**Fundamentals of Futures and Options Markets, ****Seventh Edition**

The following typos
and other errors are in the first printing of the book and solutions manual. We
have tried to correct them in subsequent printings and so they may not be
present in the copy you have.

**Errata in Book**

**Page 7: **line 12, change “April” to “December” (This
was kindly pointed out by Emilio Barone)

**Page 13:** Table 1.3: Change “Profit if April
spot=1.9000” to “Profit if April spot=1.7000” and “Profit if April spot=1.8000”
to “Profit if April spot equals 1.6000” (This was kindly pointed out by Bruce
Valentine.)

**Page 57:** Example 3.4, second to last line: “Spot
price on Nov. 10 + Gain on Futures” should be “Spot price on Nov. 10 −
Gain on Futures” (This was kindly pointed out by Cheng-kun Kuo.)

**Page 60:** Final equation should be

**Page 77: **line 6. Equation should be “*a *= 510 − 95×6= −60”
(This was kindly pointed out by Emilio Barone)

**Page 95:** In Business Snapshot 4.3, 2-3 lines from
end, change “million” to “billion”

**Page 117:** line 5. Change “Section
2.10” to “Section 2.11” (This was kindly pointed out by Emilio Barone)

**Page 141:** In Example 6.3, two lines
from end change “0.9919” to “0.9913” (This was kindly pointed out by Emilio Barone)

**Page 155**: In Problem 6.25, line 1 change “December
2010” to “December 2011” (This was kindly pointed out by Emilio Barone)

**Page 202:** line 3, change “less than”
to “greater than” (This
was kindly pointed out by Edwin van Norden)

**Page 202: **The Mian
and Sufi referenced article should be “The Consequences of Mortgage Credit
Expansion: Evidence from the US Mortgage Default Crisis” *Quarterly Journal of Economics*, 124 (4), Nov 2009, 1449-96. (This
was kindly pointed out by Emilio Barone)

**Page 220:** Line 1. Change “Section
2.9” to “Section 2.10” (This was kindly pointed out by Emilio Barone)

**Page 238:** Business Snapshot 10.1. Two lines from end. Change “equation (9.3)” to “equation
(10.6)” (This was kindly pointed out by Emilio Barone)

**Page 301:** Example 13.4 should include
the equation *c*=42*N*(0.7693)−38.048*N*(0.6278) before the equation for *p*.

**Page 306:** Example 13.6. *d*_{1}
should be “0.2020” not “0.2017” and *d*_{2}
should be “−0.0102” not “−0.0104”. The other numbers are OK.
(This was kindly pointed out by Alexander Amati.)

**Page 324:** Problem 14.8. Change
“Figure 14.2” to “Figure 14.1” (This was kindly pointed out by Emilio Barone)

**Page 336:** 3 lines above start of
Section 15.5. change “forward rates” to “forward prices”
(This was kindly pointed out by Emilio Barone)

**Page 338:** line 3: Change “(15.9) and
(15.10)” to “(15.8) and (15.9)” (This was kindly pointed out by Emilio Barone)

**Page 347:** Two lines below equation
(16.1).
Change “equation (10.3)” to “equation (10.6)” (This was kindly pointed out by
Emilio Barone)

**Page 351:** lines 5 and 6. Change
“comparing equations (16.5) and (16.6) with equations (15.7) and (15.8)” to “comparing the
equations in Section 16.6 with the equations in Section 15.6” (This was kindly
pointed out by Emilio Barone and Chee
Ng)

**Page 352: **Example 6.5: The answer is
$66.28, not $44.19. The other numbers are correct. (This was kindly pointed out
by Surendranath Jory)

**Page 398: **First line of Section 18.2. Delete “and 15.3” (This was
kindly pointed out by Emilio Barone)

**Page 412:** In Problem 18.20 change
“Example 18.1” to Example 18.3” and in Problem 18.21 change “Example 18.2” to
“Example 18.4”

**Page 441**: 14 lines from end: change “standard
deviation of the portfolio in equation (20.3)” to “variance of the portfolio in
equation (20.3)” (This was kindly pointed out by Alex Saldarriaga.)

**Page 469:** last line of footnote. “0.2521” should be “0.2556”
(This was kindly pointed out by Emilio Barone)

**Page 483:** Example 22.1, line 8.
Change “equation (13.21)” to “equation (13.6)” (This was kindly pointed out by
Emilio Barone)

**Page 503:** Change “billion” to
“trillion” in the table in Business Snapshot 23.2

**Page 589: **url for Montreal exchange is
www.m-x.ca

**Errata in Solutions Manual**

**Page 7: **Change “April” to “October” on lines 18, 21,
32, and 33** **(This was kindly pointed out by Emilio Barone)

**Page 23: **Last line of Problem 4.15. Change “1964.67” to
“2078.85” (This was kindly pointed out by Emilio Barone)

**Page 29:** Problem 5.13, last line. Delete the “United” (This
was kindly pointed out by Emilio Barone)

**Page 36:** 2012 is a leap year and so calculations are slightly off. The
result is that “112.02” should be 112.03 at top of page 37. (This was kindly
pointed out by Emilio Barone)

**Page 80:** Problem 13.8. Second argument of *f* should be 0.25^{2} not 0.25 in two places.
In Problem 13.9 second argument of *f *should be 0.35^{2}×0.5 in
the first equation and 0.247^{2 } in the second equation. (This was
kindly pointed out by Emilio Barone)

**Page 81:** Problem 13.10. Second argument of *f *should be not (This was kindly pointed out by Emilio Barone)

**Page 86:** Problem 13.19. The implied volatility for
the 3 month option with a strike price of 50 should be 32.12%, not 34.15%.
(This was kindly pointed out by Surendranath Jory)

**Page 87:** Problem 13.21. Second argument of *f *should be not (This was kindly pointed out by Emilio Barone)

**Page 133:** Line 8. Change “equation
(12.2)” to “equation (13.2)”. In the next three equations the second argument
of *f *should be squared to become , 0.12^{2}×0.25, and 0.06^{2},
respectively. (This was kindly pointed
out by Emilio Barone)

**Page 139:** Second equation should be

(This was kindly
pointed out by Marco Salerno)

**Page 147: **Problem 21.16. On first line
replace “Business Snapshot 21.2” with “Business Snapshot 21.1” (This was kindly pointed out by Emilio
Barone)