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BAIT~P KY H~N .'

CUll 1 : .

Gin 5"f rang b\,n ky k~trrt~thgp dang ky h"n 6 thang lrcn mQt C~ltrngkho.ll1 kh6ng tl'.1c6.tIre khi !
chlmgkho{mh\ 30USD va. HUsual phi nH ra ( vol cach ghep l~i licn tiep ) 1612:o/annull1. Gilt k5' Iwn bitl
ba.~.nhicu
GI'U
'? (~,~(.\ / ,("()f .&C\,
. .
c?o I~V- t }~O ~ T C\,IJ ~il, (Jft!
fl" . .'
;/"'IJ
, J
.,' ':1"'.>
." -'
./ ''',.'
2-.! . .-" 1(t) (.,('r ('(/f"( (il ,.' . ,!( )
. ' TCr ...gi.i thiet
.' bl1i tOclntaco:
: lia tJ , ' . <1' '

T=O.5
CK kh6ng tnic6 ttrc '"
. S ~ 30$
r = 12n.~/nam c'ghcp li'ii lien t\IC ) '.

V(1y c;i{\.ky h:;m :F =. S.cr~T==30.eO.!2.0,5

= 31,86 $

I en" 2 : .
I\ Mt)t 11\,tpd6ilg ky IH;\I1IUlI:lml)t nam tren mul chung kho{1I1khong'trt\ ct\ tlrc dlJ'll.:ky' k~t kid gi:

I'
chlrng.." klw<ll1
. hi 40USD
,. . .va 15tsufit ~
phi rul r.oIn
~
I O%~1Imumval
. :.
each.. ghcp !ffi lien ti~p.
".'" va gta tr! ,':111tf all CUlt IlQP dong r(j' h yJ1 ,)ung b no n IlICU ?.
If:' ( .:1(1k y 1
' . A

\
b> Situ th:lll!~. S<1lI.gin cir~\ c1\~rng khoan 1:'145 USE> v,a liii sudt phi'I'\H 1'0 van .h1 IO%), (i i.j k~;' h~11 d gi:i tt.
cl'm-h9P dC'l1g"'K:V"'h1.\l1"'5C-bilJrghmrrThi~tr? - - ""'- --~ . - - ~ 0_=_-/ ~ ~

Ciiii: "'. . .

. -~ Tlf gLI Ihi~t b;ln dtll1In co :

T:: I
'.
.
. .
CK kiH~l\gtni co tire
S==40 $ . .
r"'= W%/nasn ( ghcp W.ilien tl,lc)
it> Gi:iky:lim,va Ghi hop d6ng mua kvhan'ban clAu: gto, ,~ "c.o ;;. <ird ~~ <r<SO.
F.-= 40,011.1'1 = 44,201 . '.
f ==.'..
(
"
r
.
K ) .c'
-r T
.
.
;
.

Vi t~11thaI di~m ky hQ"pdang F = K. ncn Gi£lhgp dang f:: 0

b> Giakvh:,'~:fvu Gia hap d5ng roll\!kv hat] sau 6 thitng.":
S~4:~$ ,. .
T=05
F..""45i6°"'o..5 ==47,31 $ '. ..
~
Gia'h\Aj d6ng mua t;11thaI dj~m 6.thang sau :
,;:::-r = (F --.K)~ e.r.T = (47 ~~H~ 44,21). c.O.l'O.5 .
'. - .t = 2,95 $ . ..,
"
C~U 3::.. .
" . .M\)f.~i:i~l1g khoantllfqc
kYVQligsclt'j:{:nQl khoan cd tlie hi ll£SD/ct> phi~u trong hai thang va f.ro!1g
nun, th:i"~g~/:j~f~
chuog khoan hi 5bQ~b.Vli tai su:1tphi ruI' co la 8%/rulnum. V&r crichghcp laili~n li~p
cho tdl'ct\:~ih<;~y duo h~n. MQtnhZid5ud,r vim giG'!11Qlvi thab~ntrong nl,;t hqp c10ngk~'lwrr6 thang tren
ch(rrtgkh~):1JfhJ6..:... . . . .' .

~,> Gi..;':it'Y':ji;:)'itvn ghi tri hnn a5IjcA~lltj:p (15ng ky h:.111

b~ng baon'hicu '!

-gtilltl .-<, .
.v
"
~
 >.:r~8

l'
- M~c du chenh I~ch glCl'ahai vi th~ la 4000$, nhU'rig HDKH'chi thanh toan khi a~n h~n
nen gia trj nha c1c\utw thlfc nh~n la hi~n gia cua chenh I~ch nay sau 3 thang ( ::: 4000.e-r
'0.25). ? ,.' '; . .

V&i r:= 0,1 gia trj'th\l',c,nh,.n .nay)a 3901 $ ( khi r = 0;101 ta co 3900$).

Bai 5:? iltt.t ." :

Khl1 d6ng ti~nm~t bittt trLPactrong tLPanglai cua1 lo~i ngo~i.t~ dU'Q'cbao hi? bo-j 1 cong
. ty b~ng cachslJI'dl}ng 1'h9'p.d~mg foward thi sa khong co rul to ngo~i h~i. Khino Chpgc
bao h9 bang cach s,wdl.)ng 1 hQ'p d6ng giao sau thi qu.~.trinhdi~u chinh theo thi tru'o-ng
lam choCongty d6i m~.tvai rulro.. Haygia.ithlch ban chat cua rut ra nay, C~Jth~ hay xeni xet
li~u r~ng Cong ty sa t6t hoonn~u SlYdl,mgHE>foward hay future khi: ...
alGia ngoai te giam nhanh trong sudt qua tnnh t6n tift cua hvp ddng.
, b/Gi;l ng.o~i t~ tang nhanh trang su6t qua trinh t6n tift ctia h9'P,ddng.
clGia ngol}i t~ luc <TAutang sau t16giiim v~ g;;1trj ban c1RucLiano.
alGia ngo{1i t~ luc c1Augiam sau do tang v~ gM trf ban aAu .cua no.
"G'ic~i :... . .:.,... .' ...',. "('" '. '. -'.' -." .' ..., ',. " .. . ,. .' '..
. . po qui dj~h vtt.,kyquy v~,thanh tean thee ngay Gua Future nEmcong ty phal dOl m~t.
v&1r(;1 ;'0 vl~bao dartl kha nan.g thanh toan bu trw thee that1g giang cua ty gia h51 doai d61
v&1ngo~1 t9 do. Nhu' v~YI"ban ch~t cua rul fO nay la rUlro fGHEJ ( bc;mThanh H,il cl"Q.<15y
~~~!~,l.lJI fO ~ha n~i~Qan).; '".; f-~~~- .~.. --: ""'i"",~"i',;;':~~~¥w.ff1:(fj,;~;.~;:j,,:'~~-
'.-~ .
" Gla "."d\I,Ji.trtJ'Q!nl~.tlQ;p
~;tt,~6n9 ty' lW hQ'p dongijan.Ry;I1~",;:"4fnI'Grnghqp 8 : Cong ty ky'.
hgp
.

d'Ong bon Future.

,

'
i ". " .'

'.', .
a> Khi ~ia ":rlo-ai
te Qiarnnhanh tronQsu6t Quatrinh t6n tal,cua hap dc3nq! .',

M~c du t6ng 56 ti~h lall.a nhIP nhau, nhU'ng n€!u tinh ~.~hi~n gia thi,.jru'Otng hQ'p B c6/q/
han trlv()'ng hQ'pA , d,o B nh~n dLP9'cti€!nscYmhO'n. (.~,j
b> Khi Qia ngoat te tanq nhanh tronq su6t QUa trinh tan.tal cuahO'p d6nQ : - f~ ~ ~ eta; ~). I

Tong so lien 16 la nh.U'nhau, nhung nl!u tinh hi~n gia thl tru'(~mghQ'pA co IC!IhO'n tru'CYrig
hQ'p B, do A phal tra .ti~n mUQnhO'n( k~ ca xet v~ kha nang Clang tr~rig thai sam cua cae.
hqp dbng ).:, .

c> Khi Qlanqoal Ie lue dau tanq sau do qiam v~ Qicitri ban dlu e'LJano :
TrtV6'nghQ'p A .c6lql hanB do khong phal quan tam c1.}nvi~c bao, dam kha nang thanh
toan 16O'glai do~n aau nhU' B ( ma ~~u mcit kha 'nang thanh'toan 16sa dU'O'ngnhien bi
dong tr~tlg thai va khang dlJ'gc' hll'cYng19'1nhu~n co
.
dU'<?,c
. -tCV
'glai
. .
do~n hai ). '

d> Khila n oal e lue dAu lam sau do ta vA la trian dAuella n6 :

TrU'Otn9.hQ'p B co 191hon trU'ang hQ'pA do B nh(in dU'9'cti~n samhan nen hi~ri gia:,cao
han ( ke eel n~u xet trong trU'Q7nghC?'Pdong tr~ng thai sam cac hgp dOng ). :
Sai 6:.~, ,

Vao: ngay 9/3. tham gia vao 1 vi th~ Q1vi th~ ban C1H£>giao sau v~ bQt d~u'nanh. H9'P
dAng dao h~n vao .ngay 9/7 va cac quyAn ch9n ban vl~c giao 100 t~n b9t. HQ'p'~~Og~g;ao
sau yeu.can chuyen $~OOO vao tai khoan ky quy ban dAuva $41jJo ky q U,'ftr1.,Tuy
nhh~n de do' I' gian, gia SLPr~ng tal khoan dU'Q'c di~u chinh theo ~hi'\h-~rc,., '. theo sO' sc1 .

J
~

..... ~.. """'-' ;.1.:. 'r.~ r>..:!.S'I7"''''-''r.') ..c//

 "

"

-,

J~j!: o~ ,tha.ng. Sl1u:gi~ c~a ~hu-ng khoa~ In.4~USD' v~ UitsuAt p'~! rui ro van la 80/01annum, Ghll{y h;1n
r'va gla tq cua V!the ban trong hqp dOIJgky h;,:anbang baa nlllCU?
Ghli :
-
'

CK lr!\ cB lire l $ tmng hai thiing va n5m tlHing

T"'"O.S
S = 50$
r ==8'%/i1iim ( ghcp 11iilien tl,lc )
Hqp d~\l1gban ky hl;1l1 '

,,:>Tinh 2:itikvhnn va ~i;1haD d5.n~n ky han ban d5u: ,

Hi~11ghi thu nhQp U:= 1. c.o.OgoO.I(j67 = 1,954
+1. c"oosr0;:IT67
F = ($ - U).er.T == (50 - 1,954).co.os.o.5
= 50,0068$
r=::(fC-j<).e,r.T=O " ,

b> Tinh !!il\ ~yhall va gin IWp'dong bon kv hUl1ba tluing sau :
S = 48$'
T = 0,25
r giii 11IItr lren ,)
U = I, ::: 0,9868
~o().OIl'O.1667
F = (4X .- O,9868).CH.OSOO.2S= 47,963 $ 1. '.' I' '-0

f= (5(1;1)068 - 47,9(3).0.0.0800,2:; = 2,0033 S ,

)
(~ )
)(.'1' ,( (L~ H)4.I/I'i..r ~"" (tILl .I

BiJi t~p Future:

ai 4..
I

.0' - ~~ - "- ,- - -- =-=--c "",--

n0 ' '

. M9t 11t\ii'gb'r:. d\ch ~g.d~\ \"\6\6m\g \am ,,\~c:.c:.t\a'\ n~in nang, s.e ~~k~t "'~l rttl k.~"'~" ""-':.1.'
de mua 1lri~u bang Anh vO.ltY gia hOidoid 1,6000,trong 3 thang. " '.

C~ng vo'j illeri dj~m d6"hha gdich khac tren ban gdiCh' k~ c~n gii1' vi th~ trong 16 hQ'p
dong giao sau thcYih~n 3 thang tren d6ng bang Anh: Gia giao sau Iii 1,600. Trang mgt viii
phut g~!ch khi thlfc hi~n gdich thi gia ky hC}nva gia giao sau d~u tang 1,6040. Ngay I~p
tli'c ca 2 nha gdich d~u doi 1 khoan 100inhuan.li 4.000 USD. .' .
H~ th5ng ngan hang cho thAy rAng nha gd'jch Giau sau da ki~m d,U'~c 19'1nhu~n Iii 4,000
USD, nhiPng nha g:~!ch HD ky h~n chi ki~m dU'gc 3.900 USD. Ngay J~p t(Pc nhis gdich ky
h'i\n gQi.Qj~n d&n ptiall nan val phong quan Iy hq thOng. .
Hay giai thich chuy~n gi da xay ra, tCi1i
sac li;1ico 51! chenh tech lQ'inhu~n nhU' v~y?

Giai : Gild thich " . ,

. Vi th~ m~a h9'P dAng giao sau : '

- Mua ?16 H£)6ng Future vai Gia HE) = 1,600" => sA Bang Anh mua du'q'c 13
(16*100'.000$)/1,600
= 1triqu BA. . " ..'., 0 . .~
- Khi gin Futurcf;tarig. Jen 1,6040. giis thi tntcYng cua 16 HD.d6i ra $ luc nay la : 1tra~u
SA It 1,6040 = 1.604.000 $
.. V&i qui dinh v~..kyquy va thanh toan himg ngay cua thi trU'cYngFuture, ra rang .ngu.o.j
mua t-ID~Sda I&i;n~ay.rn~tkhoan ban.fI4.00Q$. "

o. Vi th~'rnua ti9'pdOno~ ~yh,n : ,"..::,'., .,., .:0-

.. Niju mu6n rut ngay'tien, ho phai .dong tr,ng thai bang each thI;Pchlf1nm9t 'h9'J?d.o~9
. ban ky h~n 1 tri,u bang Anh °thc1ih~n 3 thimg (v&i 913ky h~n luc nay Is 1,,6040)..

...
"- u~ -- -'-
--, . .:!