"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.

View answer resolution

【Answer to question 1】B

【analysis】

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.

【Answer to question 2】C

【analysis】

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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