NO.PZ2016031202000016
问题如下：
If the underlying is $20 at expiration, the exercise price is $18, the European put is worth
选项：
A.0
B.$2
C.greater than zero because there is time value.
解释：
A is correct. The value of European put at expiration is the greater of zero or the exercise price minus the value of the underlying. C is incorrect because there is no time value at expiration.
中文解析：
欧式看跌期权的value = max{0，exercise price - value of underlying}=max{0，-2}=0。
什么意思啊，那我执行价是18.到期了变成20. 那我行驶了权力不是赚2块吗？
