{"id":1496,"date":"2020-04-14T17:33:00","date_gmt":"2020-04-14T17:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1496"},"modified":"2026-04-06T06:00:33","modified_gmt":"2026-04-06T06:00:33","slug":"the-value-of-an-option","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/","title":{"rendered":"The Value of an Option"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Basics of Derivative Pricing and Valuation (2025 Level I CFA\u00ae Exam \u2013 Derivative \u2013 Module 2)\",\n  \"description\": \"This module explores key concepts in derivative pricing and valuation, focusing on arbitrage, replication, and risk neutrality in pricing derivatives. Topics include forward and futures pricing, cost of carry, factors affecting forward contract value, forward rate agreements, differences between forwards and futures, swaps, option value components, determinants of option value, put\u2013call parity, put\u2013call\u2013forward parity, and the binomial model. It also compares European and American options.\",\n  \"uploadDate\": \"2022-06-29T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/0Geaej45v7w\/default.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/0Geaej45v7w\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/0Geaej45v7w\",\n  \"duration\": \"PT1H8M27S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Both a European call and European put with strike price $70 expire in 90 days. The underlying asset is priced at $60 and the risk-free rate is 5%. What are the lower bounds of both options?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A.\\n\\nEuropean call (c0): max[0, 60 \u2013 70\/(1 + 0.05)^{0.2465}] = max[0, -9.13] = 0.\\nEuropean put (p0): max[0, 70\/(1 + 0.05)^{0.2465} \u2013 60] = max[0, 9.13] = 9.13.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"European call = max(0, -9.13) = 0; European Put = max(0, 9.13) = 9.13\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"European call = max(0, -9.43) = 0; European Put = max(0, 9.43) = 9.43\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"European call = max(0, -9.13) = 0; European Put = max(0, 9.13) = -9.13\"\n      }\n    ],\n    \"answerCount\": 3\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Both a European call and a European put option expire in 90 days with X = $70 and S0 = $60. If the risk-free rate is 5%, what are the lower bounds of both options?\",\n    \"text\": \"Both a European call and a European put options expire in 90 days, with the same exercise price of $70 and the same underlying asset. The current price of the underlying asset is $60. The risk-free rate of return is 5%. Find the lower bounds of both options.\\n\\nA. European call = max(0, -9.13) = 0; European put = max(0, 9.13) = 9.13\\nB. European call = max(0, -9.43) = 0; European put = max(0, 9.43) = 9.43\\nC. European call = max(0, -9.13) = 0; European put = max(0, 9.13) = -9.13\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Choice A is correct.\\n\\nLower bound of a European call: c0 \u2265 max(0, S0 \u2212 X\/(1+r)^T). With S0 = 60, X = 70, r = 5%, and T = 90\/365 \u2248 0.2465, we get c0 \u2265 max(0, 60 \u2212 70\/(1.05)^0.2465) = max(0, \u22129.13) = 0.\\n\\nLower bound of a European put: p0 \u2265 max(0, X\/(1+r)^T \u2212 S0). p0 \u2265 max(0, 70\/(1.05)^0.2465 \u2212 60) = max(0, 9.13) = 9.13.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\"\n  width=\"611\"\n  height=\"344\"\n  src=\"https:\/\/www.youtube.com\/embed\/0Geaej45v7w?rel=0&#038;modestbranding=1&#038;playsinline=1&#038;vq=hd1080\"\n  title=\"YouTube video player\"\n  frameborder=\"0\"\n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\"\n  allowfullscreen>\n<\/iframe>\n\n\n<p>Aside from the moneyness, time to expiration, and exercise price, other factors determine the value of an option. The risk-free rate, volatility of the underlying and cash flows from the underlying and cost-of-carry impact option values.<\/p>\n<h2><strong>Time expiration<\/strong><\/h2>\n<p>With American-style options, as the time to expiration increases, the value of the option increases. This makes perfect sense: with more time before the expiration date; there are higher chances of the option moving in-the-money.<\/p>\n<ul>\n<li>As the time to expiration <em>increases<\/em>, the value of a call option <em>increases<\/em>.<\/li>\n<li>As the time to expiration <em>increases<\/em>, the value of a put option also <em>increases<\/em>.<\/li>\n<\/ul>\n<div style=\"margin: 20px 0;\"><a style=\"display: block; width: 100%; text-align: center; padding: 10px; border: 2px solid #2f5bea; border-radius: 40px; font-size: 16px; color: #2f5bea; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Practice option valuation questions with our free trial. <\/a><\/div>\n<h2><strong>Risk-free Rate<\/strong><\/h2>\n<p>Here, the simplest way to think about this is as a rate of return on a stock. Let\u2019s say you have the choice between buying a bond worth $1000 or one share of stock priced at $1000. If you know the risk-free interest rate is a known 5%, you would expect the stock price to increase by more than 5% on average. Otherwise, why would you buy a share of stock instead of investing in a risk-free bond? Therefore,<\/p>\n<ul>\n<li>As time the risk-free rate <em>increases<\/em>, the value of a call option <em>increases<\/em>.<\/li>\n<li>However, as the risk-free rate\u00a0<em>increases<\/em>, the value of a put option <em>decreases<\/em>.<\/li>\n<\/ul>\n<h2><strong>The volatility of the Underlying<\/strong><\/h2>\n<p>Volatility is considered the most significant factor in the valuation of options. As volatility increases, the value of all options increases. Since the maximum loss for the buyer of a call or put option is limited to the premium paid, we can conclude that there are higher chances of the option expiring in-the-money as volatility increases.<\/p>\n<ul>\n<li>As volatility\u00a0<em>increases<\/em>, the value of a call option <em>increases<\/em>.<\/li>\n<li>As\u00a0volatility\u00a0<em>increases<\/em>, the value of a put option <em>increases<\/em>.<\/li>\n<\/ul>\n<p>The combined effects of time to expiration and volatility of the underlying give rise to the concept of the time value of an option. This reflects the value of the uncertainty that arises from the volatility of the underlying. Thus, the value of an option declines as expiration approaches and can be measured as a time value decay factor.<\/p>\n<h2><strong>Dividends on Stocks\u00a0<\/strong><\/h2>\n<p>Payments from an underlying may include dividends. As we\u2019ve seen previously, immediately after paying a dividend, the stock price falls by the dividend amount. However, the benefits of these cash flows to the holders of the underlying security do not pass to the holder of a call option. Therefore,<\/p>\n<ul>\n<li>As dividends\u00a0<em>increase<\/em>, the value of a call option <em>decreases<\/em>.<\/li>\n<li>However, as dividends\u00a0<em>increase<\/em>, the value of a put option <em>increases<\/em>.<\/li>\n<\/ul>\n<h2><strong>Carrying Cost of the Underlying<\/strong><\/h2>\n<p>Some options can also be written on commodities such as oil, gold, corn, etc. Holders of a call option can participate in the upside movement of the underlying without incurring the asset\u2019s carrying costs (storage costs, insurance costs, etc.). As such:<\/p>\n<ul>\n<li>As carrying costs\u00a0<em>increase<\/em>, the value of a call option <em>increases<\/em>.<\/li>\n<li>However, as carrying costs\u00a0<em>decrease<\/em>, the value of a put option <em>decreases<\/em>.<\/li>\n<\/ul>\n<h2><strong>Pricing Bounds for Options<\/strong><\/h2>\n<p>A call option gives the holder the right to buy the stock at a specified price. The value of the call is\u00a0<strong>always less<\/strong>\u00a0than the value of the underlying stock. Thus,<\/p>\n<p>$$ c\\le { S }_{ 0 }$$<\/p>\n<p>If the value of a call were to be higher than the value of the underlying stock, arbitrageurs would sell the call and buy the stock, earning an instant risk-free profit in the process.<\/p>\n<p>A put option gives the holder the right to sell the underlying stock at a specified price. The value of a put is always less than the strike price. Thus,<\/p>\n<p>$$ p\\le K\\quad $$<\/p>\n<p>If the value of a put were to be higher than the strike price, everyone would move swiftly to sell the option and then invest the proceeds at a risk-free rate throughout the option\u2019s life.<\/p>\n<h3><strong>Lower Pricing Bounds<\/strong><\/h3>\n<p>Call options can never be worth less than zero as the call option holder cannot be forced to exercise the option. The lowest value of a call option has a maximum price of zero, and the underlying price less than the present value of the exercise price. This is written as follows:<\/p>\n<p>$$c_0\u00a0\\geq max(0, S_0 \u2013\u00a0\\frac{X}{(1+r)^T}) $$<\/p>\n<p>A put option has an analogous result. A put option can never be worth less than zero as the option owner cannot be forced to exercise the option. The lowest value of a put option is the maximum of zero, and the present value of the exercise price less the value of the underlying. This is expressed as follows:<\/p>\n<p>$$p_0\u00a0\\geq max(0, \\frac{X}{(1+r)^T} \u2013 S_0) $$<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>Both a European call and European put options expire in 90 days, with the same exercise price of $70 and the same underlying asset. The current price of the underlying asset is $60. The risk-free rate of return is 5%. Find the lower bounds of both options.<\/p>\n<p>A. European call = max(0, -9.13) = 0; European Put = max(0,9.13) = 9.13<\/p>\n<p>B. European Call = max(0, -9.43) = 0; European Put = max(0,9.43) = 9.43<\/p>\n<p>C. European Call = max(0, -9.13) = 0; European Put = max(0,9.13) = -9.13<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is A.<\/p>\n<p>European call (c<sub>0<\/sub>): max[0, 60 \u2013 70\/(1 + 5%)<sup>0.2465<\/sup>] = max[0, -9.13] = 0<\/p>\n<p>European put (p<sub>0<\/sub>): max[0, 70\/(1 + 5%)<sup>0.2465<\/sup> \u2013 60] = max[0, 9.13] = 9.13<\/p>\n<\/blockquote>\n<div style=\"text-align: center; margin: 40px 0;\"><a style=\"display: inline-block; padding: 10px 26px; background: #3f78d7; color: #fff; border-radius: 40px; font-size: 16px; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Start Free Trial \u2192 <\/a>\n<p style=\"margin-top: 10px; max-width: 600px; margin-left: auto; margin-right: auto; font-size: 14px;\">Solve CFA-style derivatives questions on option values, risk-free rates, and call vs put sensitivity.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Aside from the moneyness, time to expiration, and exercise price, other factors determine the value of an option. The risk-free rate, volatility of the underlying and cash flows from the underlying and cost-of-carry impact option values. Time expiration With American-style&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-1496","post","type-post","status-publish","format-standard","hentry","category-derivatives","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Factors Affecting Option Value | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Explore the key factors influencing the value of options, including volatility&#039;s impact on European call and put options. Understand call option valuation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Factors Affecting Option Value | CFA Level 1\" \/>\n<meta property=\"og:description\" content=\"Explore the key factors influencing the value of options, including volatility&#039;s impact on European call and put options. Understand call option valuation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/\" \/>\n<meta property=\"og:site_name\" content=\"AnalystPrep | CFA\u00ae Exam Study Notes\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-14T17:33:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-06T06:00:33+00:00\" \/>\n<meta name=\"author\" content=\"Simon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Simon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/\"},\"author\":{\"name\":\"Simon\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687\"},\"headline\":\"The Value of an Option\",\"datePublished\":\"2020-04-14T17:33:00+00:00\",\"dateModified\":\"2026-04-06T06:00:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/\"},\"wordCount\":877,\"articleSection\":[\"Derivatives\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/\",\"name\":\"Factors Affecting Option Value | CFA Level 1\",\"isPartOf\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#website\"},\"datePublished\":\"2020-04-14T17:33:00+00:00\",\"dateModified\":\"2026-04-06T06:00:33+00:00\",\"author\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687\"},\"description\":\"Explore the key factors influencing the value of options, including volatility's impact on European call and put options. Understand call option valuation.\",\"breadcrumb\":{\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Value of an Option\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#website\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/\",\"name\":\"AnalystPrep | CFA\u00ae Exam Study Notes\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687\",\"name\":\"Simon\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png\",\"contentUrl\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png\",\"caption\":\"Simon\"},\"url\":\"https:\/\/analystprep.com\/cfa-level-1-exam\/author\/analystprep\/\"}]}<\/script>\n<meta property=\"og:video\" content=\"https:\/\/www.youtube.com\/embed\/0Geaej45v7w\" \/>\n<meta property=\"og:video:type\" content=\"text\/html\" \/>\n<meta property=\"og:video:duration\" content=\"4108\" \/>\n<meta property=\"og:video:width\" content=\"480\" \/>\n<meta property=\"og:video:height\" content=\"270\" \/>\n<meta property=\"ya:ovs:adult\" content=\"false\" \/>\n<meta property=\"ya:ovs:upload_date\" content=\"2020-04-14T17:33:00+00:00\" \/>\n<meta property=\"ya:ovs:allow_embed\" content=\"true\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Factors Affecting Option Value | CFA Level 1","description":"Explore the key factors influencing the value of options, including volatility's impact on European call and put options. Understand call option valuation.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/","og_locale":"en_US","og_type":"article","og_title":"Factors Affecting Option Value | CFA Level 1","og_description":"Explore the key factors influencing the value of options, including volatility's impact on European call and put options. Understand call option valuation.","og_url":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/","og_site_name":"AnalystPrep | CFA\u00ae Exam Study Notes","article_published_time":"2020-04-14T17:33:00+00:00","article_modified_time":"2026-04-06T06:00:33+00:00","author":"Simon","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Simon","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/#article","isPartOf":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/"},"author":{"name":"Simon","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687"},"headline":"The Value of an Option","datePublished":"2020-04-14T17:33:00+00:00","dateModified":"2026-04-06T06:00:33+00:00","mainEntityOfPage":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/"},"wordCount":877,"articleSection":["Derivatives"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/","name":"Factors Affecting Option Value | CFA Level 1","isPartOf":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#website"},"datePublished":"2020-04-14T17:33:00+00:00","dateModified":"2026-04-06T06:00:33+00:00","author":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687"},"description":"Explore the key factors influencing the value of options, including volatility's impact on European call and put options. Understand call option valuation.","breadcrumb":{"@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/the-value-of-an-option\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/analystprep.com\/cfa-level-1-exam\/"},{"@type":"ListItem","position":2,"name":"The Value of an Option"}]},{"@type":"WebSite","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#website","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/","name":"AnalystPrep | CFA\u00ae Exam Study Notes","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/analystprep.com\/cfa-level-1-exam\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/8d6352b658ba58a707920fba950b3687","name":"Simon","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/analystprep.com\/cfa-level-1-exam\/#\/schema\/person\/image\/","url":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png","contentUrl":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2016\/09\/analystprep-150x150.png","caption":"Simon"},"url":"https:\/\/analystprep.com\/cfa-level-1-exam\/author\/analystprep\/"}]},"og_video":"https:\/\/www.youtube.com\/embed\/0Geaej45v7w","og_video_type":"text\/html","og_video_duration":"4108","og_video_width":"480","og_video_height":"270","ya_ovs_adult":"false","ya_ovs_upload_date":"2020-04-14T17:33:00+00:00","ya_ovs_allow_embed":"true"},"_links":{"self":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/1496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/comments?post=1496"}],"version-history":[{"count":30,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/1496\/revisions"}],"predecessor-version":[{"id":60300,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/posts\/1496\/revisions\/60300"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/media?parent=1496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/categories?post=1496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-json\/wp\/v2\/tags?post=1496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}