Finance Management Ch20
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Transcript of Finance Management Ch20
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Chapter 20_________________________________
MyFinanceLab Solutions
Titman/Keown/Martin Financial Management 11e 1
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Chapter 20_________________________________
MyFinanceLab Solutions
2 Titman/Keown/Martin Financial Management 11e
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MyFinanceLab Solutions
$0
$10$15
$10
$25
Titman/Keown/Martin Financial Management 11e 3
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4 Titman/Keown/Martin Financial Management 11e
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Titman/Keown/Martin Financial Management 11e 5
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$0
$10 $15
$10
$25
6 Titman/Keown/Martin Financial Management 11e
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Titman/Keown/Martin Financial Management 11e 7
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Titman/Keown/Martin Financial Management 11e 9
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Profitswithout hedging
Gains due to
Loss dueto hedging
Profit with hedg
10 Titman/Keown/Martin Financial Management 11e
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Titman/Keown/Martin Financial Management 11e 11
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12 Titman/Keown/Martin Financial Management 11e
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Titman/Keown/Martin Financial Management 11e 13
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Break-even point
Maximum Loss
Maximum Profits
14 Titman/Keown/Martin Financial Management 11e
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Titman/Keown/Martin Financial Management 11e 15
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Break-even point
Maximum profits
Maximum loss
Titman/Keown/Martin Financial Management 11e 17
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Titman/Keown/Martin Financial Management 11e 19
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Maximum Profit
Break-even point
Maximum Loss
20 Titman/Keown/Martin Financial Management 11e
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Titman/Keown/Martin Financial Management 11e 21
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Maximum Profit
Break-even point
Maximum Loss
Titman/Keown/Martin Financial Management 11e 23
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Titman/Keown/Martin Financial Management 11e 25
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Maximum Loss
Break-even pointMaximum Profit
-$5
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Maximum ProfitBreak-even point
Maximum loss
Titman/Keown/Martin Financial Management 11e 29
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A.
B.
C.
D.
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Option Value is$20 $18 = $2
Current stock price is $20
Exercise price is $18
Titman/Keown/Martin Financial Management 11e 31
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Option Value is$25 $20 = $5
Current stock price is $25
Exercise price is $20
Titman/Keown/Martin Financial Management 11e 35
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Titman/Keown/Martin Financial Management 11e 37
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