654                                                    20

                                   
                    

                -25,00                       0,00

           0,5556  $125=              0,5556  $80 =

= $69,45                     = $44,45
             -$41,031,0833=           -$41,031,0833=

_______________________= -$44,45______________= -$44,45_____

                  $0,00                       $0,00

          ,
        .  -
,         ,  -
   $20,         
   .      , 
           .

  

 ,      $10  $20, ..  .
        ,    -
  0,5556 ,   $41,03   .  -
    (..  t= 0)  $4,53 [-$10 + (0,5556  $100) - $41,03].
 ,       .    (..
 t = )    :

                                   
                    

                    25,00                        0,00
 

           -0,5556  $125 =             -0,5556  $80 =
            = -$69,45                    = -$44,45


               $41,031,0833=             $41,031,0833=
                = $44,45                     = $44,45

                  $0,00                       $0,00

          
.  ,        -
  .  ,      -
   ,     $10.      -
,         .

 

,    $41,03   0,5556   Widget , 
,      .    ,
         -
 (   ).      0,5556 ,   
  $0,5556     Widget  $1.    
       ,     
   $0,5556      $1.  
   (hedge ratio} .    N
     (20.).

      Widget   -
 0,5556,   ($25  $0)/($125 - $80).    ,  -