Q: Cougar Investments has purchased 10 billion in the Nippon Millennium fund an exchange-traded fund that
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Q: Cougar Investments has purchased ¥10 billion in the Nippon Millennium fund – an exchange-traded fund that tracks the Nikkei 225 – at ¥9,000 per share. Cougar decided to protect its investment against a possible correction in the Nikkei 225 by buying a put option on the Nikkei 225 at a strike price of ¥8,750 for a 1 percent premium. What is the value of Cougar Investments’ Japanese holding if the Nikkei 225 increases to 10,000 or falls to 8,000?
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