifications, education, training and reports. It provides perception into your personality and paintings ethic.
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the principal of a mortgage loan is the
a. down payment minus the closing costs minus the purchase price
b. purchase price plus the closing costs minus the down payment
c. down payment plus the closing costs plus the down payment
d. purchase price minus the closing costs minus the down payment
The down payment less the closing charges less the purchase price is the mortgage loan's principle.
What does a mortgage look like in its simplest form?When you enter into a mortgage with a lender, you give the lender the right to seize the property if they are unable to make the loan amount back plus the interest. You might be able to get a mortgage loan that will enable you buy a new house using the worth of the an existing home as security.
Why do individuals use mortgages?Mortgage loans assist people in financing the purchase of real estate by taking a small portion of the property's overall worth as payment. How Do Mortgages Work A mortgage is a loan used to pay for the upkeep of a home, piece of land, or other kinds of rental properties.
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gerritt wants to buy a car that costs $27,250. the interest rate on his loan is 5.37 percent compounded monthly and the loan is for 6 years. what are his monthly payments?
Using the PMT function in excel, we get the monthly payment of the loan to be $443.55.
P = PV ×{ r/(1 − (1+r)−n )}
P is the value of each payment
PV is the Present Value of the Annuity
r is the interest rate per period as a decimal, so 10% is 0.10
n is the number of periods
For Gerritt: Pv =$27,250
N periods will be 12 periods for five years which is 60 period
R is 5.37% per year which is 5.37% /12 per month
r=\(\frac{5.37}{12}\)= \(\frac{0.4475}{100}\)
P = 27,250 x {0.4475/ (1-{1+0.4475}-60)
p= 27,250 x {0.4475/ (1-0.76805126)}
P= 27,250 x 0.4475/ 0.23194874
p=27,250 x 0.0190
P = $443.55.
An interesting price is the quantity of interest due in keeping with duration, as a percentage of the quantity lent, deposited, or borrowed (known as the foremost sum). the full hobby on an amount lent or borrowed relies upon the main sum, the interest charge, the compounding frequency, and the duration of time over which its miles lent deposited, or borrowed.
The annual interest fee is the price over a duration of three hundred and sixty-five days. different hobby prices observe over different durations, along with a month or a day, however, they're normally annualized. A corporation borrows capital from a financial institution to shop for assets for its business. In return, the financial institution charges the employer hobby. (The lender may additionally require rights over the brand-new assets as collateral.)
A bank will use the capital deposited by means of people to make loans to their clients. In return, the bank must pay individuals who've deposited their capital hobby. the quantity of interest payment depends on the hobby rate and the amount of capital they deposited.
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Three business partners share r150000 from investment profits as
follows. Shelly Ann gets 57000 and Shericka gets twice as much as
Elaine. How much money does Elaine receive?.
Let Elaine's share of the profits be x. Then we can say that Shericka's share is twice as much, so Shericka's share is 2x. We know that Shelly Ann gets 57000, and we also know that the total amount shared is R150000, so: x + 2x + 57000 = 150000 Simplifying this equation, we get:3x + 57000 = 150000 Now subtract 57000 from both sides to isolate the variable 3x = 93000 Now divide by 3 to solve for x:x = 31000 Therefore, Elaine receives R31000 from the profits.
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The graph presents a production possibilities curve, or frontier, PPF for the nation of New Carnitas. Each point on this curve represents a combination of steak and potatoes that this country can produce given its resources and technology. Based on the information in the graph, place the points as indicated.
Point A is an attainable and efficient combination of steak and potatoes.
Point B is consistent with the full employment of available resources.
Between points C and D, the opportunity cost of 1 pound of steak is 2 pounds of potatoes.
Between points E and F, the opportunity cost of 1 pound of potatoes is 3 pounds of steak.
Point G represents an unattainable combination of steak and potatoes.
Point H represents an inefficient use of New Carnitas's resources.
Given that the graph is not shown here these are the basic points in a production possibility curve.
The attainable point in a production possibility curve
This is the point that lies on the curve of the PPC. This point can be produced by the resources that are available at the moment.
The full employment of resources on the PPCThis is the point that has all the resources in the economy being used in the production of goods and resources.
The unattainable point in a PPCThe unattainable point in the curve is the point that is outside of the curve. At this point the resources available cannot be used for production.
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Short-run macroeconomic equilibrium occurs when the quantity of _____ demanded equals the quantity of _____ supplied at the point of intersection of the _____ curve and the _____ curve.
At the point where the AD curve and the SAS curve intersect, short-run macroeconomic equilibrium takes place when the amount of real GDP provided and required is equal.
The value of all goods and services generated by an economy in a given year is reflected in real gross domestic product (GDP), a metric that equilibrium adjusts for inflation. In base-year prices, real GDP is represented. The terms constant-price GDP, inflation-corrected GDP, and constant dollar GDP are frequently used to describe it. Simply explained, real GDP is the entire economic production of a nation that has been equilibrium modified to account for price fluctuations.
A macroeconomic metric known as real GDP accounts for inflation to determine the true value of the products and services generated by an economy over a certain time period. It essentially quantifies the overall economic production of a nation after accounting for price variations.
Governments track nominal and real GDP to measure economic expansion and purchasing power over time. This is accomplished equilibrium through the use of the GDP price deflator, also known as the implicit price deflator, which tracks changes in the cost of all products and services produced inside an economy.
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what is the study of business
Explanation:
The study of business is about how individuals and groups of people organise, plan, and act to create and develop goods and services to satisfy customers. Business is influenced by and impacts on the cultural, ethical, environmental, political, and economic conditions of the day
Explanation:
business studies is an academic subjects taught in many schools and higher education institutions in the world .
How is a federal loan different from a private loan for an education?
A federal loan is available for any student who meets the government’s lending standards. A private loan is only available for students who show a need.
A federal loan is only available for students who show a need. A private loan is available for any student who meets the bank’s lending standards.
A federal loan can only be used to pay for a student’s tuition. A private loan can be used to pay for a student’s tuition and any other expenses.
A federal loan can be used to pay for a student’s tuition and any other expenses. A private loan can only be used to pay for a student’s tuition.
Answer:
A federal loan is only available for students who show a need. A private loan is available for any student who meets the bank’s lending standards.
Explanation:
Federal student loans are funded by the government using public resources. The terms and conditions of Federal student loans are as set out in the law governing the loans. Qualification, as set out, is on a need basis. Federal student loans have more benefits, including low fixed interest rates and demand for repayment after leaving college.
Private loans are issued by other lenders, such as commercial banks. Qualification for such a loan is meeting the terms and conditions set out by the lending organizations. Banks and other lenders always insist on repayment while students are still in school. Private loans are much expensive compared to federals loans.
Answer:
B
Explanation:
just took the test
You should inform the person who is writing your letter of recommendation of
all of the following things except
A. where you are applying and why.
B. when the letter is due.
C. what you would like him or her to write.
D. what type of financial aid you are seeking.
Answer:
D.what type of financial aid you are seeking
Suppose that Dent Carr’s long-run total cost of repairing s cars per week is c(s) = 3s2 + 75. If the price he receives for repairing a car is $36, then in the long run, how many cars will he fix per week if he maximize profits?
a. 0
b. 12
c. 9
d. 6
e. 18
To maximize profits, Dent Carr should produce at the level of output where marginal cost (MC) equals marginal revenue (MR), which is the price he receives for repairing a car. In this case, MC is the derivative of the total cost function: MC = 6s. Since the price is $36, MR is also $36. Therefore, we can set up the equation:
MC = MR
6s = 36
s = 6
So Dent Carr should fix 6 cars per week to maximize profits. The answer is (d) 6.
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Holmes Products, Inc. , produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department:
Direct Materials Conversion Costs
Units completed 25,000 25,000
Units, ending work in process ×
Percentage complete:
8,000 × 100% 8,000 —
8,000 × 50% — 4,000
Equivalent units of output 33,000 29,000
Costs assigned to beginning work in process: direct materials, $80,000; conversion costs, $19,250. Manufacturing costs incurred during April: direct materials, $118,000; conversion costs, $220,000. Holmes uses the weighted average method.
Required:
1. Compute the unit cost for April. If required, round your answer to the nearest cent.
2. Determine the cost of ending work in process and the cost of goods transferred out
1. The unit cost for April. If required, round your answer to the nearest cent is $13.75 per unit.
2. The cost of ending work in process and the cost of goods transferred out is 343750.
Direct conversion total
materials cost cost
cost to be accounted for
Beginning Work in process 90,000 33,750 123,750
Added during the year 75,000 220,000 295,000
Total cost (a) 165,000 253,750 418,750
EUP (b) 33,000 29,000
cost per unit c=a/b 5 8.75 13.75
1) unit cost = $13.75 per unit
2) Cost of ending work in the process
direct materials 8000*5= 40000
conversion cost 4000*8.75= 35000
Cost of ending work in process= 75000
cost of goods transferred out=
25,000*13.75 343750
Conversion expenses are the ones production costs required to transform raw substances into finished merchandise. The idea is utilized in price accounting to derive the value of the finishing stock, which is then suggested within the balance sheet. Conversion prices are a time period used in fee accounting that represents the mixture of direct exertions expenses and production overhead charges.
In other words, conversion prices are a manufacturer's product or production costs aside from the cost of a product's direct materials. The time period conversion fees frequently appear inside the calculation of the price of an equal unit in a procedure costing system. Conversion prices are calculated by absolutely including all direct exertions prices and production overhead prices. Direct hard work expenses are the exertions expenses that can be without delay traced to a product.
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Roasters Corporation and Outdoor Barbecues, Inc, enter into a contract for a sale of a commercial grill. The contract requires Roasters to deliver the goods to Speedy Delivery Company for transport to Outdoor. Risk of loss passes to Outdoor when
A) Roasters delivers the goods to Speedy
B) Roasters and Outdoor enter into their contract.
C) Speedy transports the goods to Outdoor.
D) Outdoor begins to use the grill.
Answer:
D
Explanation:
DGFGDGFGGDGFGDGFGF GANG
Simone does not understand why she has been unsuccessful at finding a new job. She says, "i am the best at creating marketing campaigns and i’ve been extremely successful at getting and maintaining high profile clients. No one is better than me. " what is the best advice to give her?.
The best advice to give her, since she is the best at creating marketing campaigns and been extremely successful at getting and maintaining high profile clients then she should start the marketing campaigns organization.
What is marketing campaigns?
A marketing campaign can be described as the strategic sequence which encompass the process that is needed in the promotion of a company as well as a firm in the company.
Therefore, since she have the understanding and she is good at making promotion of businesses as well as promoting the brand as well as the product of the company having many clients that she is working for, then she should start a marketing campaigns for different firms because she will be successful at it.
In this case she can ,make use of events, and digital media to do the business and with time, she will be well known at it and will become successful and make more profit from it.
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Explain the difference between fixed costs and variable costs for firms, using Internet grocery shopping as an example.
Explanation:
Fixed cost is the cost that is constant for each unit of the item produced and does not depend upon the quantity of production. Fixed cost may include rent payment, insurance, interest payment.
whereas variable cost are cost that vary with quantity of output produced. It may include, labor cost, commissions, raw material, etc.
For Internet grocery shopping fixed cost can be cost of storing the grocery, insurance of inventory, electricity payment, cost of delivery to the customer, etc. whereas variable cost may be discount offered on quantity of purchase, Sale offers to attract customers, etc.
The first insurance company in the United States was
The first insurance company in the United States was the Philadelphia Contribution ship for the Insurance of Houses from Loss by Fire, founded in 1752 by Benjamin Franklin and his associates.
The company was established in response to the frequent and devastating fires that occurred in colonial Philadelphia. Details are as follows:
Founding: The Philadelphia Contribution ship was founded on February 13, 1752, with a mission to provide financial protection to homeowners in the event of fire-related losses.
Structure: The company operated as a mutual insurance company, meaning it was owned by its policyholders rather than external shareholders. Policyholders shared the risk collectively and contributed to a common fund to cover losses.
Fire Insurance: The primary focus of the Contributions hip was fire insurance. It offered policies to homeowners to protect their houses, buildings, and other property from fire-related risks.
Premiums and Policies: Policyholders paid premiums to the company based on the value of their insured property. In return, they received a policy that detailed the terms and conditions of their coverage.
Growth and Legacy: The Philadelphia Contribution ship played a significant role in shaping the insurance industry in the United States. It set a precedent for the establishment of other insurance companies across the country.
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Hey, can I please get some help? Thank you!
2.When interest rates are rising, both businesses and consumers will cut back on spending. This will cause earnings to fall and stock prices to drop. ... As interest rates move up, the cost of borrowing becomes more expensive. This means that demand for lower-yield bonds will drop, causing their price to drop.
an auditor discovers several immaterial errors that the auditor determines do not, individually or in the aggregate, cause the financial statements to be materially misstated. the auditor proposes adjusting entries to the client, who refuses to correct the errors. which of the following best summarizes the steps the auditor should take?
If the client refuses to correct the immaterial errors, the auditor should issue a qualified opinion or a disclaimer of opinion.
According to the Generally Accepted Auditing Standards (GAAS), if the auditor proposes adjusting entries to correct immaterial errors and the client refuses to make the adjustments, the auditor should consider issuing a qualified opinion or a disclaimer of opinion. A qualified opinion is issued when the financial statements are materially correct but there is a limitation to the scope of the audit or there is a departure from the Generally Accepted Accounting Principles (GAAP).
A disclaimer of opinion is issued when the auditor is unable to obtain sufficient evidence to express an opinion on the financial statements. In this case, since the errors are immaterial, the financial statements are not materially misstated, but the client's refusal to make the adjustments represents a departure from the GAAS and warrants a qualified opinion or a disclaimer of opinion.
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Suppose a cohort of 25,000 people become unemployed. You are told that the job finding rate for this group depends on the elapsed duration of the unemployment spell as follows: Job Finding Rate Spell Duration (months) 1 2 3 4 5 0. 60 0. 20 0. 20 0. 20 0. 20 0. 10 6
a) Explain in economic terms why the job finding rate might decline with spell duration. B) Calculate how many unemployment months this cohort will experience in total. C) Compute the fraction of (out of 25,000) who will be "long-term" unemployed, here defined as having unemployment spells of 5 months or longer. D) What fraction of unemployment months do this long-term unemployed group account for? e) For this cohort, does the "unemployment problem" seem to be too many job losses or too many long spells?
Which of the following is not an objective of proactive scanning? Identify and define potential opportunities and threats. Paint a picture of the future 20+ years into the future. Detect important cultural, economic, legal, political, and technological events and trends. Promote an adaptable, forward-looking mind-set among managers and employees. Help managers understand the company’s strengths and weaknesses.
The option that is not an objective of proactive scanning is: Paint a picture of the future 20+ years into the future.
What is proactive scanning?Proactive scanning is the use of automated tools to detect suspicious programs/contents in library, driver, and executable files.
This scanning method can be used to detect threats and important events. They could also serve useful functions to employers and managers.
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In business relations, all of the following are influenced by our personal ethics except which one job titles, thoughts, actions, words, and behavior.
In business relations, all of the following are influenced by our personal ethics except Job titles .
In a perfect world, businesses would reconcile social duty with revenue. An internal assessment of a company's social impact is called a social audit. The Fundamental Ethics Principles.
The practice of ethics in business is known as business ethics. The application of general ethical principles to corporate action is known as business ethics. Ethical corporate conduct supports and facilitates social good, increases profitability, fosters business relationships, and increases employee productivity.
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She discovers that her local power company has a program where she can get on the job experience and go to school. What kind of program is this
This program sounds like a type of apprenticeship or co-op program.
Apprenticeship programs are typically offered by companies in skilled trades such as construction, electrical, and mechanical work, and provide on-the-job training and education to individuals seeking to learn a trade and gain practical experience. In this case, the power company offers such an opportunity. This program allows the individual to work for the company while also attending school to gain knowledge in their field of interest. It is a great way for someone to gain experience and develop skills in their chosen field, while also earning money and potentially getting a foot in the door for a full-time job.
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The following is a Binomial Option Pricing Model question. There will be 7 questions asked about it. Since the order of questions chosen is random, I suggest you solve the following all at once and choose your answer to each part as it comes up.You will be asked the following questions:1. What are the values of the calls at maturity, t=2?2. What are the values of the calls at t =1?3. What is the initial (t = 0) fair market price of the call?4. What is the initial (t = 0) hedge ratio?5. What are the hedge ratios at t = 1?6. If one call was written initially, what is the value of the hedged portfolio one period later (t = 1)?7. If the stock moves down in period 1 how would you adjust your t = 0 hedge by trading only stock?
The Binomial Option Pricing Model is a mathematical model used to value options by breaking down the option into a series of two possible future stock prices and calculating the expected value of the option at each step. The model assumes that the stock price can either go up or down by a certain amount in each period, and the probabilities of each outcome are known.
We would need more information about the specific option being priced, such as the strike price and the current stock price. Once we have that information, we can use the Binomial Option Pricing Model to calculate the values of the calls at each period, the fair market price of the call at t=0, and the hedge ratios at each period.
The explanation for question 6 is that if one call was written initially and we want to hedge it, we would need to buy a certain amount of the underlying stock to offset any potential losses from the option. The value of the hedged portfolio at t=1 would depend on the stock price movement and the hedge ratio used.
For question 7, if the stock moves down in period 1, we would need to buy more stock to maintain the hedge ratio and offset the potential loss from the option. The amount of stock we would need to buy would depend on the new stock price and the hedge ratio.
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Select the correct answer from the drop-down menu. Which type of college credit program does the statement describe? The program is one of the more common ways to get college credi you must take at the end of the course. Reset
Answer:
scholarship
i wanna say its that but
can we see the drop down menu?
Explanation:
Answer:
can we see what's in the drop down menu
But I'm pretty sure its a scholarship
Explanation: