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Question: 1. Assume that Mr. Binda is a speculator who buys a 90-day British pound option with a strike price of $27.02. Assume one option contract specifies 10,000 units and the current spot price as of date is $26.87. Mr. Binda pays premium of $0.05 per unit for the call option and no other charge (such as brokerage fee). Just on expiration date, the spot rate of a pound reaches $27.18.
Required: a) Determine the profit or loss if the option is exercised
b) Determine the value of the call option if the option is exercised
2. Suppose that Mr, Binda buys a three-month 5,000 contract to buy "commodity-X' at a futures price of 1,0000 from Mr. John. The contract requires an initial margin of $70 per contract and maintenance margin of $40 per contract.
Required: a) Compute the initial margin that both Mr. Binda must deposit to the clearing house.
b) Compute the maintenance margin that both Mr. Binda must deposit to the clearing house.
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