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"Derivative"exercise:Convenience yield
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
The value of a long position in a forward contract at expiration is best defined as:
A、 forward price agreed in the contract minus spot price of the underlying.
B 、spot price of the underlying minus forward price agreed in the contract.
C 、value of the forward at initiation minus spot price of the underlying
Questions 2:
Convenience yield is best described as a nonmonetary benefit of holding a(n):
A、 option contract.
B 、asset.
C 、forward contract.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. The value of a long position in a forward contract at expiration is defined as spot price of the underlying minus forward price agreed in the contract.
A is incorrect. This is the value of a short position.
C is incorrect. The value of a long position in a forward contract does not depend on the value of the forward at initiation.
【Answer to question 2】B
【analysis】
B is correct. Convenience yield represents the nonmonetary advantage of holding the asset.
A is incorrect. Convenience yield is a benefit for the holder of the asset and not the holder of an option contract.
C is incorrect. Convenience yield is a benefit for the holder of the asset and not the holder of a forward contract.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
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