###### Value of a Noncallable Perpetual Prefe ...

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*-c. Describe and compare how the interest rate, currency, and equity swaps are priced and valued;*

* –**d Calculate and interpret the no-arbitrage value of interest rate, currency, and equity swaps.*

–*a. Describe and interpret the binomial option valuation model and its component terms;*

*-c. Identify an arbitrage opportunity involving options and describe the related arbitrage;*

*-d. C**alculate and interpret the value of an interest rate option using a two-period binomial model;*

*-f. Assumptions of the Black-Scholes-Merton Option Valuation Model;*

*-i. Describe how the Black model is used to value European options on futures;*

*-j. Describe how the Black model is used to value European interest rate options and European swaptions;*

*-k. Interpret each of the option Greeks;*

*-l. Describe how a delta hedge is executed;*

*-m. Describe the role of gamma risk in options trading;*

-n. *Define implied volatility and explain how it is used in options trading.*