单项选择题

Consider a put option on Deter, Inc. , with an exercise price of $45. The current stock price of Deter is $52. What is the intrinsic value of the put option, and is the put option in-the-money, at-the-money, or out-of-the-money

A．<TABLE border=0 cellSpacing=0 cellPadding=0 width="90%"><TBODY><TR><TD vAlign=top>A. $0, Out-of-the-money. </TD></TR></TBODY></TABLE>
B．<TABLE border=0 cellSpacing=0 cellPadding=0 width="90%"><TBODY><TR><TD vAlign=top>B. $7, At-the-money. </TD></TR></TBODY></TABLE>
C．<TABLE border=0 cellSpacing=0 cellPadding=0 width="90%"><TBODY><TR><TD vAlign=top>C. $7, Out-of-the-money.</TD></TR></TBODY></TABLE>
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单项选择题
A private agreement between two parties to exchange a series of future cash flows, with at least one of the two series of cash flows determined by a later outcome, is best characterized as a (n) :
A．<TABLE border=0 cellSpacing=0 cellPadding=0 width="90%"><TBODY><TR><TD vAlign=top>A. swap. </TD></TR></TBODY></TABLE>
B．<TABLE border=0 cellSpacing=0 cellPadding=0 width="90%"><TBODY><TR><TD vAlign=top>B. futures contract. </TD></TR></TBODY></TABLE>
C．<TABLE border=0 cellSpacing=0 cellPadding=0 width="90%"><TBODY><TR><TD vAlign=top>C. over-the-counter contingent claim.</TD></TR></TBODY></TABLE>
单项选择题
The process that ensures that two securities positions with identical future payoffs, regardless of future events, will have the same price is called:
A．<TABLE border=0 cellSpacing=0 cellPadding=0 width="90%"><TBODY><TR><TD vAlign=top>A. arbitrage. </TD></TR></TBODY></TABLE>
B．<TABLE border=0 cellSpacing=0 cellPadding=0 width="90%"><TBODY><TR><TD vAlign=top>B. the law of one price. </TD></TR></TBODY></TABLE>
C．<TABLE border=0 cellSpacing=0 cellPadding=0 width="90%"><TBODY><TR><TD vAlign=top>C. payoff parity.</TD></TR></TBODY></TABLE>
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