13.1

13.2 Arbitrage-free Price13.2 13.1Arron1000ABCABC11/NorraABC1000 ABC100/3120/12%13.2 13.1Arron013100,0000001,000120,000103,000121,02013.2 13.1Norra013-100,0001,00000-120,000-101,980-120,00013.2 13.11Arron3121,0203103,0002Norra3-120,0003-101,98013.2 13.21012000/10/12%112005/13.2 13.101120,0000-100120,050121,200119,94913.2 13.101-120,000 - 10000-120,050-121,301-120,05013.21213.2 13.2 12-13.3 current priceSt strike priceK Volatilitys expected dividendsD time to expirationT t r13.3 t :

13.3 t

13.3

13.3 13.3

13.3

13.3