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Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 1

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 2

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 7

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 8

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 9

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 10

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 11

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 12

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 14

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 20

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 21

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 22

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 23

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 25

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 26

Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull Options, Futures, and Other Derivatives, 7 th International Edition, Copyright © John C. Hull 2008 27