BaiTap ThiTruongGiaoSau&QuyenChon P1 2 3

8/8/2019 BaiTap ThiTruongGiaoSau&QuyenChon P1 2 3

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Gin 5"frang b\,n ky k~trrt~thgp dang ky h"n 6 thang lrcn mQtC~ltrngkho.ll1kh6ng tl'.1c6.tIre khi !chlmgkho{mh\ 30USD va.HUsual phi nH ra ( vol cach ghep l~i licn tiep ) 1612:o/annull1. Gilt k5'Iwn bitl

ba.~.nhicu? (~,~(.\ / ,("()f .&C\, c?oI~V t }~O ~ T C\,IJ ~il, (Jft! ;/"'IJ .,' ':1"'.> ./ ''',.'GI'U . . - fl" J . .' , ." -'2-.! . .-" 1(t) (.,('r ('(/f"( (il ,.' . ,!( )

TCr gi.i thiet bl1i tOclntaco: lia tJ , ' . <1' '... .' :

T=O.5

CK kh6ng tnic6 ttrc. S ~ 30$

r = 12n.~/nam c'ghcp li'ii lien t\IC) '.

V(1yc;i{\.ky h:;m:F =. S.cr~T==30.eO.!2.0,5 31,86 $

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Mt)t 11\,tpd6ilg ky IH;\I1UlI:lml)t nam tren mul chung kho{1I1khong'trt\ ct\ tlrc dlJ'll.:ky' k~t kid gi:chlrng klw<ll1hi 40USD va 15tsufitphi rul r.oIn IO%~1Imumval each ghcp !ffi lien ti~p.

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?If:' .:1(1 y ".'" va gta tr! ':111t all CUlt lQP ong (j' yJ1 )ung no n lICU .b> Situ th:lll!~. S<1lI.gin cir~\ c1\~rng khoan 1:'145 USE> v,a liii sudt phi'I'\H 1'0 van .h1 IO%), (i i.j k~;' h~11 d gi:i tt.

cl'm-h9P dC'l1g"'K:V"'h1.\l1"'5C-bilJrgmrrThi~tr? - ~ ~ - ""'- --~ . - - ~ 0_=_-/

Ciiii: "'. . .

. -~ Tlf gLI Ihi~t b;ln dtll1In co :T:: I .

'. . .CK kiH~l\gtni co tireS==40 $ . .

r"'=W%/nasn ( ghcp W.iien tl,lc)

it> Gi:iky:lim,va Ghi hop d6ng mua kvhan'ban clAu: gto, ,~ "c.o ;;. <ird~~ <r<SOF -=40,011.1'1= 44,201 . '.

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Vi t~11haI di~mky hQ"pdang F=K.ncn Gi£lhgp dang f:: 0b> Giakvh:,'~:fvu Gia hap d5ng roll\!kv hat] sau 6 thitng.":

S~4:~$ ,. .

T=05

F..""45i6°"'o..5 ==47,31 $ ' . . .

Gia'h\Aj d6ng mua t;11thaI dj~m 6.thang sau :

,;:::-r = (F --.K)~ e.r.T = (47 ~~H~ 44,21). c.O.l'O.5

'. - .t =2,95 $ .

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" . .M\)f.~i:i~l1g khoantllfqc kYVQligsclt'j:{:nQl khoan cd tlie hi ll£SD/ct> phi~u trong hai thang va f.ro!1g

nun, th:i"~g~/:j~f~huog khoan hi 5bQ~b.Vli tai su:1tphi ruI' co la 8%/rulnum. V&r crichghcp laili~n li~p

cho tdl'ct\:~ih<;~yduo h~n. MQtnhZid5ud,r vim giG'!11Qli thab~ntrong nl,;t hqp c10ngk~'lwrr6 thang trench(rrtgkh~):1JfhJ6..:... . . . .' .

~,> Gi..;':it'Y':ji;:)'itvn ghi tri hnn a5IjcA~lltj:p (15ngky h:.111~ng baon'hicu '!

-gtilltl .-<, .

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-M~cdu chenh I~ch glCl'ahai vi th~ la 4000$, nhU'rigHDKH'chi thanh toan khi a~n h~nnen gia trj nha c1c\uwthlfc nh~n la hi~n gia cua chenh I~ch nay sau 3 thang ( ::: 4000.e-r'0.25). ? ,.' '; . .

V&i r:= 0,1 gia trj'th\l',c,nh,.n .nay)a 3901 $ ( khi r = 0;101 ta co 3900$).

Bai 5:? iltt.t ." :

Khl1 d6ng ti~nm~t bittt trLPactrong tLPanglai cua1 lo~i ngo~i.t~ dU'Q'cbao hi? bo-j 1 congty b~ng cachslJI'dl}ng 1'h9'p.d~mg foward thi sa khong co rul to ngo~i h~i. Khino Chpgcbao h9 bang cach s,wdl.)ng1 hQ'p d6ng giao sau thi qu.~.trinhdi~u chinh theo thi tru'o-nglam choCongty d6i m~.tvai rulro.. Haygia.ithlchban chatcua rutra nay,C~Jh~hayxenixetli~ur~ngCong ty sa t6t hoonn~u SlYdl,mgHE>foward hay future khi: ...

alGia ngoai te giam nhanh trong sudt qua tnnh t6n tift cua hvp ddng.

b/Gi;lng.o~i t~ tang nhanh trang su6t qua trinh t6n tift ctia h9'P,ddng.clGia ngol}i t~ luc <TAuang sau t16giiim v~ g;;1trj ban c1RucLiano.alGia ngo{1i t~ luc c1Augiam sau do tang v~ gM trf ban aAu .cua no.

"G'ic~i :... . .:.,... .' ...',. "('" '. '. -'.' -." .' ..., ',. " .. . ,. .' '..

. . po qui dj~h vtt.,kyquy v~,thanh tean thee ngay Gua Future nEmcong ty phal dOlm~t.v&1r(;1 ;'0 vl~bao dartl kha nan.g thanh toan bu trw thee that1g giang cua ty gia h51doai d61v&1ngo~1 t9 do. Nhu' v~YI"ban ch~t cua rul fO nay la rUlro fGHEJ ( bc;mThanh H,il cl"Q.<15y

~,l.lJI fO ~ha n~i~Qan).; '".; f-~~~- .~.. --: ""'i"",~"i',;;':~~~¥w.ff1:(fj,;~;.~;:j,,:'~~-.-~ .Gla d\I,Ji.trtJ'Q!nl~.tlQ;p;tt,~6n9 ty lWhQ'p dongijan.Ry;I1~",;:"4fnI'Grnghqp 8 : Cong ty ky'. "." ' , i ". " .' .

hgp d'Ong bon Future. ' '.', .a> Khi ~ia ":rlo-aie Qiarnnhanh tronQsu6t Quatrinh t6n tal,cuahap dc3nq! .',

M~c du t6ng 56 ti~h lall.a nhIP nhau, nhU'ng n€!u tinh ~.~hi~n gia thi,.jru'Otng hQ'p B c6/q/

han trlv()'nghQ'pA , d,oB nh~n dLP9'cti€!nscYmhO'n. (.~,j f~ ~ ~ eta; ~). I

b> Khi Qia ngoat te tanq nhanh tronq su6t QUatrinh tan.tal cuahO'p d6nQ : -Tong so lien 16 la nh.U'nhau, nhung nl!u tinh hi~n gia thl tru'(~mghQ'pA co IC!IhO'n tru'CYrig

hQ'p B, do A phal tra .ti~nmUQnhO'n( k~ ca xet v~ kha nang Clang tr~rig thai sam cua cae.hqp dbng ).:, .

c> KhiQlanqoal Ie lue dau tanq sau do qiam v~ Qicitri ban dlu e'LJano :TrtV6'nghQ'pA .c6lql hanB do khong phal quan tam c1.}nvi~c bao, dam kha nang thanhtoan 16O'glai do~n aau nhU'B ( ma ~~u mcitkha 'nang thanh'toan 16sa dU'O'ngnhien bi

dong tr~tlg thai va khang dlJ'gc' hll'cYng19'1nhu~n co dU'<?,cCVglai do~n hai ). '. . - . .

d> Khila n oal e lue dAu lam sau do ta vA la trian dAuella n6 :

TrU'Otn9.Q'pB co 191hon trU'ang hQ'pAdo B nh(in dU'9'cti~n samhan nen hi~ri gia:,caohan ( ke eeln~u xet trong trU'Q7nghC?'Pdong tr~ng thai sam cac hgp dOng ). :

Sai 6:.~, ,

Vao: ngay 9/3. tham gia vao 1 vi th~ Q1vi th~ ban C1H£>giao sau v~ bQt d~u'nanh. H9'P

dAng dao h~n vao .ngay 9/7 va cac quyAn ch9n ban vl~c giao 100 t~n b9t. HQ'p'~~Og~g;aosau yeu.can chuyen $~OOOao tai khoan ky quy ban dAuva $41jJoky q U,'ftr1.,Tuy

nhh~n de do' I' gian, gia SLPr~ng tal khoan dU'Q'cdi~u chinh theo ~hi'\h-~rc,., '. theo sO' sc1 .

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o~ ,tha.ng.Sl1u:gi~ c~a ~hu-ng khoa~ In.4~USD' v~ UitsuAt p'~! rui ro van la 80/01annum, Ghll{y h;1ngla tq cua V! the ban trong hqp dOIJgky h;,:anbang baa nlllCU?hli : '

CK lr!\ cB lire l$ tmng hai thiing va n5m tlHingT"'"O.S

S=50$r ==8'%/i1iim ( ghcp 11iilien tl,lc )

Hqp d~\l1gban ky hl;1l1 '

:>Tinh 2:itikvhnnva ~i;1haDd5.n~n ky han ban d5u: ,Hi~11ghi thu nhQp U:= 1. c.o.OgoO.I(j671. c"oosr0;:IT67 1,954F = ($ - U).er.T == (50 - 1,954).co.os.o.550,0068$r=::(fC-j<).e,r.T=O " ,

> Tinh !!il\~yhall va gin IWp'dong bon kv hUl1ba tluing sau :S = 48$'T =0,25r giii11Itr lren ,)U = I, ~o().OIl'O.1667:: 0,9868

F = (4X .- O,9868).CH.OSOO.2S47,963 $f= (5(1;1)068 - 47,9(3).0.0.0800,2:;= 2,0033 S ,

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BiJi t~p Future: I

ai4. .0' - ~~ - "- ,- - -- =-=--c "",--. ' '

9t 11t\ii'gb'r:. d\ch ~g.d~\ \"\6\6m\g \am ,,\~c:.c:.t\a'\ n~in nang, s.e ~~k~t "'~l rttl k.~"'~" ""-':.1.'de mua 1lri~u bang Anh vO.ltY gia hOidoid 1,6000,trong 3 thang. " '.

C~ng vo'j illeri dj~m d6"hha gdich khac tren ban gdiCh' k~ c~n gii1' vi th~ trong 16 hQ'pdong giao sau thcYih~n 3 thang tren d6ng bang Anh: Gia giao sau Iii 1,600. Trang mgt viiiphut g~!ch khi thlfc hi~n gdich thi gia ky hC}nva gia giao sau d~u tang 1,6040. Ngay I~pli'c ca 2 nha gdich d~u doi 1 khoan 100inhuan.li 4.000 USD. .' .~ th5ng ngan hang cho thAy rAng nha gd'jch Giau sau da ki~m d,U'~c 19'1nhu~n Iii 4,000USD, nhiPng nha g:~!ch HD ky h~n chi ki~m dU'gc 3.900 USD. Ngay J~p t(Pc nhis gdich kyh'i\n gQi.Qj~n d&n ptiall nan val phong quan Iy hq thOng. .Hay giai thich chuy~n gi da xay ra, tCi1iac li;1ico 51! chenh tech lQ'inhu~n nhU' v~y?

Giai : Gild thich " . ,

. Vi th~ m~a h9'P dAng giao sau : '

- Mua ?16 H£)6ng Future vai Gia HE) = 1,600" => sA Bang Anh mua du'q'c 13(16*100'.000$)/1,6001triqu BA. . " ..'., 0 . . ~

- Khi gin Futurcf;tarig. Jen 1,6040. giis thi tntcYng cua 16 HD.d6i ra $ luc nay la : 1tra~uSA It 1,6040 = 1.604.000 $

.. V&i qui dinh v~..kyquy va thanh toan himg ngay cua thi trU'cYngFuture, ra rang .ngu.o.jmua t-ID~Sda I&i;n~ay.rn~tkhoan ban.fI4.00Q$. "

o. Vi th~'rnua ti9'pdOno~ ~yh,n : ,"..::,'., .,., .:0-..Nijumu6n rut ngay'tien, ho phai .dong tr,ng thai bang each thI;Pchlf1nm9t 'h9'J?d.o~9

. ban ky h~n 1 tri,u bang Anh °thc1ih~n 3 thimg (v&i 913ky h~n luc nay Is 1,,6040)..

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BaiTap ThiTruongGiaoSau&QuyenChon P1 2 3

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