[Thisquestionpaper contains10 printedpages.

Your RollNo.lA.9.21563009

Sr. No. of Question Paper: 1211 A

Unique Paper Code :32357614

Name of the Paper :DSE-3MATHEMATICAL

FINANCCE

Name of the Course :B.Sc.

(Hons)Mathematics
CBCS (LOCF)

Semester VI
Duration:
3 Hours Maximum Marks : 75

forCandidates
Instructions

1. No. on the top immediatelyon receipt

Write your Roll
of thisquestionpaper.
2. Attempt any two parts from each question.

3. Allquestionsare compulsory and carry equal marks.

4. Use of Scientific Basic calculator

calculator, and
tablesallare allowed.
Normal distribution

1. (a)ExplainDurationofa zero-couponbond. A 4-year

bond with a yieldof 10% (continuously

compounded) pays a 9% coupon at the end of

cach year,

P.T.O.
1211 2

(i)
What
1211
isthe bond's
price?
(d)Define Bond Yieldand Par Yield Suppose that
(in)Use duration
to caleulate
the effect the 6-month, 12-month, 18-month, and 24-month
on the
bond's priceof a 0.3% zero ratesare 5%, 6%, 6.5% and 7% respectively.
decrease in its
the
yield? What is the 2-year par yicld?(You can use
=
exponenlial valucs:e' 0.9753, 0.9418, 0.9071.
(Youcan
forx=-0.025,-0.06, -0.0975, -0.14,
use the 0.8694
exponentialvalues:e 0.9048.
0.8187.0.7408, respectively.)
and 0.6703 for x -0.1,
-0.2,
-0.3,and -0.4,

( ExplainContinuous
respectively)

Compounding. Suppose
denotes rate of interest
with continuous
R
2. ExplainHedging.A United States company
expecis to pay I million
Canadian dollarsin 6
months. Explainhow the exchange rate riskcan
compounding and R, denotes be hedged using
ratewith
equivalent
compounding m timesper annum. Findthe relation
between R, and
()A Fonward Contract
R
(i)
An Option.

(cyAn investorreceives R Tto0 inone year in returm

Ioran investmentof 1000 now.
Calculate the
(h ()What isthe difference
between the over-the

percentagc return per annum

counter market and the exchange-traded
with:
narket?
i)Annual compounding
An mvestor enters a short forward contract
(ii)
Semi-annual
u
compounding to sell175,000 British
pounds forUS dollars
(ii) at an cxchange rate of 1.900 US dollarsper
Continuouscompounding.
pound. How much does the investorgainor
(You can usc: = 0.953)
In(1.1) lose ifthe exchange rate at the end of the
contract is2.420?

P.T.O.
1211 4
1211 on
(c)A 1-yearforward contracton a non-dividend for European options
paying parily
(b)Derivethe put-call Use put-call parity
stock is cntered intowhen the stock price s stock.
-paying the deltaof a
40. and the risk-free
rate of interestis anon-dividend hetween
19%
to derive the relationship on
of a European put
per annum withcontinuous compounding. What is calland the delta
European
the forward price? Justily
usingno arbitrage stock.
a non-dividend-paying
arguments.(e 1.1052) for
a European
callon a share
An investorseils

4. The stock price is

47 and the strike price
0A traderwritesan October calloption witha
Under what circumstanccs
does the
s50.
strike priceof t 35. The price of the option make a profit?
investor
Dnder what circumstances
is ?6. Under what circumstances does the
Draw a diagram
trader make willthe option be excrcised
a guin, the investor s protit with
showing the variation of
of the optron.
(n) Supp0se that you own 6,000 sharcs worth the stock price at the maturity

7 75 cach. How can put options be used to for European

and lower bound
provide an insurance against a declinein J)Define upper bound stock.What is
options on a non-dividend-paying
the value of the holding over the next 4
of a 3-month European
a lower bound for the price
months? when
stock
ul optionon non-dividend-paying
a

is 40, and
the stock price is 38, the strikeprice
(a)Draw the diagrams the eflect of
illustraling
and expiratlion
the risk-freeinterest rate is 10% per annum?
changes in stock price,strikeprice, JustilyuSing no arbitrage arguments. (-0.04
date on European call and put option prices
0.9753)
whcn

S
50, K 50, r 5%. a 30%, and T=1 4. (aA 4-month European call option on a dividend-
50. The stock
for
paying stock iscurrentlyselling

P.T.O.
1211
1211
1
is b00, and modcl withcurrentr
the strikeprice binomial
price is?640, a two-period
13, the
t8 is expected in I montn. 1he risk JdyConsider 100, the up u
1actor
dividendot S, period
tor all stockprice year and
each
rate is 12%
trec interest per annum d 0.8,T=l
down factor interest
arc there tor an 7he risk-free
What six months.
maturities. beingof length
opPportunitics
annum With continuous
per
(eu
arbitrageur? 0.9608) rate is 5%
the two-periodbinomia
Construct
compounding. an American
model where lhe Find ihe priCC of
(6)Consider a onc-period binomial tree for the stock.
(u1)
or K 95
and maturity
can either go up from S, 1o 5, with strike
StOck put option
< we have an 0.9753)
down from S, to S,d (d I).
Suppose
year. (e
ifthe stock moves up and
option with payolt 1, modcl satisties
stock moves down. By considering Biack-Schoies
.(a9 Stock price in the
payolf,if the
consistinggof long p0silionin A shares
a portfolio
in the optjun,1ind the
of stock and a shortposition
how the price can
be InS
of the option.Explain with
price a normal disiribution
as an expected payofl discounted
by where o(m, v) denotes
expressed Find Var[S,}.
mean m añd variande v.
the risk-free interestrate.

optionon
a
a European put
is the price of
is 50. t is known that
rWhat is
(c)A stock price currently 53 or stock when the
stock price
be either
months ilwill non-dividend-payng
the end tnterest
at oftwo 69, the strikepriceis 70,
ihe risk-free
rate is 12% per
inlerest
48. The risk-free the volatilityis 3S% per
Wnat 1s the rate is 5% per annum,
annum wiihcontinuous compounding. timeto maturity is Six months?
calloption with
a annum, and the
valueof a fwo-month European

strikepriceof 49? Usc no-arbitragearguments.

(You can use
values:
exponential
eo"-0,9857,
(eD0-1.0202) e 005 0.9753 .
6 P.TO
 8 1211
1211 with o being interestrate is 5% and the time to
random variable per annum
V be a lognormal
(c)Let In V. Prove
that is20 weeks, and the stock pricevolatility
maturity
deviationof
the standard is30% per annum. (lnt49/50) -0.0202)
- KNd,)

and

to
E[mas(V

where

E
d, =

denotes the expected

derivethe Black-Scholes
of a European calloption
on
,
K,0))=E(V)N(d,)

d,= n
value.Use thisresult

a
formula for thc price
paying
non-dividend
a
gamma ol

paying stock.
an

variousterms inthisrelationship

singleEuropean put optionon

(c)Find ihe payofffrom

put
a
theta and
between delta.,
(b)What is the relationship
option? Show for
by substituting
that itis true for

a
non-divideno

bear spread created using

oplions.Also draw the profitdiagram

corresponding to this tradingstralegy
stock.

S0. Assume that the (d) Companies X wishes to borrow US dollarsat a

priceiscurrently
tdstock and its
the stock is 18% lixedinterestrale.Company Y wishes to borrow
return from
expccled
distribution Indiansrupees at a fixcdrate of interest.he
is 30%. What is the probability
volatility the mean
the stockprice in 2 years? Calculate amounts requiredby the two companics are
for
of the disiribution the current exchange ratc.
roughly the same at
and standard deviation
The companies have been quoted the following
(e 1.1972)
interestrates,which have been adjustedfor the

ot a porttoliool options
and impact of laxes
0. (a) Discuss gamma
on
Calculalethe gamma of a European calloption
stock price Dollars
stockwhere the Kupees
a non-dividend-payng
Company X 9.6% 6.0
is49,the sirike price is50,the risk-
free
Y 11.1% 6.4%%
Company
P.T.O.
1211 10

Design a swap that willnet a bank, actingas

50 basispointsper annum. Make
intermediary,
to the two companies
attractive
the swap equally
and ensure that allforeignexchange riskis
assumed by the bank
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JPC 32.354-6: 9711 9036
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Questlon4

Solutton4lal:
We know thatthe
priceofcalloptionon a stock payingdividend
satisfies

c2S-Ke-T-D (1)
Where D denote the presentvalueofthedividends.

The presentvalueof the strike

price isKe
=600e-012K/1 =0576.5.The present valueof the
dividend is D Because
8e-012x1/12-87.9.
50<640576.5-7.9 2.5
the condition (1)isviolated.
An arbitrageur shouldbuy theoptionand
in.equation short the stock.
This generates640 50 = 590.The arbitrageur Invests 7.9 at 12% forone
ofthis month topay
the dividendof 8 inohe month. The remaining582.1 is invested forfour months at
12%. Regardless
will
of what happens a profit materlalize.

ifthe stock pricedeclines below 600 infourmonths,thearbitrageur losesthe 50 spent on the

option but gains on the short position.The arbitrageur shorts when the stock priceisW640, has to

Paydividends
a
with presentvalue
of 7.9,and closes
outthe short positionwhen the stock priceis
or less.Because n576.5 isthe present valueof600, the short position generates at least
DG00
640-576.5-7.9= 55.6inpresent
valueterms.The present valueofthearbitrageur's is
gain
5.6.
thereforeatleast55.6-50.0=
Ifthestockpriceisabove W600 atthe expiration of the option, theoptionisexercised.The
arbitrageur buys thestockforD600 infourmonths and closesout the short position. The
present
for stock isn576.5 and as beforethe dividend has a present value of 07.9.
valueofthe D600 paid the
and the exercise
The gain55.6.The
fromthe short position option istherefore
ofthe exactly640- 576.5

7.9= 'sgain
arbitrageur
in present value termsisexactly55.6-50.0 = 5.6.

2.S T2+2
Solutlon 4bl
consistingof +A shares of stock and-1option.
Consider a portfollo

K and Vadenote thevalueofthe portfolio

when thestockmoves up and down respectively.
Let
Then

KS
We choose A such thatthe portfolio
=
u-fuandVa ASgd-
becomes riskless,
thatis,M,=
f
Va
Le.,ASgu-fu= A9%d-fa

aSou-d
ofA the and therefore
isriskless due tono arbitrage, grows at
the portfolio
Forthisvalue portfolio
rsk-freeinterest
rate.If
Vo denotethe initial
valueofthe portfolio,
then

VoT=eT(ASglu-
fMET -{22
Iffodenotethe optionprlce,
then
*
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Comparing (2)and (3),
we get

As-fo eT (aS%u-f)
-f)=[4s,(«T-
u) -f 3
foAs-"(aS,
valueof a from (1)and simplifying,we obtainthe priceof optionas
Substituting

Writins p= e obtain

pfa+(1-p)fal
Since prepresentsprobabilityofup movement inthe riskneutralworld,we can interpret
above
expression as expected payoffintherisk-neutral
worlddiscountedby the risk-freeinterest
rate.

Solutton4cl

Here, S50,Sou = 53, Spd = 48, K = 49, r=0.12.T=

If
fuand fadenote the payoffofthe calloptionwhen thestock moves up down
price and
then
respectively,

f max(S- K.0)= max(53 49.0) = 4

and
famax(S,dK,0) max(48-49,0)= 0.

Considera portfolio
of +A shares
consisting and-1option.
Let V,and Vadenote thevalueofthe portfolio
when thestock up and down respectively.
moves
Then

VASpu-f53-4 andv= ASgd-fa= 484

We choose A such thatthe portfolio thatis,V =

becomes riskless,
Va
ie.,534-4 484

a0.8.
ForthisA, we have Va=38.4 so thatthe portfolio
valueiscertain.
Due tono arbitrage,
the
at riskfree
interest rate.
If denote the initial
value then
portfolio
grows V, ofthe portfolio,

Voe 38.4 (1)

ffodenote the optionprice,then

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 wa

Vo AS%-o =0.8x 50-.

we get
UsingIn(1),

(40-fo)e02= 38.4

(40-6)x 1.0202 38.4

o 2.3

4ldl:
Solutlon
We are given

100,u = d= 0.8,T 1,4t=0.5,n 2,r = 0.05.

So 1.3,
The two-perlodbihomlaltreeforthe stock price isgivenbelow:

13

ud So
S
80 maliy

isgivenby
The riskeneutralprobability

erAt d e0xu.3-0.8 1.029.0 =0.45

Pu-d 1.3-0.8 0.5 0.5

We can findthe optionpriceby backward computationinthe two-steptreeusingriskneutral

valuation
formula.

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 We have

= max(95-165,0) =0
fumax(K-usp,0)
fue max(K-uds%,0) = max(95-104,0)=0

fuu max(K-d'Sg.0) = 31
== max(95-64,0)

By risk-neutralvaluation
formula,we obtain

=0
f=era
phu +(1-p)fual
pfua+ (1-p)fal
= 16.33,
faerat
off,
node at
maximum B is
Sincetheoptionls
node B.
at
American,value and payofffrom earlyexerdse

Payoff
fromearlyexercise
at node 8 = max(K-us6,.0)= max(95- 130,0) = 0.

Valueat node B =0.

Similarly,
payofffrom earlyexercise at node C max(K -d5o,0)=max(95-64,0)=15. w
* Valueatnode C = 16.33
Hence,
priceofAmerican put
=e-a025 x 0.55 x 16.63 8.92

(TPnu is tomytd
Questlon5
uidie 2
Jneks foe
k shondd
hn-sk binndmrau
Aptim bu Am

-.
5lal
Solution
We areglventhat

Inns, S

Let m

of normal
InSo +(-Tv
= =InS
we have
ddT and Y
so that Y~p(m,v).
Using theformulaforMGF

distribution,

Therefore,
Ele- . ve

ES Ele"=
"m=n sat(5}***
= Saeur
And

Hence variance of ST is e42

var(Sp=E[S}1-(E[S,1)*
=sje(e*7-1). 1.

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Solutlon5tbl

Weare gven 5,=69, K = 70,r= 0.05, a = 0.35 and T = 0.5 yr

Therefore,

d In
avT5I-o.1666

dad-ovT=-0.0809.
The priceof European pútoptionis

p KeTN(-,)-S,N(-4)
70ea505N(0.0809)-69N(-0.1666)
3.
70 x 0.9753 x 0.5323-69x 0.43 =6.40

5lc)
Solution
Let m denotethemean of InV.Then InV-p(m,w*).

DefineQ= Then Q isstandard normal, ie., Let h(z)denotethe pof

Q-p(0.1). ofstandard
normal.We have

Emax(V K,0)) = E {max(em*wo- K,0)]

=max(emw-K, 0)JA(r)ds

-TNd,)-
KN(d,)

d.
d inan
t. ela-Sw fmu
AyPl
dptu
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Solution
5ld
The
probability
distribution
of Sy is
lognormal,thatis,InS7 isnormal.Indeed,we have

In S

Or,

Or,
InSg la+(0.18-0
50
x 2,0.09 x
2
InSol4.18,0.18)
The mean of S7 is
givenby

E[S] = SoeT = 71.67

The varianceof
ST isglvenby

Therefore,standarddeviationof
=
varlS-] Sze4T
ST Isgvenby

s.d.[S]=
(e7-1).=

SoeHTeoT-1-31.83
lo12-325

4
 ** ngts suna muv, stIIKeptcr ana expTatiotndate on optton
priceswhen R
So=50, 50, r %, a 30% awd T- 1.
(2 Calloption Put option
e
pric,
S0
5oLPip

Stock
Stoct
pice,5 price.5

0 60 80 100 100
A Calloption Put option
e
price, price,P
50

Stike 10 Strike

priK pn
60 80 100 40 60 100
C) (d)

Call option Put option

phe,C priceP
10 10

Time to Time to
7 expiration,
7T

capiration,
C4 0.8 1.2 1.6
A.0.8 1.2 1.6

(e)

3(b)
Solution

We ad between p and e.Considerthefollowing

two
now derive importantrelationship
portfolios
A: one European call optionplus an amount
Portfolio
ofcash cqualto Ke"
C: one European put optionplus one share
Portfolio

Both are worth

max(S, a)

at expirationofthe options.
Because theoptionsare Europcan, they cannot be exercised
values todav.
prior to the date.
expiration The portfolios thereforehave identical
must
 For a non-lividend givesat a general
payingstock,put-calparity timet

c+he-iT-= p+S.

1
Then by withrespect to stock priceS, we
differentiating get

üc

S1
dc

This shows thatthe deltaofa

Europeauput equalsthe deltaof thecorre
sponding European callless 1.
Solution
3(c)
The investormakes a ifthe priceof the stock is below 54 on the
profit
expirationdate.If thestock priceis below. 50. the optionwillnot be ex
ercised, and the investor
makos a profitof74:Ifstock priceisbetweeng50
and R54. the optionisexcrcisedan:d theinvestormakes a
profitbetween 00
aud 4. The variation of investor's with the stock priceis as
profit shown
below:

6
(E
Profit

S 50
)
Stock Price
0 -Ga

242+2
Solution3(d)

An American or European calloptiongivesthe

holderthe rightto buy one share ofa
stockfora certainprice.No matterwhat
happens, the optioncan neverbe worth more
than the stock.Hence, the stock priceisan upper bound to the optionprice:

csand C<S

An American or
European putoptiongivestheholderthe
stock forK. No matterhow low the rightto sellone share ofa
stockpricebecomes, the
more than K. Hence, optioncan never be worth

P$K and P<K

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 stockis
A lowerbound forthe priceofaEuropcan caloptionon a
non-dividend-paying

-KeT
on a stock,a lower bound for the
non-dividend-paying
For a European put option
priceis
Ke-
= 0.10. A lower bound for op-
Here So 38, K= 10, T 0.25 nd r

tionpríceis
Ke--S
Thus 40e x0.zo-38
= 1.01
2SH)

-
Solutlon6a
asset isthe rateofchange
of
The gamria ()
ofa portfolioofoptionson an underlying
to the priceofthe underlying
asset: Itis the second
deltawith respect
the portfolio's
ofthe portfoliowith respect to assct price:
partialderivative

the gamma is
on a non-dividend-payingstock,
For a European callor put option
gven by

Here So
gamma 18
49, K = 50, T=
SoovT
0.3846,

N'id)
a = 0.3

A Ap.).
and r 0.05. The option's
-
SoavTo-64359
d 0-08780,

-.
S,-T 9-l1655s
Solution6(b) N'lda) 0:3974,
theta,and gunua is
betweeu delta.
The relatiouship

'9+rSA +5*s*T= rl1.

stock
For a put optionon a nou-clividend-paying

A N(di)- 1
N(d)
SpavT
-SN(d,
JarKeN(-da).
2T
 Thus

LHS SN2T+Tke""N(-d,)- +2VTT

rS,N(-dh)
= -S%N(-d,)}
r[KN(-d,)
RHS
Solution
6(c)

Payofffrom a bear spread createdwithput options.

Stock price
range

S7K
Ki< S7 <
STKa
K
Payof from
longput option

K-S
K-ST
Payof from
short put option

-(K1-S7)

0
Total

payof
Ka-K1
K-ST
(
Proftfrom bear spread created usingput options.
Figure 10.4

Profit

Solution
std)
between the rupecs rates and
a 0.4%
Tliereis a 1.5% per anmum differential
between the dollarrates. Thus the total gain to all
per auum differential
is 1.5-0.4=1.1% per annum. The bank requires
particsfrom tleswap
0.3% per anum forX and Y.Tlhe swap shouldlead
0.5% per annum, leaving
to X borrowing at 6.0-0.3 5.7% per aunum and toY borrowin8
dollars isas
= 10.8%
11.I-0.3 per alunun. The appropriatearrangement
rupcesat

Financial .4% S6.4%

9.6%Company 29.6% Company
X Institution Y

10.89%L
$5.7%

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