NO.PZ202312250100000504
问题如下：
Based on the information in Exhibit 2, the total option premium to hedge Raghav’s NAIC holdings is closest to:选项：
A.$42,800. B.$45,000. C.$47,200.
解释：
Collar Option strategy = Buy an ATM put and sell an OTM call = $2.67 – 0.53 =$2.14
Cost per collar option contract = $2.14 × 100 = $214
Cost to hedge half of NAIC holdings = $214 × (10,000/100) = $21,400
Bear put option = Buy an ATM put and sell an OTM put = $2.67 – 0.31 = $2.36
Cost per bear put option contract = $2.36 × 100 = $236
Cost to hedge half of NAIC holdings = $236 × (10,000/100) = $23,600
Total premium paid = $45,000
The total cost to hedge 20,000 shares of NAIC is $45,000.
老师，这道题为什么用ATM的put，以及前一小问的collar策略为什么用ATMput，
collar策略不是用OTM PUT， bearput不是用long Higher X put吗？
是不是因为这道题理解为立即可以执行的意思吗？
最后这道题，NAIC shares close at $22.35 per share on the option expiry date.
它的collar策略没收益，bear put赚了50000，这里期权费花了45000，等于说赚了5000，这个对不对，麻烦老师看一下。谢谢！
