"Derivative"exercise:interest rate
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Questions 1:
The underlying in a forward rate agreement is most likely a(n):
A 、growth rate of an equity index.
B 、interest rate.
C 、exchange rate.
Questions 2:
Which of the following statements best describes a feature of an American option? Early exercise of an American:
A 、put option is optimal only if the underlying is dividend paying.
B 、call option is never optimal if the underlying is dividend paying.
C、 put option that is deep in the money may be optimal.
B is correct. The underlying in a forward rate agreement is an interest rate. A is incorrect. The underlying in a forward rate agreement is an interest rate. C is incorrect. The underlying in a forward rate agreement is an interest rate.
C is correct. For a deep-in-the-money put option, early exercise may be optimal because the additional upside is limited. A is incorrect. The fact that the underlying is dividend paying does not justify early exercise in the case of a put option. B is incorrect. Early exercise of a call option may be beneficial if a sufficiently high dividend can be captured.
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