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Kultur Dokumente
P. 30, Table 2: The physical market value of stocks should be 1,016,000. All other values
in the table are correct.
P. 30, Table 3: The heading of the rightmost column should be Notional Income.
The corrected tables are shown below; Table 1 has no corrections but it shown for
convenience:
Table 1: Physical Impact of Notional
Market Value Futures Market Value
Stocks 1,000,000 +200,000 1,200,000
Cash 400,000 -200,000 200,000
Total 1,400,000 0 1,400,000
Pp. 31-32, Tables 4, 5, and 6: The heading of the middle column of values should be
Impact of Options.
P. 32, first paragraph, the phrase from $100 to $110 should be deleted, the sentence
should read, Also, [assume] that the value of the option increases from $4 to $9.50 as
the price of the XYZ Corp. stock increases, and also Income of $260 should be
Income of $276.
P. 32, Table 5: The value for Stock Options in the Impact of Options column should be
9,500.
P. 32, Table 6: The values in the Impact of Options column should be Stocks +276 and
Cash 276, reflecting the re-allocation of income on the beginning cash underlying the
options position. The calculation is 46,000 x 0.006 = 276. Consequently, the values in
the column headed Notional Market Value should be Stocks 4,276 and Cash 2,100.