1.Dai has company A’s stock and plan to sell it after two months at a specified date in the middle of that month. Dai would like to hedge the price of risk of company A’s stock. To hedge the company A’s stock without incurring basis risk，how could she do?

　　A. Short a two-month forward contract on the S&P 500 index

　　B. Short a two-month forward contract on company A’s stock

　　C. Short a three-month futures contract on company A’s stock

　　D. Answers A. and B. are correct.

　　Answer: B.

　　Basis risk is minimized when the maturity of the hedging instrument coincides with the horizon of the hedge (i.e., two months) and when the hedging instrument is exposed to the same risk factor (i.e., IBM).

2. A company entered in a one-year forward contract that buying 100 ounces of gold three months ago. When the price was USD 1,000 per ounce. The nine-month forward price of gold is now USD 1,050 per ounce. The continuously-compounded risk-free rate is 4% per year for all maturities and there are no storage costs. The value of the contract is closet to：

　　A. USD 5,000

　　B. USD 4,852

　　C. USD 6,864

　　D. USD 2,826

　　Answer: B

The value of the contract is:

根據2015年5月FRM考生反饋，多做歷年FRM真題，在考場能很好的適應FRM題目類型、掌控好FRM做題技巧。學習不是盲目的，也不是死記硬背，學習是有技巧可以遵循的。當我們在學習的過程中找對適合自己的學習技巧后，我們不僅可以節(jié)約備考的時間，更可以進一步的提升我們的學習效率。

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