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Answers for “在解决期权定价问题时,你需要自己计算 N(d) 吗?”

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No, you generally do not need to compute the values of the standard normal cumulative distribution function N(d1)N(d_1) and N(d2)N(d_2) yourself. In typical exams or exercises, these values are usually provided directly, or you are allowed to simply write the expression containing N(d)N(d) without computing the final numerical result.

Conditions: The context is standard exams or practice problems for option pricing.; The problem requires evaluating the Black-Scholes-Merton formula.

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To compute d1d_1 and d2d_2, first convert the time to maturity into years. Then substitute the given parameters into the formula for d1d_1: d1=ln⁡(S0/X)+(r+σ2/2)TσTd_1 = \frac{\ln(S_0/X) + (r + \sigma^2/2)T}{\sigma\sqrt{T}}.

Conditions: The parameters are S0=60S_0=60, X=65X=65, r=11%r=11\%, σ=45%\sigma=45\%, and maturity is 4 months.; Time TT must be expressed in years, so T=4/12T = 4/12.; Values of d1d_1 and d2d_2 must be rounded to the nearest hundredth before table lookup.