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Free CFA Derivatives Practice Questions & Answers

500 exam-style Derivatives questions. Pick your answer, hit Check answer, and see the worked solution — free to start, no signup.

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Question 481

A non‑dividend stock is 70, r = 4% simple, T = 9 months. Fair forward price?

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Question 482

A 1×4 FRA: 1‑yr spot = 3%, 2‑yr spot = 4% (annual). Implied 1‑yr forward starting in 1 year?

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Question 483

A 3‑year pay‑fixed swap has fixed rate 3.8%. Remaining DF: 0.97, 0.94, 0.90. Par swap rate now = 3.0%. Notional = 100M. Approx value to fixed‑rate payer?

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Question 484

A currency swap: PV of USD leg = 6M, PV of EUR leg = 5M, FX = 1.1 USD/EUR. Value in USD to party receiving EUR leg?

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Question 485

A Eurodollar futures contract has price 94.20. Implied annualized rate?

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Question 486

A commodity forward: Spot = 60, storage cost = 3 (paid at end of year), r = 5%. 1‑yr forward?

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Question 487

A 2‑year interest rate swap has par rate 3.5%. DF: 0.97, 0.94. Notional = 80M. What is the fixed leg PV?

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Question 488

Same swap as above: floating leg PV = 80M. What is the swap’s value to the fixed‑rate receiver?

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Question 489

One‑period binomial: S0=50, u=1.3, d=0.8, r=4%. Call K=50. Value?

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Question 490

Same tree: Put K=50. Value?

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Question 491

Put‑call parity: C=6, S=45, K=44, r=3%, T=1. Put value?

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Question 492

A call’s vega is 0.25 per 1% vol. If vol rises 4%, approximate price change?

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Question 493

A trader is long 200 calls (delta 0.6 each) and short 100 puts (delta −0.4 each). Net delta?

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Question 494

A straddle: long call and put, both K=100. Call = 7, put = 6. What is breakeven upper stock price?

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Question 495

A covered call: stock = 60, call premium = 4, K=65. Max profit?

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Question 496

Protective put: stock = 70, put K=65, premium = 3. Max loss?

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Question 497

A call has delta 0.55 and gamma 0.04. Stock rises by 2. Price change approx?

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Question 498

A put has delta −0.45 and gamma 0.03. Stock falls by 3. Price change approx?

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Free CFA Derivatives Practice Questions & Answers

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