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Summary: 1/112
Chapter 7. Derivatives markets.
Manual for SOA Exam FM/CAS Exam 2.
Chapter 7. Derivatives markets.
Section 7.4. Call options.
c 2009. Miguel A. Arcones. All rights reserved.
Extract from:
"Arcones' Manual for the SOA Exam FM/CAS Exam 2,
Financial Mathematics. Fall 2009 Edition",
available at http://www.actexmadriver.com/
c 2009. Miguel A. Arcones. All rights reserved. Manual for SOA Exam FM/CAS Exam 2.
2/112
Chapter 7. Derivatives markets. Section 7.4. Call options.
Minimums and maximums
Definition 1
Given two real numbers a and b,
(i) min(a, b) denotes the (minimum) smallest of the two numbers.
(ii) max(a, b) denotes the (maximum) biggest of the two numbers.
Example 1
min(10, 5) = 5, max(10, 5) = 10, min(-1, 5) = -1,
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