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Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________

MyFinanceLab Solutions

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________

MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________

MyFinanceLab Solutions

$15 $10 $0

− $10

− $25

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

$25 $10 $0 − $10 − $15

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

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Chapter 20 _________________________________ MyFinanceLab Solutions

Loss due to hedging

Profits without hedging Profit with hedg

Gains due to

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

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Maximum Profits

Break-even point

Maximum Loss

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Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Maximum profits Break-even point

Maximum loss

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

Maximum Profit

Break-even point Maximum Loss

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Maximum Profit

Break-even point Maximum Loss

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

Maximum Profit

-$5

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Break-even point Maximum Loss

Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Maximum Profit Break-even point

Maximum loss

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

A. B. C. D.

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Option Value is $20 − $18 = $2

Exercise price is $18 Current stock price is $20

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

Option Value is $25 − $20 = $5

Exercise price is $20 Current stock price is $25

Titman/Keown/Martin Financial Management 11e

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

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Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

Chapter 20 _________________________________ MyFinanceLab Solutions

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Titman/Keown/Martin Financial Management 11e

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Titman/Keown/Martin Financial Management 11e