小弱请教一道题：FM sample question中FE部分的第六题，贴中附题目，谢谢！

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就是这道题，我还是不能理解呀~见笑了，十分不好意思~请各位指教，谢谢！
根据no arbitrary，不是应该选D的么？

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关键词：question Sample Quest AMPL amp question

No arbitrage instead of No arbitrary?

Ans:E,  Forward price=current stock price*(1+i) (assume no dividend)

For this question, forward means expect stock price up. You won't expect the stock price below $105(e.g. $101) and still purchase $105 forward
I think you may not understand what is "No arbitrage"
No arbitrage means the derivative product is pricing correctly. So you don't have chance to gain profit immediately.

We use forward to do Hedging. It means we can gain money in forward but lose some in asset. Where gain=lose.

msv2rbkz 发表于 2014-12-10 17:33
No arbitrage instead of No arbitrary?

Ans:E,  Forward price=current stock price*(1+i ...

Thank you so much!!!!! Finally, I see my big mistake. Thank you.