RMFI Software - Version 1.

00
For Excel 2000 and more recent versions of Excel

This is the Options Calculator Software that has been designed to

accompany John Hull's book:

"Risk Management and Financial Institutions" 4/E

Important: Do not forget to enable Macros. If you are using Office 2007 you will have to
click on the Options button and choose "Enable this content"

© A-J Financial Systems, Inc., 2016

on 1.00

n designed to

itutions" 4/E

07 you will have to

ent"
 Equity_FX_Indx_Fut_Opts_Calc

Equity
Underlying Type: Time (Yrs) Dividend Chart: Progress: 100.00%

Option price
0.5 1 Vertical (Y) Axis: Strike Price Option Price
0.75 1 40.0000 11.0312
40.1005 10.9539

Strike price
Stock Price: 50.00 Horizontal (X) Axis: 40.2010 10.8765
Volatility (% per year): 40.00% 40.3015 10.7992
Risk-Free Rate (% per year): 10.00% 40.4020 10.7218
Minimum X value: 40 40.5025 10.6445
Maximum X value: 60 40.6030 10.5671

Imply Volatility
Binomial: American
Option Type: Number of X Values: 200 40.7035 10.4898
40.8040 10.4124

Put
40.9045 10.3351
Life (Years): 0.4167 ●
41.0050 10.2577

Call
Strike Price: 50.00 41.1055 10.1804
Tree Steps: 5 41.2060 10.1030
●

41.3065 10.0256
41.4070 9.9531
41.5075 9.8879
Results: 41.6080 9.8226
Price: 4.48845853 41.7085 9.7574
Delta (per $): -0.4145299 41.8090 9.6921
Gamma (per $ per $): 0.03414557 41.9095 9.6269
Vega (per %): 0.16368622 42.0101 9.5616
Theta (per day): -0.0117915 42.1106 9.4964
Rho (per %): -0.0840234 42.2111 9.4312
42.3116 9.3659
42.4121 9.3007
42.5126 9.2354
12.0000
42.6131 9.1702
42.7136 9.1049
42.8141 9.0397
10.0000
42.9146 8.9744
Option Price

43.0151 8.9092
43.1156 8.8439
8.0000 43.2161 8.7787
43.3166 8.7134
43.4171 8.6482
6.0000 43.5176 8.5829
43.6181 8.5177
43.7186 8.4525
43.8191 8.3872
4.0000
43.9196 8.3220
44.0201 8.2567
44.1206 8.1915
2.0000
44.2211 8.1262
44.3216 8.0610
44.4221 7.9957
0.0000 44.5226 7.9305
40.0000 42.0000 44.0000 46.0000 48.0000 50.0000 52.0000 54.0000 56.0000 58.0000 60.0000 44.6231 7.8652
Strike Price 44.7236 7.8000
44.8241 7.7347
44.9246 7.6695
45.0251 7.6042
45.1256 7.5390
45.2261 7.4738
45.3266 7.4085
45.4271 7.3433
45.5276 7.2780
45.6281 7.2128
45.7286 7.1491
45.8291 7.0984
45.9296 7.0477
46.0302 6.9971
46.1307 6.9464
46.2312 6.8957
46.3317 6.8450
46.4322 6.7943
46.5327 6.7436
46.6332 6.6929
46.7337 6.6422
46.8342 6.5915
46.9347 6.5408
47.0352 6.4901
47.1357 6.4394
47.2362 6.3887
47.3367 6.3381
47.4372 6.2874
47.5377 6.2367
47.6382 6.1860
47.7387 6.1353
47.8392 6.0846
47.9397 6.0339
48.0402 5.9832
48.1407 5.9325
48.2412 5.8818
48.3417 5.8311
48.4422 5.7804
48.5427 5.7297
48.6432 5.6790
48.7437 5.6284
48.8442 5.5777
48.9447 5.5270
49.0452 5.4763
49.1457 5.4256
49.2462 5.3749
49.3467 5.3242
49.4472 5.2735
49.5477 5.2228
49.6482 5.1721
49.7487 5.1214
49.8492 5.0707
49.9497 5.0200
50.0503 4.9694
50.1508 4.9187
50.2513 4.8680
50.3518 4.8173
50.4523 4.7666
50.5528 4.7199
50.6533 4.6842
50.7538 4.6485
50.8543 4.6129
50.9548 4.5772
51.0553 4.5415
51.1558 4.5058
51.2563 4.4701
51.3568 4.4344
51.4573 4.3987
51.5578 4.3630
51.6583 4.3273
51.7588 4.2916
51.8593 4.2559
51.9598 4.2202
52.0603 4.1845
52.1608 4.1488
52.2613 4.1131
52.3618 4.0774
52.4623 4.0417
52.5628 4.0060
52.6633 3.9704
52.7638 3.9347
52.8643 3.8990
52.9648 3.8633
53.0653 3.8276
53.1658 3.7919
53.2663 3.7562
53.3668 3.7205
53.4673 3.6848
53.5678 3.6491
53.6683 3.6134
53.7688 3.5777
53.8693 3.5420
53.9698 3.5063
54.0704 3.4706
54.1709 3.4349
54.2714 3.3992
54.3719 3.3636
54.4724 3.3279
54.5729 3.2922
54.6734 3.2565
54.7739 3.2208
54.8744 3.1851
54.9749 3.1494
55.0754 3.1137
55.1759 3.0780
55.2764 3.0423
55.3769 3.0066
55.4774 2.9709
55.5779 2.9352
55.6784 2.8995
55.7789 2.8638
55.8794 2.8334
55.9799 2.8110
56.0804 2.7885
56.1809 2.7661
56.2814 2.7436
56.3819 2.7212
56.4824 2.6987
56.5829 2.6763
56.6834 2.6538
56.7839 2.6314
56.8844 2.6089
56.9849 2.5865
57.0854 2.5640
57.1859 2.5416
57.2864 2.5192
57.3869 2.4967
57.4874 2.4743
57.5879 2.4518
57.6884 2.4294
57.7889 2.4069
57.8894 2.3845
57.9899 2.3620
58.0905 2.3396
58.1910 2.3171
58.2915 2.2947
58.3920 2.2722
58.4925 2.2498
58.5930 2.2273
58.6935 2.2049
58.7940 2.1825
58.8945 2.1600
58.9950 2.1376
59.0955 2.1151
59.1960 2.0927
59.2965 2.0702
59.3970 2.0478
59.4975 2.0253
59.5980 2.0029
59.6985 1.9804
59.7990 1.9580
59.8995 1.9355
60.0000 1.9131

Page 3
 2.16306 1.771632 1.275943 0.60544274 Pm: 66.632%
4.015% 3.987% 3.962% 3.938% Pd: 15.747%

112.3922 111.5353 110.662307 Pu: 18.612%

6.142178 5.910323 5.66230658 Pm: 66.526%
3.225% 3.205% 3.185% Pd: 14.862%

116.1587 115.122244 Pu: 19.637%

10.53372 10.1222444 Pm: 66.350%
2.592% 2.577% Pd: 14.012%

119.02632
14.0263203
2.084%
Node Time:
0.000 0.375 0.750 1.125 1.500
Accrual:
0.000 1.875 1.250 0.625 0.000
 CDS Data Default Rate Data Term Structure
Life(Yrs) Spread (bp) Time (Yrs) Hazard Rate Time (Yrs) Rate (%)
1 123.00 1 2.00% 2 5.000% Cont. Compou
2 123.00 0.016
3 123.00
4 123.00 0.014
5 123.00
10 123.00 0.012

0.01

0.008

0.006

0.004

● Calculate Spreads 0.002

Recovery Rate 40.00% Imply Hazard Rates
0
Payment Frequency: Annual 0 2 4
 Cont. Compounded Hazard Rates
16

14

12

01

08

06

04

02

0
0 2 4 6 8 10 12
Time (Yrs)
 CD0 Data Default Rate Data Term Structure
Time (Yrs) Hazard Rate Time (Yrs)
Life (Years) 5 0 0.500% 0
Recovery Rate 40.0% 0.5 1.000% 1
Number of Names 125 1 1.250% 2
No. of Integration Points 8 2 1.000% 3
5 1.000% 4
Payment Frequency: Quarterly 10 1.000% 5
6
7
8
9
10

Imply Corr.

Attachment Point (%) Detachment Point (%) Spread (bp) Upfront (%) Tranche Corr
10.00% 15.00% 43.56 0.1883 Calculate Upfront
0.00% 3.00% 500.00 40.699% 0.2000 ✘ Calculate Upfront
0.00% 6.00% 1247.48 0.0860 Calculate Upfront
0.00% 10.00% 630.01 0.2799 Calculate Upfront
0.00% 20.00% 305.34 0.4637 Calculate Upfront
 Term Structure
Rate (%)
3.000%
3.664%
4.180%
4.583%
4.896%
5.140%
5.331%
5.479%
5.594%
5.684%
5.754%

ExpLoss PVPmts Base Corr.

culate Upfront 1.922% 4.4118
culate Upfront 55.127% 2.8858
culate Upfront 42.164% 3.3799
culate Upfront 24.119% 3.8283
culate Upfront 12.601% 4.1268
Function 16: Black_Scholes(S, K, r, q, vol, T, IsCall, IsFut, Divs, Result)
Carries out Black-Scholes calculations for European options on stocks, stock indices, currencies and futures
Arguments:
S 50 Asset Price
K 50 Strike price
r 0.05 Domestic risk-free rate
q 0.02 Dividend yield for stock index options, foreign risk free rate for currency options (Enter 0 if this paramet
vol 0.25 Volatility. BUT Enter Price if Implied Volatility is to be calculated (i.e. Result=6)
T 1 Time to maturity (yrs)
IsCall 1 TRUE if call, FALSE if put
IsFut 0 TRUE if futures option, FALSE otherwise
Divs Array containing time to dividend payment and size of dividend payment in cols 1 and 2. (Leave blank if
Result 0 0=Price; 1=Delta; 2=Gamma; 3=Vega; 4=Theta; 5=Rho; 6=Implied Vol

Example: #VALUE! Continuous Dividends Dividends

#VALUE! Discrete Dividends 0.5 1
0.75 1

Function 17: TreeEquityOpt(S, K, r, q, vol, T, IsCall, IsFut, Divs, IsAmerican, nSteps, Result)
Carries out binomial tree calculations for European or American options on stocks, stock indices, currencies, and futures
Arguments:
S 50 Asset Price
K 50 Strike price
r 0.05 Domestic risk-free rate
q 0.02 Dividend yield for stock index options, foreign risk free rate for currency options (Enter 0 if this paramet
vol 0.25 Volatility. BUT Enter Price if Implied Volatility is to be calculated (i.e. Result=6)
T 1 Time to maturity (yrs)
IsCall 1 TRUE if call, FALSE if put
IsFut 0 TRUE if futures option, FALSE otherwise
Divs Array containing time to dividend payment and size of dividend payment in cols 1 and 2. (Leave blank if
IsAmerican 0 TRUE if American option, FALSE if European option
nSteps 25 Number of time steps on tree
Result 0 0=Price; 1=Delta; 2=Gamma; 3=Vega; 4=Theta; 5=Rho; 6=Implied Vol

Example: #VALUE! Continuous Dividends

#VALUE! Discrete Dividends

Function 18: BinaryOption(S, K, r, q, vol, T, IsCall, IsFut, Divs, IsCash, Result)

Carries out calculations for binary options on stocks, stock indices,currencies and futures
Arguments:
S 50 Asset Price
K 50 Strike price
r 0.05 Domestic risk-free rate
 q 0.02 Dividend yield for stock index options, foreign risk free rate for currency options (Enter 0 if this paramet
vol 0.25 Volatility. BUT Enter Price if Implied Volatility is to be calculated (i.e. Result=6)
T 1 Time to maturity (yrs)
IsCall 1 TRUE if call, FALSE if put
IsFut 0 TRUE if futures option, FALSE otherwise
Divs Array containing time to dividend payment and size of dividend payment in cols 1 and 2. (Leave blank if
IsCash 1 TRUE if Cash or Nothing, FALSE if Asset or Nothing
Result 0 0=Price; 1=Delta; 2=Gamma; 3=Vega; 4=Theta; 5=Rho; 6=Implied Vol

Example: #VALUE! Continuous Dividends Dividends

#VALUE! Discrete Dividends 0.5 1
0.75 1

Function 19: BarrierOption(S, K, r, q, vol, T, IsCall, IsFut, H, IsUp, IsIn, Result)

Carries out calculations for barrier options on non-dividend-paying stocks, stock indices, currencies and futures
Arguments:
S 50 Asset Price
K 50 Strike price
r 0.05 Domestic risk-free rate
q 0.02 Dividend yield for stock index options, foreign risk free rate for currency options (Enter 0 if this paramet
vol 0.25 Volatility. BUT Enter Price if Implied Volatility is to be calculated (i.e. Result=6)
T 1 Time to maturity (yrs)
IsCall 1 TRUE if call, FALSE if put
IsFut 0 TRUE if futures option, FALSE otherwise
H 60 Barrier
IsUp 1 TRUE if Up option; FALSE if Down option
IsIn 0 TRUE if In option; FALSE if Out option
Result 0 0=Price; 1=Delta; 2=Gamma; 3=Vega; 4=Theta; 5=Rho; 6=Implied Vol

Example: #VALUE!

Function 20: AverageOption(S, K, r, q, vol, T, IsCall, IsFut, CurrAve, TimeSoFar, Result)

Carries out calculations for Asian options on non-dividend-paying stocks, stock indices, currencies and futures
Arguments:
S 50 Asset Price
K 50 Strike price
r 0.05 Domestic risk-free rate
q 0.02 Dividend yield for stock index options, foreign risk free rate for currency options (Enter 0 if this paramet
vol 0.25 Volatility. BUT Enter Price if Implied Volatility is to be calculated (i.e. Result=6)
T 1 Time to maturity (yrs)
IsCall 1 TRUE if call, FALSE if put
IsFut 0 TRUE if futures option, FALSE otherwise
CurrAve 50 Current Average (irrelevant if a new instrument)
TimeSoFar 0 Time since beginning of averaging in years (zero for a new instrument)
 Result 3 0=Price; 1=Delta; 2=Gamma; 3=Vega; 4=Theta; 5=Rho; 6=Implied Vol

Example: #VALUE!

Function 21: ChooserOption(S, K, r, q, vol, T, IsFut, TimeToChoice, Result)

Carries out calculations for chooser options on non-dividend-paying stocks, stock indices,currencies and futures
Arguments:
S 50 Asset Price
K 50 Strike price
r 0.05 Domestic risk-free rate
q 0.02 Dividend yield for stock index options, foreign risk free rate for currency options (Enter 0 if this paramet
vol 0.25 Volatility. BUT Enter Price if Implied Volatility is to be calculated (i.e. Result=6)
T 1 Time to maturity (yrs)
IsFut 0 TRUE if futures option, FALSE otherwise
eToChoice 0.35 Time until choice between call and put has to be made
Result 0 0=Price; 1=Delta; 2=Gamma; 3=Vega; 4=Theta; 5=Rho; 6=Implied Vol

Example: #VALUE!

Function 22: CompoundOption(S, K1, r, q, vol, T1, IsCall, IsFut, K2, T2, IsOptionOnCall, Result)
Carries out calculations for compound options on non-dividend-paying stocks, stock indices,currencies and futures
Arguments:
S 50 Asset Price
K1 5 First Strike Price
r 0.05 Domestic risk-free rate
q 0.02 Dividend yield for stock index options, foreign risk free rate for currency options (Enter 0 if this paramet
vol 0.25 Volatility. BUT Enter Price if Implied Volatility is to be calculated (i.e. Result=6)
T1 0.35 Time to first exercise
IsCall 1 True if first option a call, FALSE if first option a put
IsFut 0 TRUE if futures option, FALSE otherwise
K2 50 Second strike price
T2 1 Time to second exercise
tionOnCall 1 TRUE if second option is a call, FALSE if second option is a put
Result 0 0=Price; 1=Delta; 2=Gamma; 3=Vega; 4=Theta; 5=Rho; 6=Implied Vol

Example: #VALUE!

Function 23: LookbackOption(S, r, q, vol, T, IsCall, IsFut, IsFixedLookback, Smax, Smin, K, Result)
Carries out calculations for lookback options on non-dividend-paying stocks, stock indices,currencies and futures
Arguments:
S 50 Asset Price
r 0.05 Domestic risk-free rate
 q 0.02 Dividend yield for stock index options, foreign risk free rate for currency options (Enter 0 if this paramet
vol 0.25 Volatility. BUT Enter Price if Implied Volatility is to be calculated (i.e. Result=6)
T 1 Time to maturity (yrs)
IsCall 1 TRUE if lookback call, FALSE if lookback put
IsFut 0 TRUE if futures option, FALSE otherwise
edLookback 1 TRUE for fixed lookback
Smax 50 Maximum price to date (equals to current price if a new instrument)
Smin 50 Minimum price to date (equals current price if a new instrument)
K 55 Strike price for Fixed Lookback; Ignored otherwise
Result 1 0=Price; 1=Delta; 2=Gamma; 3=Vega; 4=Theta; 5=Rho; 6=Implied Vol

Example: #VALUE!

Function 24: EPortfolio(t, S, IsFut, r, q, Divs, vol, Portfolio, Result)

Carries out calculations for a portfolio of options on a non-dividend-paying stock, stock index, currency, or futures
Arguments:
t 0.2 Valuation date (years from today >=0)
S 50 Asset price
IsFut 0 TRUE if underlying is a futures price; FALSE otherwise
r 0.05 Domestic risk-free rate
q 0.02 Dividend yield for stock index options, foreign risk free rate for currency options (Enter 0 if this paramet
Divs Array containing time to dividend payment and size of dividend payment in cols 1 and 2. (Leave blank if
vol 0.25 Volatility
Portfolio Array defining portfolio. See below
Result 0 0=Price; 1=Delta; 2=Gamma; 3=Vega; 4=Theta; 5=Rho

Portfolio definition:
Type
Underlying 0 Number
ack Scholes 1 Number K T IsCall
uityOption 2 Number K T IsCall nSteps IsAmerican
naryoption 3 Number K T IsCall IsCash
rierOption 4 Number K T IsCall Barrier IsUp IsIn
rageOption 5 Number K T IsCall CurrAve TimeSoFar
serOption 6 Number K T TimeToChoice
undOption 7 Number K1 T1 IsCall K2 T2 IsOptOnCall
ackOption 8 Number K T IsCall IsFixedLookback Smax Smin

Sample Portfolio
Type Number
Underlying 0 -2
ack Scholes 1 50 55 0.5 1
ack Scholes 1 50 48 0.75 1
uityOption 2 100 50 0.5 0 50 1
Example: #VALUE!
s (Enter 0 if this parameter not applicable)

1 and 2. (Leave blank if not applicable)

rencies, and futures

s (Enter 0 if this parameter not applicable)

1 and 2. (Leave blank if not applicable)

s (Enter 0 if this parameter not applicable)

1 and 2. (Leave blank if not applicable)

s (Enter 0 if this parameter not applicable)

s (Enter 0 if this parameter not applicable)

and futures

s (Enter 0 if this parameter not applicable)

es and futures

s (Enter 0 if this parameter not applicable)

s and futures
s (Enter 0 if this parameter not applicable)

ncy, or futures

s (Enter 0 if this parameter not applicable)

1 and 2. (Leave blank if not applicable)

Dividends
0.5 1
0.75 1
 VALUE AT RISK CALCULATION FOR PORTFOLIO OF OPTIONS DEPENDENT ON A SINGLE ST
See Section 14.7 of Risk Management and Financial Institutions 4e

Today 0
S 49 Portfolio
IsFut 0 Underlying
r 5% Black Scholes
q 0% Black Scholes
Volatility 30% Black Scholes
1-Day Vol 1.89%

Portfolio
Value #VALUE!
Delta #VALUE!
Gamma #VALUE!

Linear model 1-Day VaR #VALUE!

Quadratic Model E(dP) #VALUE! mu_P ###

E(dp^2) #VALUE! Sig_P ###
E(dP^3) #VALUE! Xi_P ###

1-Day VaR #VALUE!

Analytic VaR We calculate the analytic VaR by generating 1000 equally likely portfolio values
1-Day VaR #VALUE!

Prob<S S Portfolio Value

0.001 46.138 #VALUE! Portfolio Value
0.002 46.335 #VALUE! 12.0
0.003 46.456 #VALUE!
0.004 46.544 #VALUE!
0.005 46.615 #VALUE! 10.0
0.006 46.674 #VALUE!
0.007 46.725 #VALUE!
0.008 46.769 #VALUE! 8.0
0.009 46.809 #VALUE!
0.010 46.846 #VALUE!
0.011 46.879 #VALUE! 6.0
0.012 46.910 #VALUE!
0.013 46.938 #VALUE!
0.014 46.965 #VALUE! 4.0
0.015 46.990 #VALUE!
0.016 47.014 #VALUE!
0.017 47.037 #VALUE! 2.0
0.018 47.058 #VALUE!
0.019 47.079 #VALUE!
0.020 47.098 #VALUE! 0.0
0.021 47.117 #VALUE! 45.000 46.000 47.000 48.000 49.000 50.0
Asset Price
0.022 47.135 #VALUE!
 0.0
45.000 46.000 47.000 48.000 49.000 50.0
Asset Price

0.023 47.152 #VALUE!

0.024 47.169 #VALUE!
0.025 47.185 #VALUE!
0.026 47.201 #VALUE!
0.027 47.216 #VALUE!
0.028 47.230 #VALUE!
0.029 47.245 #VALUE!
0.030 47.258 #VALUE!
0.031 47.272 #VALUE!
0.032 47.285 #VALUE!
0.033 47.298 #VALUE!
0.034 47.310 #VALUE!
0.035 47.322 #VALUE!
0.036 47.334 #VALUE!
0.037 47.346 #VALUE!
0.038 47.357 #VALUE!
0.039 47.368 #VALUE!
0.040 47.379 #VALUE!
0.041 47.389 #VALUE!
0.042 47.400 #VALUE!
0.043 47.410 #VALUE!
0.044 47.420 #VALUE!
0.045 47.430 #VALUE!
0.046 47.440 #VALUE!
0.047 47.449 #VALUE!
0.048 47.459 #VALUE!
0.049 47.468 #VALUE!
0.050 47.477 #VALUE!
0.051 47.486 #VALUE!
0.052 47.495 #VALUE!
0.053 47.503 #VALUE!
0.054 47.512 #VALUE!
0.055 47.520 #VALUE!
0.056 47.528 #VALUE!
0.057 47.536 #VALUE!
0.058 47.545 #VALUE!
0.059 47.552 #VALUE!
0.060 47.560 #VALUE!
0.061 47.568 #VALUE!
0.062 47.576 #VALUE!
0.063 47.583 #VALUE!
0.064 47.591 #VALUE!
0.065 47.598 #VALUE!
0.066 47.605 #VALUE!
0.067 47.612 #VALUE!
0.068 47.619 #VALUE!
0.069 47.626 #VALUE!
0.070 47.633 #VALUE!
0.071 47.640 #VALUE!
0.072 47.647 #VALUE!
0.073 47.654 #VALUE!
0.074 47.660 #VALUE!
0.075 47.667 #VALUE!
0.076 47.673 #VALUE!
0.077 47.680 #VALUE!
0.078 47.686 #VALUE!
0.079 47.693 #VALUE!
0.080 47.699 #VALUE!
0.081 47.705 #VALUE!
0.082 47.711 #VALUE!
0.083 47.717 #VALUE!
0.084 47.723 #VALUE!
0.085 47.729 #VALUE!
0.086 47.735 #VALUE!
0.087 47.741 #VALUE!
0.088 47.747 #VALUE!
0.089 47.753 #VALUE!
0.090 47.758 #VALUE!
0.091 47.764 #VALUE!
0.092 47.770 #VALUE!
0.093 47.775 #VALUE!
0.094 47.781 #VALUE!
0.095 47.786 #VALUE!
0.096 47.792 #VALUE!
0.097 47.797 #VALUE!
0.098 47.803 #VALUE!
0.099 47.808 #VALUE!
0.100 47.813 #VALUE!
0.101 47.819 #VALUE!
0.102 47.824 #VALUE!
0.103 47.829 #VALUE!
0.104 47.834 #VALUE!
0.105 47.839 #VALUE!
0.106 47.844 #VALUE!
0.107 47.849 #VALUE!
0.108 47.854 #VALUE!
0.109 47.859 #VALUE!
0.110 47.864 #VALUE!
0.111 47.869 #VALUE!
0.112 47.874 #VALUE!
0.113 47.879 #VALUE!
0.114 47.884 #VALUE!
0.115 47.888 #VALUE!
0.116 47.893 #VALUE!
0.117 47.898 #VALUE!
0.118 47.903 #VALUE!
0.119 47.907 #VALUE!
0.120 47.912 #VALUE!
0.121 47.917 #VALUE!
0.122 47.921 #VALUE!
0.123 47.926 #VALUE!
0.124 47.930 #VALUE!
0.125 47.935 #VALUE!
0.126 47.939 #VALUE!
0.127 47.944 #VALUE!
0.128 47.948 #VALUE!
0.129 47.953 #VALUE!
0.130 47.957 #VALUE!
0.131 47.961 #VALUE!
0.132 47.966 #VALUE!
0.133 47.970 #VALUE!
0.134 47.974 #VALUE!
0.135 47.979 #VALUE!
0.136 47.983 #VALUE!
0.137 47.987 #VALUE!
0.138 47.991 #VALUE!
0.139 47.995 #VALUE!
0.140 48.000 #VALUE!
0.141 48.004 #VALUE!
0.142 48.008 #VALUE!
0.143 48.012 #VALUE!
0.144 48.016 #VALUE!
0.145 48.020 #VALUE!
0.146 48.024 #VALUE!
0.147 48.028 #VALUE!
0.148 48.032 #VALUE!
0.149 48.036 #VALUE!
0.150 48.040 #VALUE!
0.151 48.044 #VALUE!
0.152 48.048 #VALUE!
0.153 48.052 #VALUE!
0.154 48.056 #VALUE!
0.155 48.060 #VALUE!
0.156 48.064 #VALUE!
0.157 48.068 #VALUE!
0.158 48.071 #VALUE!
0.159 48.075 #VALUE!
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0.887 50.121 #VALUE!
0.888 50.126 #VALUE!
0.889 50.131 #VALUE!
0.890 50.136 #VALUE!
0.891 50.141 #VALUE!
0.892 50.146 #VALUE!
0.893 50.151 #VALUE!
0.894 50.156 #VALUE!
0.895 50.161 #VALUE!
0.896 50.166 #VALUE!
0.897 50.171 #VALUE!
0.898 50.176 #VALUE!
0.899 50.181 #VALUE!
0.900 50.187 #VALUE!
0.901 50.192 #VALUE!
0.902 50.197 #VALUE!
0.903 50.203 #VALUE!
0.904 50.208 #VALUE!
0.905 50.214 #VALUE!
0.906 50.219 #VALUE!
0.907 50.225 #VALUE!
0.908 50.230 #VALUE!
0.909 50.236 #VALUE!
0.910 50.242 #VALUE!
0.911 50.247 #VALUE!
0.912 50.253 #VALUE!
0.913 50.259 #VALUE!
0.914 50.265 #VALUE!
0.915 50.271 #VALUE!
0.916 50.277 #VALUE!
0.917 50.283 #VALUE!
0.918 50.289 #VALUE!
0.919 50.295 #VALUE!
0.920 50.301 #VALUE!
0.921 50.307 #VALUE!
0.922 50.314 #VALUE!
0.923 50.320 #VALUE!
0.924 50.327 #VALUE!
0.925 50.333 #VALUE!
0.926 50.340 #VALUE!
0.927 50.346 #VALUE!
0.928 50.353 #VALUE!
0.929 50.360 #VALUE!
0.930 50.367 #VALUE!
0.931 50.374 #VALUE!
0.932 50.381 #VALUE!
0.933 50.388 #VALUE!
0.934 50.395 #VALUE!
0.935 50.402 #VALUE!
0.936 50.409 #VALUE!
0.937 50.417 #VALUE!
0.938 50.424 #VALUE!
0.939 50.432 #VALUE!
0.940 50.440 #VALUE!
0.941 50.448 #VALUE!
0.942 50.455 #VALUE!
0.943 50.464 #VALUE!
0.944 50.472 #VALUE!
0.945 50.480 #VALUE!
0.946 50.488 #VALUE!
0.947 50.497 #VALUE!
0.948 50.505 #VALUE!
0.949 50.514 #VALUE!
0.950 50.523 #VALUE!
0.951 50.532 #VALUE!
0.952 50.541 #VALUE!
0.953 50.551 #VALUE!
0.954 50.560 #VALUE!
0.955 50.570 #VALUE!
0.956 50.580 #VALUE!
0.957 50.590 #VALUE!
0.958 50.600 #VALUE!
0.959 50.611 #VALUE!
0.960 50.621 #VALUE!
0.961 50.632 #VALUE!
0.962 50.643 #VALUE!
0.963 50.654 #VALUE!
0.964 50.666 #VALUE!
0.965 50.678 #VALUE!
0.966 50.690 #VALUE!
0.967 50.702 #VALUE!
0.968 50.715 #VALUE!
0.969 50.728 #VALUE!
0.970 50.742 #VALUE!
0.971 50.755 #VALUE!
0.972 50.770 #VALUE!
0.973 50.784 #VALUE!
0.974 50.799 #VALUE!
0.975 50.815 #VALUE!
0.976 50.831 #VALUE!
0.977 50.848 #VALUE!
0.978 50.865 #VALUE!
0.979 50.883 #VALUE!
0.980 50.902 #VALUE!
0.981 50.921 #VALUE!
0.982 50.942 #VALUE!
0.983 50.963 #VALUE!
0.984 50.986 #VALUE!
0.985 51.010 #VALUE!
0.986 51.035 #VALUE!
0.987 51.062 #VALUE!
0.988 51.090 #VALUE!
0.989 51.121 #VALUE!
0.990 51.154 #VALUE!
0.991 51.191 #VALUE!
0.992 51.231 #VALUE!
0.993 51.275 #VALUE!
0.994 51.326 #VALUE!
0.995 51.385 #VALUE!
0.996 51.456 #VALUE!
0.997 51.544 #VALUE!
0.998 51.665 #VALUE!
0.999 51.862 #VALUE!
PENDENT ON A SINGLE STOCK
Institutions 4e

Type Number
0 1000
1 100 55 0.5 1
1 500 50 0.25 1
1 1600 50 0.2 0

z_q -2.3263
w_q #VALUE!

Portfolio Value

48.000 49.000 50.000 51.000 52.000 53.000

Asset Price
48.000 49.000 50.000 51.000 52.000 53.000
Asset Price