国际金融IFinanceTestBank文档格式.docx

国际金融IFinanceTestBank文档格式.docx

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purchaseCanadiandollarfuturescontracts.

c.

purchaseCanadiandollarputoptions.

d.

purchaseCanadiandollarcalloptions.

ANS:

CPTS:

1

2.Graylon,Inc.,basedinWashington,exportsproductstoaGermanfirmandwillreceivepaymentof€200,000inthreemonths.OnJune1,thespotrateoftheeurowas$1.12,andthe3-monthforwardratewas$1.10.OnJune1,Graylonnegotiatedaforwardcontractwithabanktosell€200,000forwardinthreemonths.ThespotrateoftheeuroonSeptember1is$1.15.Graylonwillreceive$____fortheeuros.

224,000

220,000

200,000

230,000

B

SOLUTION:

€200,000$1.10=$220,000

PTS:

3.Theone-yearforwardrateoftheBritishpoundisquotedat$1.60,andthespotrateoftheBritishpoundisquotedat$1.63.Theforward____is____percent.

discount;

1.9

1.8

premium;

（F/S）−1=（$1.60/$1.63）−1=−1.8percent.

4.The90-dayforwardratefortheeurois$1.07,whilethecurrentspotrateoftheeurois$1.05.Whatistheannualizedforwardpremiumordiscountoftheeuro?

1.9percentdiscount.

1.9percentpremium.

7.6percentpremium.

7.6percentdiscount.

C

[（F/S）−1]360/90=7.6percent.

5.Thornton,Inc.needstoinvestfivemillionNepaleserupeesinitsNepalesesubsidiarytosupportlocaloperations.Thorntonwouldlikeitssubsidiarytorepaytherupeesinoneyear.Thorntonwouldliketoengageinaswaptransaction.Thus,Thorntonwould:

converttherupeestodollarsinthespotmarkettodayandconvertrupeestodollarsinoneyearattoday'

sforwardrate.

convertthedollarstorupeesinthespotmarkettodayandconvertdollarstorupeesinoneyearattheprevailingspotrate.

convertthedollarstorupeesinthespotmarkettodayandconvertrupeestodollarsinoneyearattoday'

convertthedollarstorupeesinthespotmarkettodayandconvertrupeestodollarsinoneyearattheprevailingspotrate.

6.IntheU.S.,thetypicalcurrencyfuturescontractisbasedonacurrencyvalueintermsof:

euros.

U.S.dollars.

Britishpounds.

Canadiandollars.

BPTS:

7.Currencyfuturescontractssoldonanexchange:

containamitmenttotheowner,andarestandardized.

containamitmenttotheowner,andcanbetailoredtothedesireoftheowner.

containarightbutnotamitmenttotheowner,andcanbetailoredtothedesireoftheowner.

containarightbutnotamitmenttotheowner,andarestandardized.

APTS:

8.Currencyoptionssoldthroughanoptionsexchange:

DPTS:

9.Currencyoptionsaremonlytradedthroughthe____system.

robot

Euro

GLOBEX

Scope

10.Forwardcontracts:

11.WhichofthefollowingisthemostlikelystrategyforaU.S.firmthatwillbereceivingSwissfrancsinthefutureanddesirestoavoidexchangeraterisk（assumethefirmhasnooffsettingpositioninfrancs）?

purchaseacalloptiononfrancs.

sellafuturescontractonfrancs.

obtainaforwardcontracttopurchasefrancsforward.

alloftheaboveareappropriatestrategiesforthescenariodescribed.

12.WhichofthefollowingisthemostunlikelystrategyforaU.S.firmthatwillbepurchasingSwissfrancsinthefutureanddesirestoavoidexchangeraterisk（assumethefirmhasnooffsettingpositioninfrancs）?

13.Ifyourfirme