ࡱ>   e# !"$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntryFPQ>M Book  _VBA_PROJECT  R+pxR+f36ef1849   !"$%&()*+- MEmm,*<h <\|,Hd$@\x ,Ll @`|    $4DTdt   0 <HXhx2"","Pt2     ( 0 8 "@ d XX ?/CY$ ygt3h9Ljop Y$MyData Y$Equity_FX_Index_Futures_OptionsP$Y$ Bond_OptionslB8Y$Caps_and_Swap_OptionsY$ J!$D$7Y$ J!$D$25Y$ J!$D$26,Y$ J!$D$27`Y$ J!$D$28Y$ J!$D$29Y$ J!$D$30Y$ J!$D$50Y$ J!$C$6dY$ J!$C$9Y$ J!$C$19Y$ J!$C$22HY$ J!$L$84Y$ J!$L$9hY$ J!$F$3Y$ J!$G$12Y$ T!$D$14Y$ T!$D$20Y$ T!$D$210Y$ T!$D$22PY$ T!$D$23ptY$ T!$D$6Y$ T!$C$3Y$ T!$C$6Y$ T!$C$12Y$ T!$C$16Y$ T!$N$80Y$ T!$N$9PY$ T!$H$3pY$ T!$I$17Y$ `!$D$13Y$ `!$D$20Y$ `!$D$21Y$ `!$D$22@Y$ `!$D$23l4Y$ `!$D$8Y$ `!$C$5Y$ `!$C$8Y$ `!$C$13Y$ `!$C$15<Y$ `!$N$8dY$ `!$N$9Y$ `!$H$3Y$ `!$I$17Y$B1Y$A1Y$ Y$B17 A1Y$A174Y$@Y$B23TY$B25hY$B27|Y$B29Y$B36Y$B46Y$A51B5Y$B51Y$3Y$B59 Y$B61 Y$B63( Y$B67< Y$B74P Y$B81d Y$A87x Y$B87 B8Y$W Y$^ Y$B94 Y$B98 Y$B100 Y$B102 Y$B104 Y$B111 Y$v@0 Y$?v@D Y$P \ h t   Y$    Y$     Y$    Y$( p Hh!hh%2*\Rffff*f25b4b0c1 ygt3h9Ljop 4HEqMyDataP@HEquity_FX_Index_Futures_OptionslJ,H Bond_Options_aT\HtiCaps_and_Swap_Options`xHB1A1B17A17reB23ionB257jPHB27xB29B36reB46ionA5125,txH%Equity_FX_Index_Futures_Options!$D$26`H%Equity_FX_Index_Futures_Options!$D$278Hyg%Equity_FX_Index_Futures_Options!$D$28elHre%Equity_FX_Index_Futures_Options!$D$29SHB1%Equity_FX_Index_Futures_Options!$D$3020HB2$Equity_FX_Index_Futures_Options!$D$5B5dHB6$Equity_FX_Index_Futures_Options!$C$6B9<Hre$Equity_FX_Index_Futures_Options!$C$9depHOp%Equity_FX_Index_Futures_Options!$C$19pHre%Equity_FX_Index_Futures_Options!$C$224H6$Equity_FX_Index_Futures_Options!$L$86h Hty$Equity_FX_Index_Futures_Options!$L$9ty@HFu$Equity_FX_Index_Futures_Options!$F$3FutHon%Equity_FX_Index_Futures_Options!$G$12n HEqBond_Options!$D$14H$LBond_Options!$D$200 H$LBond_Options!$D$21P*H!$Bond_Options!$D$22p4<H!$Bond_Options!$D$23@\HdeBond_Options!$D$6LJ|HhBond_Options!$C$3oTH!$Bond_Options!$C$6o`H!$Bond_Options!$C$12jH!$Bond_Options!$C$160tH!$Bond_Options!$N$8oPH!$Bond_Options!$N$9op<H!$Bond_Options!$H$3o\H!$Bond_Options!$I$17|H!$Caps_and_Swap_Options!$D$13s!$HCaps_and_Swap_Options!$D$20H_OCaps_and_Swap_Options!$D$21d_O@H17Caps_and_Swap_Options!$D$22_Ful HonCaps_and_Swap_Options!$D$23ureLH$GCaps_and_Swap_Options!$D$8xHCaCaps_and_Swap_Options!$C$5H_SCaps_and_Swap_Options!$C$8HtiCaps_and_Swap_Options!$C$13pti<Hs!Caps_and_Swap_Options!$C$15Cad Hp_Caps_and_Swap_Options!$N$8HH$8Caps_and_Swap_Options!$N$9 pH_aCaps_and_Swap_Options!$H$3*Hp_Caps_and_Swap_Options!$I$17pti4HCa@Hti  JH_a TBtiB51I$14`HtyB59nde@jHOpTtB_aB61ityhHFuB63_Op|H5B67s!HB74B1HB81CaHA87s!HB87p_H$8B94H 3BtyB98nde ,HOpB100$D( LHtyB102de< `HOpB104$DP tHB111d Hv@x H g6qf? *H 02 4H @WB ^B 04 JH 11  TH  v@ ` H qf? j H 04 t4 H( 11(0 H H < v@D \ E8qf?P p E\ B,h Bt B B$ B B<  B@ B  B  B   BEq  Bde  BOp *B8e 4BOp @B6  JB ( TB 4 `B@ jBTL tBX Bd B p B| B B B B B(  (  (  $( 0t ( 4( 6( 8( : ( < ($ *> $ 0 4@l (< @H 4(H JX  T j\x` tdl lx t |`      @ T 0 4 L P h\ |t  0T @ <P  P d P ( P p l ` p   x p 0 ` h< ( l    0< , H x l   0  d h | D 4d X $ 4 d  @l " h X_$Equity_FX_Index_Futures_Options!$D$7%Equity_FX_Index_Futures_Options!$D$25 4 @ Y$L X Y$d p |    dY  dY  dY  dY  dY  dY  dY  dY  dY  dY  dY $ dY 0 dY < dY H T ` l x    1136ef184991336ef184a1536ef184a_1736ef184aO9hd@$d-C6?$d,vh,vd,v\vbbf@0ff b f$f,f4l<,vhbd`lV,vhd@$vhd@t$d-C6*?$dN,vhl,vd,vTvbbf@0ff b f$f,f4l<, ?r\rT$<,r\rT @@$ Y@$8,vhbd`dZ,vhd@$vhd@t$d-C6?$d,vhd,tl,hB   l$$,$+,,X:T,L,,T,L,,P,L,,$$hN,$$hN,$$hN,,$$`N,$$`N,$$`0N,$$`DN,$$`@0N,vd,r v\,l|0(!Time to exercise must be positivevx|l,L,,rrh,|04,Time to exercise must be less than bond lifelvlxl|,L,,0 vV,|0"Volatility must be positivelvlxl|,L,,r \,|0(!Reversion rate cannot be negativelvlxl|,L,,r ?`,|0,%Reversion rate must be less than 100%lvlxl|,L,,b0Z,|0&Tree must have at least 2 stepslvlxl|,L,,b0 h,|0,$Tree must have no more than 10 stepslvlxl|, 0,,j,`jhH,(,,z,`jlH,(,,P,`jjH,(,,&,`jnH,(,,,,b(J|,0 ?\,|0( Volatility must be less than 50%lvlxl|,L,x,,0 ?Z,|0&Volatility must be less than 5%lvlxl|,L,,,,t ,,,,| ,,, vvyv,vvvb(b0f0vbb,bffbfffl ,$p0l6 Nl,^>\^>^@`@d ,^z,p0l46|TXvtl|TR,ttlnIR Tree Display R|Nl ,^z,,vtT,`z:TL,IR Tree Display$p0l6| 6 l|n,, ygt3h9Ljop$p0l46JNl,$IR Tree Display$p0l6Nl, ygt3h9Ljop$$p0l46Nl,IR Tree Display$p0l6|j6 l|,IR Tree Display$p0lPNl,tPl 6 Nl,P,, fffffE@ @2v$IR Tree Display$p0l6|j6 l|,ffffff*@$IR Tree Display$p0l6|j6 l|,`,vlb0`Ht,b`r8$bl r$IR Tree Display$p0l6| 6 l|,vl DT<:0HW_BlackBondOptionHW_BlackBondOptionD<HHW_BondPricesofHW_BondPriceeclDhtiHW_TreeBondOptionHW_TreeBondOption@D(,FuW_HW_BondTreeRateDeltaHW_BondTreeRateDeltaeclDtiHW_TreeBondDisplayaHW_TreeBondDisplayD`HW_BlackBondOptionHW_BlackBondOptionHW_BlackBondOptionHW_BlackBondOptionHW_BondPriceHW_BondPriceHW_TreeBondOptionvHW_TreeBondOptionAHW_TreeBondOptiondHW_TreeBondOptionHW_BondTreeRateDeltaYCHW_BondTreeRateDeltaHW_BondTreeRateDeltaXHW_TreeBondDisplayHW_TreeBondDisplayHW_TreeBondDisplayHW_TreeBondDisplayHW_TreeBondDisplayHW_BlackBondOptionHW_BlackBondOptionHW_BlackBondOptionHW_BlackBondOptionHW_BondPrice@HW_BondPriceispHW_TreeBondOptionHW_TreeBondOptionHHW_TreeBondOptionGHW_TreeBondOptionHW_BondTreeRateDeltaHW_BondTreeRateDeltaHW_BondTreeRateDeltaHW_TreeBondDisplayHW_TreeBondDisplayHW_TreeBondDisplayHW_TreeBondDisplayHW_TreeBondDisplayHW_BlackBondOptionHW_BlackBondOptionHW_BlackBondOptionHW_BondPriceHW_BlackBondOptionHW_BlackBondOptionHW_BlackBondOption HW_BondPriceackHW_BondPriceW_BHW_BlackBondOptionHW_TreeBondOption_BHW_TreeBondOptiondPHW_BondPrice|HW_BondTreeRateDeltaonHW_BondTreeRateDeltab "HW_TreeBondOptionHW_TreeBondDisplayBHW_TreeBondDisplay, HW_HullWhiteBondOptionnHW_HullWhiteBondOption HW_BondPriceHW_TreeBondOption THW_BondTreeRateDeltaA8"HW_HullWhiteBondOptionHW_HullWhiteBondOptionHW_TreeBondDisplay HW_HullWhiteBondOptionHW_BondTreeRateDeltas_aHW_HullWhiteBondOptionHW_BlackBondOptionHW_BondPriceHW_TreeBondOption HW_BondTreeRateDelta HW_TreeBondDisplayHW_HullWhiteBondOptionHW_BlackBondOptionDHW_BondPriceeCHW_TreeBondOptionDeHW_BondTreeRateDeltaHW_TreeBondDisplayHW_HullWhiteBondOptionB p::9 B ,,$$h$N,$$h4N,$$h,N, ,$$`N,$$` N,$$`0N,$$`D@N,vd,r vh,0(!Time to exercise must be positivevx,l,h,,r r4P,@,<,8,4,l,h,,,| ,,,,t ,,,r@ h,0(!Reversion rate cannot be negativevx,l,h,,r@ ?l,0,%Reversion rate must be less than 100%vx,l,h,,0 vb,0"Volatility must be positivevx,l,h,,0 ?f,0&Volatility must be less than 5%vx,l,h,,,{Gz?0,,v\vbbf@0 MbP?ff b f$f,f4l<,@vbbf@0ff b f$f,f4l<,r\@4,\@ MbP?$4 -C6?2L,rL {Gz?,{Gz?L,,rL {Gz?N, {Gz?NL,,0rL0,0 h㈵>,h㈵>0,,bHH,@\f ư>rbHrD.,bH, 0Cannot imply volatility."Too many iterations required.|x,$$`D0N,,,@vbbf@0ff b f$f,f4l<,4vbbf@0 {Gz?ff b f$f,f4l<,4@4,dd:d,vhbd`Z,vhd@t$vH, @ @b`$8, At each node:$ A1$8IR Tree Display$p0l6|6`l|,& Upper value = Cash Bond Price$ A2$8IR Tree Display$p0l6|6`l|,$ Middle value = Option Price$ A3$8IR Tree Display$p0l6|6`l|,$ Lower value = dt-period Rate$ A4$8IR Tree Display$p0l6|6`l|,4-Values in red are a result of early exercise.$ A5$8IR Tree Display$p0l6|6`l|,Strike price = $8$`l|$ A7$(IR Tree Display$p066`l|,(Time step, dt = n8v 0.0000l|8 years, n8 v@$v 0.00  days$ A8$IR Tree Display$p066`l|,b0F, b0 \,b\ ,\,,, \,,T,vlb0`8,bTbln8dT,vl,X,b0n8df2@,$,vlb0`,bln8d4,vhb4`j,^>^^>\vTvX ,bXX,b@ b4 bh b\d,IR Tree Display$p0N,8$bdr$bl r$tj$bdr$bl r($tj$t66,8$bdr$bl r$tj$bdr$bl r($tj$t66,8$bdr$bl r$tj$bdr$bl r($tj$t66,b$n8v8$bdr$bl r$tj$bdr$bl r($tj$t6`,b$n8v$vdd@bl r$tj$vdd@bl r$tj$t6`,b$n8v8$bdr$bl r$tj$bdr$bl r($tj$t6`,80.0000%$bdr$bl r$tj$bdr$bl r($tj$t6*,b$n8 ,$vdd@bl r$tj$vdd@bl r$tj$t6 6,,blb0J , 8Pu:$bdr$bl r$tj$bdr$bl r($tj$t6`, Pm:$vdd@bl r$tj$vdd@bl r$tj$t6`, 8Pd:$bdr$bl r$tj$bdr$bl r($tj$t6`,8$bdr$bl r$tj$bdr$bl r($tj$t6 ,bhn8v8$bdr$bl r$tj$bdr$bl r($tj$t6`,bhn8v$vdd@bl r$tj$vdd@bl r$tj$t6`,bhn8v8$bdr$bl r$tj$bdr$bl r($tj$t6`,80.0000%$bdr$bl r$tj$bdr$bl r($tj$t6*,,blb0,vdd@bl r$tj$vdd@bl r$tj$t6* vdd@bl r$tj$vdd@bl r($tlj$t|64 Ll|,vdd@bl r$tj$vdd@bl r$tj$t6@ vdd@bl r$tj$vdd@bl r($tj$tl6|J 8?(|Dl||,vLd@vDd@rLr8v$vDd@t| 6 x|,rDv$tx@ ,rLv$tx* ,$tx` ,$txt ,$tx ,x,b4bln8NrbhJrbhb4Jr6|DF,bhJ,vLd@vDd@rLr8v$rDdv$t| 6 t|,rDdv$tt@ ,rLv$tt* ,$tt` ,$ttt ,$tt ,t,vLd@vDd@rLr8v$rD2v$t| 6 p|,rD2v$tp@ ,rLv$tp* ,$tp` ,$tpt ,$tp ,p,,vLd@vDd@rLr8v$rDdv$t| 6 l|,rDv$tl@ ,rLv$tl* ,$tl` ,$tlt ,$tl ,l,vLd@vDd@rLr8v$rD2v$t| 6 h|,rDv$th@ ,rLv$th* ,$th` ,$tht ,$th ,h,,,vLd@vDd@rLr8v$rD2v$t| 6 d|,rD2v$td@ ,rLv$td* ,$td` ,$tdt ,$td ,d,vLd@vDd@rLr8v$rD2v$t| 6 `|,rDv$t`@ ,rLv$t`* ,$t`` ,$t`t ,$t` ,`,,,,b$$,vh,b0b0 b\d,b@b@ b\d,IR Tree Display$p0|\N|,bln8v$vdd@bl r$t\|j$vdd@bl r$t\j$t\6`|,0.0000$vdd@bl r$t\|j$vdd@bl r$t\j$t\6*|,bln8v8$bdr$bl r$t\|j$bdr$bl r($t\j$t\6`|,80.0000$bdr$bl r$t\|j$bdr$bl r($t\j$t\6*|,\,vl*,b@b@ b\d,IR Tree Display$p0|XN|, Node Time: $vdd@$tX|j$vdd@$tXj$tX6`|,8 Accrual: $bdr$$tX|j$bdr$($tXj$tX6`|,X, ygt3h9Ljop$p0|46JN|,$Tree_Display_Button$ Bond_Options$p0|66|, ygt3h9Ljop$$p0|46N|,$p0|6 N|,IR Tree Display$p0|6 N|,$p0|6 N|,^>^^>\@d@` ,L$$+^TTX\`dhlptxPTX p   t00|l|r$tj$bdr$bl r($tr,,$$hN,$$hN,$$hN,,$$`N,$$`N,$$`0N,$$`DN,$$`@DN,vd,r vh,dt0(!Time to exercise must be positivevxtd,l,h,,rrt,t04,Time to exercise must be less than bond lifedvdxdt,l,h,,0 vb,t0"Volatility must be positivedvdxdt,l,h,,r h,t0(!Reversion rate cannot be negativedvdxdt,l,h,,r ?l,t0,%Reversion rate must be less than 100%dvdxdt,l,h,,bDf,t0&Tree must have at least 2 stepsdvdxdt,l,h,,bDdl,t0,%Tree must have no more than 100 stepsdvdxdt,l,h,,b,`bhHL,@,<,{Gz?0,MbP?(,{Gz?  ,`blHL,@,<,?0,{Gz?(,? ,`bjHL,@,<,{Gz?0,MbP?(,{Gz? V,`bnHH,@,<,?0,{Gz?(,? ,,b@J,0 ?h,t0( Volatility must be less than 50%dvdxdt,l,h,,,0 ?f,t0&Volatility must be less than 5%dvdxdt,l,h,,,,t ,,,,| ,,,,f00,,@b@bDf0vbb2L,rLr ,f L ,rLr N ,r NL,,0rL0,0 h㈵>,h㈵>0,,bHH,@\f ư>rbHrDd:,bH, Tt0Cannot imply volatility.T\X"Too many iterations required.|dx\Xdt,$$`dD0Nd,,,@b@bDf0vbbr\rT @@$$rr$28,,Dl,h Tr l$$TX\dt  ,,$$h,N,$$h,h㈵>0,,bHH,@\f ư>rbHrD6,bH, 0Cannot imply volatility."Too many iterations required.|x,$$`D0N,,,@vbb0f fb(f,f4f<lD,4vbb0 {Gz?f fb(f,f4f<lD,4@4,dd:d,vhbd`Z,vhd@|$vhd@$d-C6?$d,vh,vd,v\vbb0f fb(f,f4f<lD,vhbd`tV,vhd@$vhd@|$d-C6*?$dN,vht,vd,vTvbb0f fb(f,f4f<lD, ?r\rT$<,r\rT @@$ Y@$8,vhbd`lZ,vhd@$vhd@|$d-C6?$d,vhl,|l,h   l$$`D ?$vh$8Bond_Options!$N$9$( Bond_Options$p066`, (0.00%$Bond_Options!$N$8$ V,, $0$h`N,0$ $hXN,0$ $hPN,L,v@d,vDv@bLfPfXf`lh,bh^r,60Failure in bond price calculation. Error number bh |xP  ,,rDv l,hV @ l t3h9Ljop$( Bond_Options$p06JN, 8B67$(MyData$B ,,8$($Bond_Options!$C$3:xBond_Options!$C$6|X$h Bond_Options$p0H66 6`hPxXH,8$h$Bond_Options!$C$12:xBond_Options!$C$16|$( Bond_Options$p066H 6X``PxH,8 ygt3h9Ljop$( Bond_Options$p06JN, 8B67$(MyData$p066`@,bJ, {Gz?Nvh$8Bond_Options!$N$8$( Bond_Options$p066`,h{Gz?$8Bond_Options!$N$9$( Bond_Options$p066`, h0.00%$8Bond_Options!$N$8$( Bond_Options$p066*, h0.00%$8Bond_Options!$N$9$( Bond_Options$p066*,bJ(,8$($`D @v$Bond_Options!$N$8$h Bond_Options$p066`,$$`D @vh$8Bond_Options!$N$9$( Bond_Options$p066`, (0.00$Bond_Options!$N$8$ Bond_Options$p066*, (0.00$Bond_Options!$N$9$ Bond_Options$p066*|,bJ,({Gz?$Bond_Options!$N$8$ Bond_Options$p066`,$$hD {Gz?vh$8Bond_Options!$N$9$( Bond_Options$p066`, (0.00$Bond_Options!$N$8$ Bond_Options$p066*, (0.00$Bond_Options!$N$9$ Bond_Options$p066*d,bJ(,$$`D ?$vh$8Bond_Options!$N$8$( Bond_Options$p066`,$$`D ?$vh$8Bond_Options!$N$9$( Bond_Options$p066`, (0.00%$Bond_Options!$N$8$ Bond_Options$p066*, (0.00%$Bond_Options!$N$9$ Bond_Options$p066**,bJ,$$`D {Gz?vh$8Bond_Options!$N$8$( Bond_Options$p066`,$$hDvh$8Bond_Options!$N$9$( Bond_Options$p066`, (0.00$Bond_Options!$N$8$ Bond_Options$p066*, (0.00$Bond_Options!$N$9$ Bond_Options$p066*,, ygt3h9Ljop$ Bond_Options$p06N,LB  xHX(JrD(`lH(&Equity_FX_Index_Futures_Options$p4N(`rdN,,p06 "j(rHD,p06 "j$P.,,p06 @,,K,d,bdv,,MyData$p0N,$$tj$bdr$$tj$thx,,X:T,L,,T,L,,P,L,,^, B67$MyData$p066`l, B74$MyData$p066`h,Bond_Options!$N$8$ Bond_Options$p066`T,Bond_Options!$N$9$ Bond_Options$p066`L,rLrTbd2@,bl,bJ:,Parallel Rate Shift$, 0.00%(,bJ4, Strike Price$, 0.00(,bJ8,Time to Exercise$, 0.00(,bJ2, Volatility$, 0.00%(B,bJ0, Bond Maturity$, 0.00(,,bh,bJ , Option Price |,bJ, DV01 R,bJ, Gamma01 &,bJ, Vega ,,bhJ,`,,bh`,,blJ,dd:vp,vtdd:`D,vtd@$dbtnp8N,vt,,^>^>@@ ,vHbd`|p,^>^>vdvH ,rTbHr@$0,blx,bxJ<,vtdd:`p,vtd@$btnp8r0v$d,vtd@$d zN,^>^>@@ ,`0.&Term structure rates must be positive.vx`,L,,vtp,bxJ(,$$r0v$`,bxJ(,$$r0v$`p,bxJ(,$$r0v$`6,bxJ$,$$r0v$h,,P2,^>^>@@ ,L,,^,`^dHJ,v`Lj`2,^>^>@@ ,L,f,`^fHJ,v`Hj`2,^>^>@@ ,L,,`^hH$`^jH`^lH `^nHN,v`v`Dj`2,^>^>@@ ,L,,,0*"Unexpected option type encountered`v`x`,^>^>@@ ,L,,bhX,bXJ,@8h,bXJ,<8D,bXJ,88 ,bXJ,48,,f0bHn,8,f8bHn,8,vH|,p0`6 \`,$p0`6 N`,n,f $tx,v,&, ygt3h9Ljop$ Bond_Options$p0`6JN`,Bond Option Display$ Bond_Options$p0`6 6 T`,b,br$tT ,$$tT` 6 N`,nxPvPd @$tT   nPfxRP,$tT* ,$tT4 ,$$$tT`` 6j N`,$$$tT`` 64 N`,l$|$$$tT`` 6t 6 6 `,$$$tT`` 64 N`,l |$$$tT`` 6t 6 6 `,,nxPvPd @$$$$@$0$ $v$d@v d@$tT  * nPfxRP, $$tT` 6 N`,,$tT``  N`,t ` rLv N`,,rLv$t  ,rTv$t  *,,rTv$t  ,rLv$t  ,,l(|$t ` 6*N`, ,$tT`` N`,General$t` 6*N`,,T, ygt3h9Ljop$ Bond_Options$p0`6N`,b\r$p0`6 N`,blJ,vp&,, ^>^>@@ ,LtN:00 T, xp  ($ P` ,,X:T,L,,T,L,,P,L,,dHrlfHr\6L.,\ ygt3h9Ljop$p0L46JNL,\$<Tree_Display_Button$l Bond_Options$p0L6,6L,,<$\IR Tree Display$p0,6N,,\ ygt3h9Ljop$<$p0,46N,,,*,`*dH,v,Lj,,L,,`*fH,v,Hj,,L,`,`*hH$`*jH`*lH `*nH,< ygt3h9Ljop$p0,46JN,,<$\IR Tree Display$p0,6N,,\ ygt3h9Ljop$<$p0,46N,,@$v,Dj,,L,,< ygt3h9Ljop$p0,46JN,,<$lTree_Display_Button$\ Bond_Options$p0,6L6,L,\ ygt3h9Ljop$<$p0,46N,`,,L\0*<"Unexpected option type encountered,v,x,L,L,,@vl$\Bond_Options!$D$20$< Bond_Options$p066`,<vl$\Bond_Options!$D$21$< Bond_Options$p066`,8vl$\Bond_Options!$D$22$< Bond_Options$p066`,4vl$\Bond_Options!$D$23$< Bond_Options$p066`,\ ygt3h9Ljop$< Bond_Options$p06JN,lGeneral$\Bond_Options!$D$20$< Bond_Options$p066*,lGeneral$\Bond_Options!$D$21$< Bond_Options$p066*,lGeneral$\Bond_Options!$D$22$< Bond_Options$p066*,lGeneral$\Bond_Options!$D$23$< Bond_Options$p066*,\ ygt3h9Ljop$< Bond_Options$p06N,x,0vl$\Bond_Options!$D$14$< Bond_Options$p066`,,v,j$\Bond_Options!$D$6$< Bond_Options$p06,6`,,Lx ,LN$,,X$h$hHDbvNHb,(X0"8Principal must be positiveHvHxH(,8^z,<,,X$8$hD vNt,H(X048,Time to bond maturity must be greater than 0vx(H,8^z,<,,X$8$hD rh$$hD ?r6(n,H(0.'Coupon-rate must be between 0% and 100%vx(H,^z,<,,^z,<$(H,, TB51$dMyData$p0D646$`D4$, dB46$TMyData$p0$646D`$4D, dB61$TMyData$p0$646D`^$4D, dB63$TMyData$p0$646D`^|$4D,t,bt ,b J ,j,b J ,f,b J ,dj,,D4d0(T Unknown coupon type encountered.$v$x$4D,T^z,<,, dB59$TMyData$p06$64` RD$4,^t,,^t,,vpjlN,T$d$Bond_Options!$C$3:Bond_Options!$C$6|$ Bond_Options$p0$646D 6`hP$4D,Bond_Options!$H$3:Bond_Options!$I$17|$ Bond_Options$p06$64`dP$,T$d$Bond_Options!$C$12:Bond_Options!$C$16|$ Bond_Options$p06$64 6D``P$4,TBond_Options!$D$20$ Bond_Options$p066$`\$,^z,< $4D-Т08,,X ygt3h9Ljop$p0H36JNH,Bond_Options!$C$12:DBond_Options!$C$16|H$X Bond_Options$p046$hxPDH4$, B51$XMyData$p0$646H`l$4H,`l3pX$$MyData$p0$64j6H`j$4H,`l, ygt3h9Ljop$p0$46JN$,$IR Tree Display$p0$6N$,$XTree_Display_Button$ Bond_Options$p0$646$4, ygt3h9Ljop$$p0$46N$,tx$rN$,Bond_Options!$C$16$ Bond_Options$p0$646Hp$4H,Bond_Options!$C$16$ Bond_Options$p0$646HXn$4H, Bond_Options$p0N,$vrd@vnd@tj$`rd`jp$vnd@t$j$t46H6$4H,$vrd@vnd@tj$`rd`jp$vnd@t$j$t46H6$4H,$vrd@vnd@tj$`rd`jp$vnd@t$j$t46H6$4H,$vrd@vnd@tj$`rd`jp$vnd@t$j$t46 $4,,`j`p`rd, Bond_Options$p0N,$`r`jp$vnd@tj$vpd@vnd@t$j$t46H6$4H,$`r`jp$vnd@tj$vpd@vnd@t$j$t46H6$4H,$`r`jp$vnd@tj$vpd@vnd@t$j$t46 $4,,,J, Bond_Options$p0N,`rfp$vnd@tj$vpd@vnd@t$j$t46$4,j,JrDF,,bJ,JrJr6, Bond_Options$p0N,`rfp$vnd@tj$vpd@vnd@t$j$t46$4,,, Bond_Options$p0N,`rhp$vnd@tj$vpd@vnd@t$j$t46$4,,,bJ bJbJp,J, Bond_Options$p0N,`rfp$vnd@tj$vpd@vnd@t$j$t46$4,,JrJr6, Bond_Options$p0N,`rfp$vnd@tj$`pdp$vnd@t$j$t46$4,,,J, Bond_Options$p0N,vpd@vnd@tj$vpd@vnd@t$j$t46$4,,,bJbJ,J, Bond_Options$p0N,`rhp$vnd@tj$vpd@vnd@t$j$t46$4,,JrJr6JrX6$, Bond_Options$p0N,`rfp$vnd@tj$`pdp$vnd@t$j$t46$4,,,,,br,nxvtD,vld@h`rpX$ A51$MyData$p06$64 6H`$tt$4H,vld@r`rpX$ A51$MyData$p06$64 6`$$$ttH6* $4H,`rdr,vt, ygt3h9Ljop$p036N,,LF<<xt D$4HD(bPvH(vXbP`B(bXr8$$$v\bXnHN(vX(nHf$ l(bPJr$bLr8D(bLvHhp\<@`,,D~L ` `l0484tH4l4dP4\`~$4@d4l4 h4p40`4: `4X4<48440T<x$ (X4|t p4 vAp `A%2v*\G{00020813-0000-0000-C000-000000000046}#1.0#9#..\..\MSOFF_95\Excel\XL5EN32.OLB#Microsoft Excel 5.0 Object 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Library*#0v*\G{00020813-0000-0000-C000-000000000046}#1.0#9#..\..\MSOFF_95\Excel\XL5EN32.OLB#Microsoft Excel 5.0 Object Library*#1w*\G{00020813-0000-0000-C000-000000000046}#1.0#9#..\..\MSOFF_95\Excel\XL5EN32.OLB#Microsoft Excel 5.0 Object Library*#81*\Rffff*f25b4b0c1\  \0@$P `pp J`* 4b  0z@pJP*h4@,:,clW_  L 0l T@ B`p L @P*hbljt4J @X *8P@j`tpal4`<J<P  0@\TP`t`*xjtsi 6  HW_c Pack_ B0Hp n  JP0*H`4tapjpt)$R " x t r p np ll  jh*d 4`P4 tp`$ N@t6 =4 H0( x@tFFFp l h d ` \ T L HL @ 8* 0hH|4 , 4@ ( @J $ T  ` Xj @  T * Zt T! jl x 4 h `@X P L4D  $ *@  ~ @ Xh` dj \ t T L, H 4 Dh <d4\h ,T  (L4 H$  *     ` `   h ` dT j \ t T< LH HP D @ < 8 0` (0   l  4  tp l $ hx 4d@   *8 $ @  L  d `T  < + z  * t @ p < lh d0 J ` T \l X` T j L t DH @$ 8 4D 0 ,H (0 $ ` 4 ,   x 4<    ` @  *,t @ XP l\ T   4 $  < ,ch` dj \t Tt L H @ 4 < 4P,$ \ 4j \ *ph   $  <`p  <$`PT 4 p D(4z (`z Ed(p t jl D t \ P 8 l  p  X T | l l T  `  H0Pl 0 $ O         *   * <TMEp*##$6-06---"J . 0.8.TRH...R. ..TR.H/"JX/ |/../<>// //"00 0080 P0 \0h000 000 000 000&0&0& 1  1&,1&@1&T1&h1&|1110X111 1:d14282<2*RP2|2220X22224\233  3.V,3\3`3 d32\p3 3333 3 33 3 33 3 34 4 44 4(4.X<4l4p4t4x4.V4444 44 44 44 44<t5nZ<5 &5.5 585 65 6 666 H6<6:@6 DP6@p6$L6>6 6 668f6,X 7 87@72hP7 7"$7<v7L7J88L8\8N,9$|9 :"(: D: P:X:\: `:h: l:t:,: : : *: ::$:;";(;4<8;>l;R;R;R0<X<L<X(=V=(=F=<>@>RT>F>R>ND?X?L?X8@V@@ @ @A"LB@BHBPBXB`B hB6VlB B(VBBBBBC C(V C4CDCLCTC\C dChC(VlCCCCCC C(VCCCCDD DDD(VDDDTD\DdDlD tD(VxDDDDDD DDD DD D(.D(.E>@EL\EHEXETHF F F(.F>F6rF@$G dG:hG.pxG@G &G @G &G.GHBH H,HLH&`H&tH&H H&H&H&H&HHI0XI LITIXI \IhIxIII III II II II III0XJ 4J h㈵>'g  ' ly j 4 ư>  te Cannot imply volatility. $ Too many iterations required. @A@J $T'g4 g         `$* j$ '4         {Gz? `$* $ '4  j ' '`  `  $-C6? +  $*A@@          `$* j $ '4  `  $-C6*? +  $*A@@          `$* t $ '4 ? j t 't j t @ j Y@'  ` B_ $-C6? + 'e Dim B_price, base_priceY$ 0 < H T ` l Yx   Y     'Y      @ YL X d p | = $' 1$'$'B_price = Underlying_data(4, 1) T 'T$'T $' $'$T' $T ' $*A@@  !Time to exercise must be positive @A@J'JrJg'   ,Time to exercise must be less than bond life @A@JJ''r'geg  Volatility must be positive @A@J 'r'g' !Reversion rate cannot be negative @A@J'A@rg' ? %Reversion rate must be less than 100% @A@J''repg  Tree must have at least 2 steps @A@JA@''r'g d %Tree must have no more than 100 steps @A@J'{rzg'  GP' ' {Gz?' {MbP?' {Gz?'  GP' ' ?' {Gz?' {?'  GP' ' {Gz?' {MbP?' {Gz?' l GP' ' ?' la{Gz?' l?' @jJ  ? Volatility must be less than 50% @A@J%'JrJg'`' ? Volatility must be less than 5% @A@J`' r gg' ' g'` J '`g  '[$        `$*  j$J'4         `$*  j $J'4 j j ' 4 j   h㈵> ' h '  a ' 'gj  ' h㈵> h㈵>'g  ' ly j 4 ư>  te Cannot imply volatility. $ Too many iterations required. @A@J`$T'g g$        `$*  j$J'4          `$* {Gz? $J'4 j ' g$      $*  $ '4 '`  `  $ +*  $*A@@         `$*  j $J'4  `  $@  +*  $*A@@         `$*  t $J'4  ` $ + ?-C6? j t  'tifư> j t @ j  'g'e Y Y  Y       Y$ 0 < H T Y` l Yx  4Y      Y    Y4`$4't'g$t'g'$`t'g$'$'$' T 'T$'T $' $'$T' $T ' $*A@@  me!Time to exercise must be positive @A@JtJge   ,Time to exercise must be less than bond life @A@Jegtivg !Volatility must be positive @A@Jtgan !Reversion rate cannot be negative @A@Jtg ? %Reversion rate must be less than 100% @A@Jt g  Tree must have at least 2 steps @A@J t g $Tree must have no more than 10 steps @A@JP ' g  GP' ' GP' ' GP' ' GP' ' jJ  ? Volatility must be less than 50% @A@JJtJg`` ? Volatility must be less than 5% @A@Jtgg' ' g'` J'`g  y4 (        `$*  $$$$'4 e t ( A@  '  * t!Ty * ! IR Tree Display' IRgreDi IR Tree Display T! ( `e 4 tB@J!IR Tree Display$T( 4 tB@IR Tree Display$T!jB@ IR Tree Display$T5 B@ mIRgrefffffE@@IR Tree Display$T!j( ffffff*@IR Tree Display$T!j( 'J  J  IR Tree Display$T% ( T sp@@ J T ' ue At each node:A1IR Tree Display$T%(` Upper value = Cash Bond PriceA2IR Tree Display$T%(` Middle value = Option PriceA3IR Tree Display$T%(`` Lower value = dt-period RateA4IR Tree Display$T%(`-Values in red are a result of early exercise.A5IR Tree Display$T%(`Strike price = $A7IR Tree Display$T%(`Time step, dt = $0.0000z years, $ 0.00z daysA8IR Tree Display$T%(`     'T T 'T g` 'T g '`   ` $  '`  ' $ ' '  ' $ '   ` A@  T  ' T      T ' IR Tree Display$T     7j    7j7!(!     7j    7j7!(!     7j    7j7!(j $    7j    7j7(` $   7j   7j7(` $    7j    7j7(`0.0000%    7j    7j7(* $    7j   7j7! (g   Pu:    7j    7j7(`Pm:   7j   7j7(`Pd:    7j    7j7(`(     7j    7j7( j $    7j    7j7(` $   7j   7j7(` $    7j    7j7(`0.0000%    7j    7j7(*g     7j   7j7!*   7j   7j7!4 'j    7j   7j7!@   7j   7j7!J ? 't j t j t 5 %  t 9@ j 9* T 9` j 9t j 9 mt  $   *  j t j t d 5 %  t d 9@ j 9* T 9` j 9t j 9 m j t j t 2 5 %  t 2 9@ j 9* T 9` 9t j 9 mt `j j t j t d 5 %  t 9@ j 9* T 9` j 9t j 9 mj j t j t 2 5 %  t 9@ j 9* T 9` 9t j 9 mT g` `j j t j t 2 5 %  t 2 9@ j 9* T 9` j 9t j 9 mj j t j t 2 5 %  t 9@ j 9* T 9` 9t j 9 m gg m  ' T     T  '    T  ' IR Tree Display$T $   7j   7j7(`0.0000   7j   7j7(* $    7j    7j7(`0.0000    7j    7j7(*m de   T  ' IR Tree Display$T Node Time: 7j 7j7(`t Accrual:  7j  7j7(`mB@ 4 tB@J(Tree_Display_Button T$T%( 4 tB@ t ( IR Tree Display$TB@ ( A@ k<Y\htY'Y$0<H$'$'$' T 'T$'$' O$'se$T' $*A@@  !Time to exercise must be positive @A@J'r'gO  'jJ't p'J' 'r g'` Jra'`gbe' A@' g@ !Reversion rate cannot be negative @A@J'A@rg' ? %Reversion rate must be less than 100% @A@J''rlygol  Volatility must be positive @A@J@'r'g ? {Volatility must be less than 5% @A@J'rg  {Gz?'*[          MbP? `$* j $ '4          `$* j$ '4 j j 'z 4 j MbP? -C6? ' {Gz? {Gz?'  {Gz? a{Gz?' gj  ' h㈵> ,Mh㈵>'g  ' ly j 4 ư>  te Cannot imply volatility. $ Too many iterations required. @A@J $T'g g4          `$* j$ '4          {Gz? `$* $ '4  j ' '`  `  $-C6? + * $*A@@          `$* j $ '4  `  $-C6*? + * $*A@@          `$* t $ '4 ? j t 't j t @ j Y@'ic  ` (P $-C6? + 7'eLr$,r`r(2 r2 ?r$p,rprh,D,vpf@vhf@r`r$r(r$dD,,rpNvrhNvr`Nr$r(r$d,,d, 80Cannot imply volatility.& Volatility is greater than 250%.|,^z,<,,?L,,fHLr$,r`r(2 r2 ?r$p,rprh,,,vpf@vhf@r`r$r(r$d,vpf@r r$`,vpf@vpf@vhft@lr`Nr$r$ @rH$2r@r`$r$rPr($rl$ v@2X,vpft@r $r`r$2\,vpft@lfHr`rl$r$ {Gz?$T,vhft@lr(rH$rl$ {Gz?$P,0,dT Y@$ -C6?2 ,r ?,? ,,r ?N, ?N ,,Lr L,L h㈵>,h㈵>L,,fHlLrl$,r`r(2 r2 ?r$p,rprh,,rdf ư>rtD,,,rpNvtlrhNvr`Nrl$r(r$d,vpft@lr rl ?$`,vpft@lrpNvrhNvr`Nrl$r$ @rH$2r@r`$r$rPr($r$ v@2X,vpft@r $r`r$2\,vpft@lfHr`rl$r$ {Gz?$T,rhNvtlr(NrH$rl$ {Gz?$P,0,dT Y@$ -C6?2 ,r ?,? ,,r ?N, ?N ,,Lr L,L h㈵>,h㈵>L,,fHlLrl$,r`r(2 r2 ?r$p,rprh,,rdf ư>rtD,,jH",rHNd$ {Gz?$P,,t^z,< $$f,,bl,dHh,vtXXd:`P@,vtd@\$@"rlj@DflN@,vtP,,rlbN,\^z,, 8(\0,'Cannot evaluate this type of option for<8*$an equity paying discrete dividends.|@<8@(,\^z,,<xf$$8<(@^z,<,rHrX g6qf?,0LD,rX g6qf?v,r < ,,$$DpN,$$DLN,$$D`N,$$DPN,jH ,f`P,,,,^z,<,,$$DHN,$$DXN,rH g6qf?t,00)Time to decision must be at least one dayv,^z,<,rHrX g6qf?,0LDTime to decision must be at least one day less than time to exercisev,^z,<,,$$DhN,rhbf,0&Exercise price must be positivev,^z,<,,,MbP?L,dfHfXLP :0HW_TreeEquityOptDFHW_TreeEquityOptHD$ leHW_barrier_computeHW_barrier_computeD8 < HW_compound_computeHW_compound_computeD HHW_lookback_computeHW_lookback_computeDtiHW_avgopt_computeHWHW_avgopt_compute@DFuW_HW_chooser_compute"HW_chooser_computeDaronHW_binary_computee HW_binary_computeD,DencHW_EquityTreeDisplaye LHW_EquityTreeDisplay@D hHW_TreeEquityOptFHW_TreeEquityOptHW_TreeEquityOptHW_TreeEquityOptHW_barrier_computeHW_barrier_computeHW_barrier_computeHW_compound_computeHW_compound_computeHW_compound_computeHW_lookback_computeHW_lookback_computeHW_lookback_computeHW_avgopt_computedPHW_avgopt_computedOHW_avgopt_computedOHW_chooser_computeHW_chooser_computeOHW_binary_computeeRHW_binary_computeHW_binary_computeHW_EquityTreeDisplay#HHW_EquityTreeDisplayHW_EquityTreeDisplayHW_EquityTreeDisplayHW_TreeEquityOptEHW_TreeEquityOptHW_TreeEquityOpt`HW_TreeEquityOptEHW_barrier_computeHW_barrier_computeHW_barrier_computeHW_compound_computeHW_compound_computeHW_compound_computeHW_lookback_computeHW_lookback_computeHW_lookback_computeHW_avgopt_computeHW_avgopt_computeHW_avgopt_computeblHW_chooser_computeHW_chooser_compute HW_binary_computeLoHW_binary_computeEHW_binary_compute AHW_EquityTreeDisplayipaHW_EquityTreeDisplayHW_EquityTreeDisplayHW_EquityTreeDisplayHW_TreeEquityOptHW_TreeEquityOpt$HW_TreeEquityOptHW_barrier_computeHW_barrier_computeHW_compound_computeHW_compound_computeHW_lookback_computeHW_lookback_computeHW_avgopt_computeHW_avgopt_computeHW_chooser_computeHW_binary_computeHW_binary_computeutHW_EquityTreeDisplayEHW_EquityTreeDisplayHW_EquityTreeDisplayHW_barrier_computeHW_compound_computeHW_lookback_computeHW_avgopt_computeHW_chooser_computeHW_binary_computeHW_EquityTreeDisplayHW_TreeEquityOptHW_TreeEquityOptHW_barrier_computeHW_compound_computeHW_lookback_computeHW_avgopt_computeHW_chooser_computeHW_binary_computeHW_EquityTreeDisplayHW_TreeEquityOptHW_barrier_computeHW_compound_computeHW_lookback_computeHW_avgopt_computeHW_chooser_computeHW_binary_computeHW_EquityTreeDisplay A]y Z8,, p4d6T tdT,B(8Td,,p46"@j( ?Nvd T(D 4($r2t,B$D ,,$$D`N,$$DLN,$$DPN,$$D@N,jH ,fP@,,$$DXN,rXbvf,0&Exercise price must be positivev,^z,<,,$$DHN,rHbvv,06/Exercise date must be later than valuation datev,^z,<,,dH,vd:`,vd@$D8N,r8brr8rHvrDN,vd@$"rPNr8$r`jDr$`N,,vX,,rPNrH$0,rXr0$(,r@NrH$ ,r`r $`,,h㈵>L,fHLr$,r`r(2 r2 ?r$p,rprh,D,vpf@vhf@r`r$r(r$dD,,rpNvrhNvr`Nr$r(r$d,,d, 800*Option price is less than intrinsic value.Cannot imply volatility.|,^z,<,,@L,fHfPf`fhfp,d, 800*Option price is less than intrinsic value.Cannot imply volatility.|,^z,<,,@L,dfHfXLfPf`fhfp,d, 80Cannot imply volatility.& Volatility is greater than 250%.|,^z,<,,?L,,,vfHfXL {Gz?fPf`fhfp,dfHfXLfPf`fhfp,rdT,dT Y@$ -C6?2,r ?,?,,r ?N, ?N,,LrL,L h㈵>,h㈵>L,,b,df ư>rbrD^,b, 80Cannot imply volatility."Too many iterations required.|,$$DLN,,,v@fHfXLfPf`fhrp qh?$,v8fHfXLfPf`fhrp H.?$,jHN,v0fHfXLrP {Gz?r` {Gz?fhfp>,,v0fHfXLfPr` {Gz?fhfp,,v(fHrX ? v@2LfPf`fhfp,v fHfXL {Gz?fPf`fhfp,dfHfXLfPf`fhfp,r0dP,r(dX,r dT,r@d -C6?rp$2,dr8 -C6?rp$2, ?rr$`,rr -C6?rp$2\,^z,<< $$ n ,,$$DpN,$$DLN,$$D`N,$$DPN,jH ,f`P,,$$DXN,dH,vd:`,vd@$D@N,r@brr@rXvrDN,vd@$"r`Nr@$rpjDr$pN,,vX,,$$DXN,rX g6qf?vp,t00)Time to exercise must be at least one dayvt,^z,<,,$$tDhNt,rhbf,0&Exercise price must be positivetvtt,^z,<,,tH*,$$tDHNt ,,bH,,, ,,,,MbP?L,dbfHfXLfPf`fhfp,d, 8h00*Option price is less than intrinsic value.hplCannot imply volatility.|tplt,^z,<,,@L,dbfHfXLfPf`fhfp,d, 8p0Cannot imply volatility.phl& Volatility is greater than 250%.|thlt,^z,<,,?L,,,vbfHfXL {Gz?fPf`fhfp,dbfHfXLfPf`fhfp,rdT,dT Y@$ -C6?2,r ?,?,,r ?N, ?N,,LrL,L h㈵>,h㈵>L,,b,df ư>rbrDtB,b, 8p0Cannot imply volatility.phl"Too many iterations required.|thlt,$$tDLNt,,,v8bfHfXLfPf`fhrp qh?$,v0bfHfXLfPf`fhrp H.?$,jH\,v(bfHfXLrP {Gz?r` {Gz?fhfpL,,v(bfHfXLfPr` {Gz?fhfp,,v bfHrX ? v@2LfPf`fhfp,vbfHfXL {Gz?fPf`fhfp,dbfHfXLfPf`fhfp,r(dP, @r d$X,rdT,r8d -C6?rp$2,dr0 -C6?rp$2, ?rr$`,rr -C6?rp$2\,^z,<n $$hlpt B ,,$$DpN,$$DLN,$$DXN,$$DHN,jH ,fXH,,,,^z,<,,$$DPN,rP g6qf?vp,00)Time to exercise must be at least one dayv,^z,<,,$$DhN,rhbf,0&Exercise price must be positivev,^z,<,,$$D`N,r`bv,06.Inception date cannot be after valuation date.v,^z,<,,$$D@N,r@bh,0( Average to date must be positivev,^z,<,,, ,,,,MbP?L,dbf`f@fPLfHfXfhfp,d, 8|00*Option price is less than intrinsic value.|Cannot imply volatility.|,^z,<,,@L,dbf`f@fPLfHfXfhfp,d, 80Cannot imply volatility.|& Volatility is greater than 250%.||,^z,<,,?L,,,vbf`f@fPL {Gz?fHfXfhfp,dbf`f@fPLfHfXfhfp,rdT,dT Y@$ -C6?2,r ?,?,,r ?N, ?N,,LrL,L h㈵>,h㈵>L,,b,df ư>rbrDN,b, 80Cannot imply volatility.|"Too many iterations required.||,$$DLN,,,v8bf`f@fPLfHfXfhrp qh?$,v0bf`f@fPLfHfXfhrp H.?$,jHV,v(bf`f@fPLrH {Gz?rX {Gz?fhfpF,,v(bf`f@fPLfHrX {Gz?fhfp,,v bf`f@rP ? v@2LfHfXfhfp,vbf`f@fPL {Gz?fHfXfhfp,dbf`f@fPLfHfXfhfp,r(dP, @r d$X,rdT,r8d -C6?rp$2,dr0 -C6?rp$2, ?rr$`,rr -C6?rp$2\,^z,<B $$| Z ,,$$DpN,$$DLN,$$D`N,$$DPN,jH ,f`P,,,,^z,<,,$$DXN,rX g6qf?vp,00)Time to exercise must be at least one dayv,^z,<,,$$DhN,rhbvh,0( Maximum to date must be positivev,^z,<,,rhrp ,fph,,$$DHN,rHbvh,0( Minimum to date must be positivev,^z,<,,rHrp ,fpH,,rHrh, 80("Minimum to date must be no greaterthan maximum to date|,^z,<,,, ,,,,MbP?L,dbfHfhfXLfPf`fp ,d, 800*Option price is less than intrinsic value.Cannot imply volatility.|,^z,<,,@L,dbfHfhfXLfPf`fp ,d, 80Cannot imply volatility.& Volatility is greater than 250%.|,^z,<,,?L,,,vbfHfhfXL {Gz?fPf`fp ,dbfHfhfXLfPf`fp ,rdT,dT Y@$ -C6?2,r ?,?,,r ?N, ?N,,LrL,L h㈵>,h㈵>L,,b,df ư>rbrDV,b, 80Cannot imply volatility."Too many iterations required.|,$$DLN,,,v@bfHfhfXLfPf`rp qh?$ ,v8bfHfhfXLfPf`rp H.?$ ,jHR,v0bfHfhfXLrP {Gz?r` {Gz?fp B,,v0bfHfhfXLfPr` {Gz?fp ,,v(bfHfhrX ? v@2LfPf`fp ,v bfHfhfXL {Gz?fPf`fp ,dbfHfhfXLfPf`fp ,r0dP, @r(d$X,r dT,r@d -C6?rp$2,dr8 -C6?rp$2, ?rr$`,rr -C6?rp$2\,^z,<Z $$ @  D   $ #  ,,$$DpN,$$DLN,$$D`N,$$DPN,jH ,f`P,,,,^z,<,,$$DXN,rX g6qf?vp,00)Time to exercise must be at least one dayv,^z,<,,$$DhN,rhbvl,0,%First exercise price must be positivev,^z,<,,$$D@N,r@rXv,0B;Second exercise date must be later than first exercise datev,^z,<,,$$DHN,rHbvn,0.&Second exercise price must be positivev,^z,<,,, ,,,,?L,,,vbf@fXL {Gz?fPf`fHfhfp$,dbf@fXLfPf`fHfhfp$,rdT,dT Y@$ -C6?2,r ?,?,,r ?N, ?N,,LrL,L h㈵>,h㈵>L,,b,df ư>rbrD:,b, 8|0Cannot imply volatility.|"Too many iterations required.|,$$DLN,,,v8bf@fXLfPf`fHfhrp qh?$$,v0bf@fXLfPf`fHfhrp H.?$$,jH`,v(bf@fXLrP {Gz?r` {Gz?fHfhfp$P,,v(bf@fXLfPr` {Gz?fHfhfp$,,v br@ ? v@2rX ? v@2LfPf`fHfhfp$,vbf@fXL {Gz?fPf`fHfhfp$,dbf@fXLfPf`fHfhfp$,r(dP,r dX,rdT,r8d -C6?rp$2,dr0 -C6?rp$2, ?rr$`,rr -C6?rp$2\,^z,< $$|,,$$DpN,$$DLN,$$D`N,$$DPN,jH ,f`P,,,,^z,<,,$$DXN,rX g6qf?vp,00)Time to exercise must be at least one dayv,^z,<,,$$DhN,rhbvf,0&Exercise price must be positivev,^z,<,,$$DHN,rHbvf,0&Barrier level must be positivev,^z,<,,, ,,,,?L,,vbL {Gz?fHfPfXf`fhfp(,dbLfHfPfXf`fhfp(,rdT,dT Y@$ -C6?2,r ?,?,,r ?N, ?N,,LrL,L h㈵>,h㈵>L,,b,df ư>rbrDB,b, 80Cannot imply volatility."Too many iterations required.|,$$DLN,,,v@bLfHfPfXf`fhrp qh?$(,v8bLfHfPfXf`fhrp H.?$(,jH\,v0bLfHrP {Gz?fXr` {Gz?fhfp(L,,v0bLfHfPfXr` {Gz?fhfp(,,v(bLfHfPrX ? v@2f`fhfp(,v bL {Gz?fHfPfXf`fhfp(,dbLfHfPfXf`fhfp(,r0dP, @r(d$X,r dT,r@d -C6?rp$2,dr8 -C6?rp$2, ?rr$`,rr -C6?rp$2\,^z,<$$,,,,L,,hH,4^D,,4^D,,$4$D,N,4$$DLN,4$$DN,4$$D N,jH ,f ,,4$$DN,4$$D$N,4$$@N,r$bvZ,l|40&Exercise price must be positivev|l,L,,rbvj,|406/Exercise date must be later than valuation datelvll|,L,,,dH,,vlhhd:``,vld@$lDNl,rbrrrvr4DlN,vld@$l"rNr$Xr,jlDrX$,Nl,,vl`X,,bf,|40&Tree must have at least 2 stepslvll|,,L,,b h,|40,$Tree must have no more than 10 stepslvll|, ,,,`D ,,,, ,,,v@,v vv,vvvbbbbLvf fff$f,4,$p4l6 Nl,4^>P^>R@T@h0, ygt3h9Ljop$p4l46JNl,$4 Tree Display$p4l6Nl,4 ygt3h9Ljop$$p4l46Nl, Tree Display$p4l6|j6 l|, Tree Display$p4lLNl,tLl 6 Nl,L, fffffE@ @2v4$ Tree Display$p4l6|j6 l|,4ffffff*@$ Tree Display$p4l6|j6 l|,vlb`Dp,4$bl r4$ Tree Display$p4l6| 6 l|,vlD,4 At each node:$ A1$4 Tree Display$p4l6|6`l|,,4% Upper value = Underlying Asset Price$ A2$4 Tree Display$p4l6|6`l|,"4 Lower value = Option Price$ A3$4 Tree Display$p4l6|6`l|,44-Values in red are a result of early exercise.$ A4$4 Tree Display$p4l6|6`l|,4Strike price = $4$l|$ A6$$ Tree Display$p466`l|,"$Discount factor per step = n8v 0.0000l|$ A7$4 Tree Display$p466`l|,$Time step, dt = n8v 0.0000l|4 years, n8 v@$v 0.00 4 days$ A8$ Tree Display$p466`l|,$Growth factor per step, a = n8v 0.0000$ $A9$ Tree Display$p466`,$Probability of up move, p = n8v 0.0000$ $A10$ Tree Display$p466`,Up step size, u = n8v 0.0000$ $A11$ Tree Display$p466`,Down step size, d = n8v 0.0000$ $A12$ Tree Display$p466`,bF, b `,b` ,`,,, `,,\,bb f2X,,vlb` ,vhbl` ,^>R^>PvXv\0,b\\,bbl bh b`d, Tree Display$p4N,$$vdd@bl r$tj$bdr$bl r$tj$t66,$$vdd@bl r$tj$bdr$bl r$tj$t66,$$vdd@bl r$tj$bdr$bl r$tj$t66,bn8v$vdd@bl r$tj$vdd@bl r$tj$t6`,bn8v4$bdr$bl r$tj$bdr$bl r$$tj$t6`,bn8 ,4$bdr$bl r$tj$bdr$bl r$$tj$t6 6,,blbB,vdd@bl r$tj$vdd@bl r$tj$t6* vdd@bl r$tj$vdd@bl r$$tlj$t|64 Pl|,vdd@bl r$tj$vdd@bl r$tj$t6@ H,vPd@vHd@rP .@v$rHvv$t 6 ,rHvv$t@ ,rPv$t* ,$t` ,$tt ,$t ,,rH ffffff:@H,vPd@vHd@rP .@v$rHvv$t 6 ,rHv$t@ ,rPv$t* ,$t` ,$tt ,$t ,,,,b,vh,bb b`d, Tree Display$p4N,bln8v$vdd@bl r$tj$vdd@bl r$tj$t6`,0.0000$vdd@bl r$tj$vdd@bl r$tj$t6*,,vl(,bb b`d, Tree Display$p4N, Node Time: $vdd@$tj$vdd@$tj$t6`,, ygt3h9Ljop$p446JN,$Tree_Display_Button$&Equity_FX_Index_Futures_Options$p466, ygt3h9Ljop$$p446N,,$p46 N, Tree Display$p46 N,$p46 N,^>R^>P@h@T0,LB88L p  t ,,l|,,l ygt3h9Ljop$p4\46JN\,l$<Tree_Display_Button$&LEquity_FX_Index_Futures_Options$p4\6,6\,,L ygt3h9Ljop$<$p4,46N,,LP,\N,rhbvf,0&Exercise price must be positivev,^z,<,,rXbv,06/Exercise date must be later than valuation date ,,$$DpN,$$DLN,$$D`N,$$DPN,jH ,f`P,,$$DXN,$$DhN,$$@N,rhbvf,0&Exercise price must be positivev,^z,<,,rXbvv,06/Exercise date must be later than valuation datev,^z,<,,,dH,,vDd:`,vDd@$DHN,rHbrrHrXvrDN,vDd@$"r`NrH$rpjDr$pN,,vDX,,br,0&Tree must have at least 2 stepsv,,^z,<,,bx,0,%Tree must have no more than 500 stepsv,,^z,<,,  ,^,,, ,,,, ,,,v @,R,h㈵>L,X\`dbbbbLv fPfXf`fhfp< ,d, 800*Option price is less than intrinsic value.Cannot imply volatility.|,^z,<,,@L,X\`dbbbbLv fPfXf`fhfp< ,d, 80Cannot imply volatility.& Volatility is greater than 250%.|,^z,<,,?L,,,X\`v4bbbbL {Gz?v fPfXf`fhfp< ,X\`dbbbbLv fPfXf`fhfp< ,r4dT,,dT Y@$ -C6?2$,r$ ?,?$,,r$ ?N, ?N$,,Lr$L,L h㈵>,h㈵>L,,,rdf ư>rD,,X\`dbbbbLv fPfXf`fhfp< ,jH,{Gz?,,,,,,v$v$v$v?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~,,^, B29$MyData$p466`t, B36$MyData$p466`p,,$Equity_FX_Index_Futures_Options!$L$8$&Equity_FX_Index_Futures_Options$p466``,,$Equity_FX_Index_Futures_Options!$L$9$&Equity_FX_Index_Futures_Options$p466`X,rXr`bl2L, General4,bt,bJ2, Asset Price0, 0.004,bJ4, Strike Price0, 0.004,bJ6,Risk-free Rate0, 0.00%4,bJ6,Time to Expiry0, 0.004@,bJ., Volatility0, 0.00%4,,bp,bJ , Option Price,,bJ, Delta,,bJ, Gamma,x,bJ, Vega,N,bJ,Rho,&,bJ, Theta,,,vTbl`,r`bTrL$<,bt,bJ(,$$r^>,L,,`hH(,^>^>,L,p,`jH,|,L,N,`lH$`nH`pH `rH,x,L,,`tH `vH,t,L,,` H,p,L,,` H` H,l,L,,`H,h,L,`,,0*"Unexpected option type encounteredv,L,,bp|,b|J,dD,b|J,`D,b|J,\Dh,b|J,TDD,b|J,PD ,b|J,XD,,f,\ ygt3h9Ljop$p4L46JNL,\$<Tree_Display_Button$&lEquity_FX_Index_Futures_Options$p4L6,6L,,<$\ Tree Display$p4,6N,,\ ygt3h9Ljop$<$p4,46N,,,*,`*dH,,L,L,`*fH,< ygt3h9Ljop$p4,46JN,,<$\ Tree Display$p4,6N,,\ ygt3h9Ljop$<$p4,46N,,\^>&<^>(,L,,< ygt3h9Ljop$p4,46JN,,<$lTree_Display_Button$&\Equity_FX_Index_Futures_Options$p4,6L6,L,\ ygt3h9Ljop$<$p4,46N,^,`*hH,< ygt3h9Ljop$p4,46JN,,<$\ Tree Display$p4,6N,,\ ygt3h9Ljop$<$p4,46N,,\^>(<^>&,L,,< ygt3h9Ljop$p4,46JN,,<$lTree_Display_Button$&\Equity_FX_Index_Futures_Options$p4,6L6,L,\ ygt3h9Ljop$<$p4,46N,p,`*jH,|,L,N,`*lH$`*nH`*pH `*rH,x,L,,`*tH `*vH,t,L,,`* H,p,L,,`* H`* H,l,L,,`*H,h,L,`,,L\0*<"Unexpected option type encountered,v,,L,L,,dvl$,\%Equity_FX_Index_Futures_Options!$D$25$&<Equity_FX_Index_Futures_Options$p466`,`vl$,\%Equity_FX_Index_Futures_Options!$D$26$&<Equity_FX_Index_Futures_Options$p466`,\vl$,\%Equity_FX_Index_Futures_Options!$D$27$&<Equity_FX_Index_Futures_Options$p466`,Xvl$,\%Equity_FX_Index_Futures_Options!$D$29$&<Equity_FX_Index_Futures_Options$p466`,Tvl$,\%Equity_FX_Index_Futures_Options!$D$28$&<Equity_FX_Index_Futures_Options$p466`,Pvl$,\%Equity_FX_Index_Futures_Options!$D$30$&<Equity_FX_Index_Futures_Options$p466`,\ ygt3h9Ljop$&<Equity_FX_Index_Futures_Options$p46JN,lGeneral$,\%Equity_FX_Index_Futures_Options!$D$25$&<Equity_FX_Index_Futures_Options$p466*,lGeneral$,\%Equity_FX_Index_Futures_Options!$D$26$&<Equity_FX_Index_Futures_Options$p466*,lGeneral$,\%Equity_FX_Index_Futures_Options!$D$27$&<Equity_FX_Index_Futures_Options$p466*,lGeneral$,\%Equity_FX_Index_Futures_Options!$D$29$&<Equity_FX_Index_Futures_Options$p466*,lGeneral$,\%Equity_FX_Index_Futures_Options!$D$28$&<Equity_FX_Index_Futures_Options$p466*,lGeneral$,\%Equity_FX_Index_Futures_Options!$D$30$&<Equity_FX_Index_Futures_Options$p466*,\ ygt3h9Ljop$&<Equity_FX_Index_Futures_Options$p46N,,Lvl$,\$Equity_FX_Index_Futures_Options!$D$7$&<Equity_FX_Index_Futures_Options$p466`,,Lx,Lt,,4$D$$DpN$,rpbvl,D0,4$Price of underlying must be positive$v$$,4^z,<,,D$4$D {Gzd?r$$D @r6:TrD$p,$00)Volatility must be between 0.25% and 200%v$,^z,<,,$$DdN,rd ?Nvrrd ?r6t,$04,Risk-free rate must be between -10% and 100%v$,^z,<,,$$D\N,fH,r\ ?Nvrr\ ?r6|,$0<4Foreign risk-free rate must be between -10% and 100%v$,^z,<,,hH,r\brr\ ?r6r,$02*Dividend yield must be between 0% and 100%v$,^z,<,,,dHD,vld:`,vld@$DTN,rTbN,vld@$"rdNrT$rpjDr$pN,,vln,rpbvx,$080Stock price must be greater than PV of dividendsv$,^z,<,,,^z,<t$j$`rd`jp$vnd@t$j$t46H6$4H,$,,vljlNl,8$($*$Equity_FX_Index_Futures_Options!$C$6:h*$Equity_FX_Index_Futures_Options!$C$9|l$&XEquity_FX_Index_Futures_Options$p4H66 6`PhlH,*$Equity_FX_Index_Futures_Options!$F$3:h*%Equity_FX_Index_Futures_Options!$G$12|$&(Equity_FX_Index_Futures_Options$p466H`Ph,8$X$*%Equity_FX_Index_Futures_Options!$C$19:h*%Equity_FX_Index_Futures_Options!$C$22|$&(Equity_FX_Index_Futures_Options$p466H 6l`PhH, 8B1$(MyData$p466`, 8B17$(MyData$p466`, 8B27$(MyData$p466`^,,8%Equity_FX_Index_Futures_Options!$D$25$&(Equity_FX_Index_Futures_Options$p466`, 8B23$(MyData$p466`X RH,(^,,(^,,L$ hHl,`l`h`jd,&Equity_FX_Index_Futures_Options$p4N,$`j`lp$vfd@tj$vh ,,T ygt3h9Ljop$p4D36JND,*$Equity_FX_Index_Futures_Options!$C$6:@*$Equity_FX_Index_Futures_Options!$C$9|D$&TEquity_FX_Index_Futures_Options$p406 hxP@D0 , B17$TMyData$p4 606D`n 0D,`npT$$MyData$p4 60j6D`l 0D,tx jN ,,$Equity_FX_Index_Futures_Options!$C$9$&Equity_FX_Index_Futures_Options$p4 606Dh 0D,,$Equity_FX_Index_Futures_Options!$C$9$&Equity_FX_Index_Futures_Options$p4 606DTf 0D,&Equity_FX_Index_Futures_Options$p4N,$vjd@vfd@tj$`jd`lp$vfd@t j$t06D6 0D,$vjd@vfd@tj$`jd`lp$vfd@t j$t06D6 0D,$vjd@vfd@tj$`jd`lp$vfd@t j$t06D6 0D,$vjd@vfd@tj$`jd`lp$vfd@t j$t06  0,,`l`h`jd,&Equity_FX_Index_Futures_Options$p4N,$`j`lp$vfd@tj$vhd@vfd@t j$t06D6 0D,$`j`lp$vfd@tj$vhd@vfd@t j$t06D6 0D,`j`lp$vfd@tj$vhd@vfd@t j$t06 0,$`j`lp$vfd@tj$vhd@vfd@t j$t06  0,,,bj,nxvpD,vnd@h`jpT$ A17$MyData$p46 60 6D`$tp 0D,vnd@p`jpT$ A17$MyData$p46 60 6`$$$tpD6* 0D,`jdj,vp,*$Equity_FX_Index_Futures_Options!$F$3:@*%Equity_FX_Index_Futures_Options!$G$12|$&Equity_FX_Index_Futures_Options$p46 hxP@ ,`ndH,txN,$t,$t,,txq,$tx6N,$tx ,$$ 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H#0Z&#@ljP~`jpu.  u.b+' 3 Jv+!L6! H24#:@D~!V!  HH,H@HTHhH|HH"   :(^(&dD l2t":B@ 0 LX"t N:z:z:z4lX  N4v4t.h LP T N`.bl (  N.b  N.b  <@DH P4\B:" $:4(D^l&f " N:z:zD:z4l  N 4v4tL.d.h  4B0 t  (          "   0 4 @ $TD  h  x "    (    V 8 H :L \ "` d @l * 8 ^ ^, ^H d  h      B  &   2\  , 4 8 F~< 8`    & &6 :d DLP&T h&6tBl  ,8b T\`d h(t& .N  >h 4<@D HP"TX `hl*p:.B@ : B0@L \hl:p.@:B@ :.(@Xh px|6   "  0Z PTXth$$<$`$$$h,0"48@Tp 8@,  . 6.f @D L^T^p  $ 8DLdt|   $ ,8 @LTdhx $$$ $$(,$4H LTX\d ltx|   6   (,"0 @HLP X`dh0Zl  $$( @ ,H *T`hhp(  *<6 2$L82XLln* " "$08@DLT X d "h*t  h *"h@@^Tp4x4$$(404d$$44 "P "t  " ^ @ $D !2D!x!&|!!$!$!!4!4,""`""""h""B""""##&$#&8#&L#&`# t# ##&#&#&# #.V# $ $$ $>f $ `$h$l$ p$ x$ $($&$&$.N$% % % %.V% L% T%\%`% d%4\p% % %%% % %% % % %% %% %&&& &PJ0& &j& &'''PJ' h'`t' ''''''\X'PJX(((0:(())()8)<)L)`)p)t) <x)PJ) ))***b`***"*:*.*@**"** *+ +4+ <+D+H+ L+ X+`+ d+l+p+ ++++&+&+&+&, $, 0,8,&<,&P,&d, x,.V,,, ,>f,- - - - $-(,-&D-&X-.Np-- -- -.V- --- -2\. <.D. H. P. X.`. d.l. t.|..<t.RF. & /.,/:@/BP/@l/ J|/</ / /4d/(V/ 0.d00 `08th0P0F0X81J1j1"H2j2lP3b3d 4 4"4 4 444 44 4$*4 555"(5<5.4L5<|5L5L5L,6Lx6X6(7R877 7 7B(8.Zl888888 88.Z899$9,949 <9@9 D9H9 X9(.`9<9R9H9 <: @:(.H:<p:6r: :::.:@;; &;>(; &D;.P;d;Bh;l;;;&;&;&;&< < <(< ,< 4<<<@<&D< X<8`d< <<<&< <.V< <==& =  =,V,= X=`=d= h=p= x=====>J=2<=>0:$>T>h>x>>>>>>>>&@> ?^?&|???>J?>J? @JX$@p@>Jt@@JV@>JA2<DAxA AA$&A$&AA$"B D$W26dWW0:WWWWX X$X4XHXXX\X&@lX X^X&YYY>DY>D\Y YJRYY>DY8ZJPDZ26ZZ [([$&8[$&\[[$"[ [[B[[[\&,\&@\&T\&h\ |\ \\&\ \(\&\&\.N\(] ,]4]&8] L]8`X] ]]]&] ].V] ]]] ^& ^ ^ $^,^ 0^8^ @^H^L^T^2<d^ ^j^ ___ _2<0_ d_`p_ ____ __>J_2<<`p`0:``````` a a0a4a&@Da la^xa&aaa>Ja>J4b tbJXbb>JbcJVc>J`c2<cc cd$&d$&4dXd$"td ddBdddd&d&e&$e&8e Le Xe`e de letexe&|e&e e8`e ee"eR|f \fdfhf&lf f.Vf fffff*.f gjg gggg*.g g`g @hHhLhPh `hhh6<lh*.hh0:hi$i4iHiXi\iliiii&@i i^i&8jLjPj6<Tj6<j jBJjk6<kPkBHTk6<k*.kk ll$&,l$&Pltl$"l llBl l l l(l4l m m $m 0m8mtfn ,o4o8o '  $     j t  $ '4 j 4 *Option price is less than intrinsic value. $ Cannot imply volatility. @A@J ' r g @'  $     j t  $ '4 j 4 Cannot imply volatility. $  Volatility is greater than 250%. @A@J'Gr?g ?' g [   $ {Gz?     t  $ '4   $     j t  $ '4  j '  4 j  Y@-C6? ' ? ?' ? a?' g  ' h㈵> h㈵>' g g  j 4 ư>   $     j t  $ '4  T{Gz?'`' g {Gz?  $      $ '4   j '4e P 4 tB@JTree_Display_Button J$T%( 4 tB@kJp Y Y  Y      Y   $ A@J Ttg  'Tj`'TgY0 < H T ` l Yx  TY    TY    TY < h  T$T' $T'$T'$T'  T ' g$T' $T' $T ' Exercise price must be positive @A@J@tJg /Exercise date must be later than valuation date @A@JTtg'   4'   @ $@T'    $@T  $` ' g /ger  Tree must have at least 2 steps @A@JJ' t g $Tree must have no more than 10 steps @A@J ' g' T 'g'  ' g @$ A@@     $    $$$$'4  t ( B@A@ ay 4 tB@J Tree Display$T( 4 tB@ Tree Display$T!jB@ Tree Display$T5 B@ DmplfffffE@@ Tree Display$T!j( ffffff*@ Tree Display$T!j(    Tree Display$T% ( v  U At each node:A1 Tree Display$T%(`% Upper value = Underlying Asset PriceA2 Tree Display$T%(` Lower value = Option PriceA3 Tree Display$T%(`T-Values in red are a result of early exercise.A4 Tree Display$T%(`Strike price = $A6 Tree Display$T%(`Discount factor per step = $0.0000zA7 Tree Display$T%(`Time step, dt = $0.0000z years, $ 0.00z daysA8 Tree Display$T%(`Growth factor per step, a = $0.0000zA9 Tree Display$T%(`0Probability of up move, p = $0.0000zA10 Tree Display$T%(`Up step size, u = $0.0000zA11 Tree Display$T%(`eeDown step size, d = $0.0000zA12 Tree Display$T%(`     'T T 'T g` 'T g'    '` '@    T ` A@ is  '      T '  Tree Display$T    7j    7j7!(    7j    7j7!(    7j    7j7!( @$   7j   7j7(` @$    7j    7j7(` @$     7j    7j7! (g     7j   7j7!*   7j   7j7!4 'j t   7j   7j7!@ 't T j t j .@ t 5 % j t 9@ j 9* T 9` j 9t j 9 m@ t ffffff:@ 't j t j .@ t 5 %  t 9@ j 9* T 9` j 9t j 9 m geemis @ '@    T  '  Tree Display$T  $   7j   7j7(`0.0000   7j   7j7(*m im   T  '  Tree Display$T Node Time: 7j 7j7(` mB@ 4 tB@J Tree_Display_Button J$T%( 4 tB@A@* t (  Tree Display$TB@ ( A@ kY8DP\htTYYT$T' $T'$T'$T'  T ' gse be'asrongda$T' )Time to exercise must be at least one day @A@J'er@gJ$T' Exercise price must be positive @A@Jpo' rA@g$T'  Barrier level must be positive @A@J'r g '  z' g  ?' [   {Gz?   $ '4 j      j$ '4  j ' 4 j  Y@-C6? ' ? ?' ' ? a?' gj  ' h㈵> h㈵>'g  ' ly j 4 ư>  te Cannot imply volatility. $ Too many iterations required. @A@J $T'gg. qh?      J$ '4 H.?      T$ '4   T {Gz? {Gz?     $ '4 ` {Gz?     $ '4 'gh  ?v@     `$ '4    {Gz?   $ '4      j$ '4 -C  j '@ ` j ' j ' J j -C6? 'j j T -C6? 't? j t 't j t -C6? ''eY<HT`lxTYY T$T' $T'$T'$T'  T ' gse be'asrongda$T'T T )Time to exercise must be at least one day @A@J'osrivg $T'@ @%First exercise price must be positive @A@J'atr tgn $T'` ` T;Second exercise date must be later than first exercise date @A@Jmu'portig $T'J J&Second exercise price must be positive @A@J' r@gJ'  {' gT ?''' [@ @ J  {Gz? T `   $4 '4 4 @ J   T `   j$4 '4  j ' 4 j  Y@-C6? ' ? ?' T ? a?' gj  ' h㈵> @h㈵>'g  ' ly j 4 ư>  te Cannot imply volatility. $ Too many iterations required. @A@J$T'g g qh? @ J   T `   J$4 '4 T H.? @ J   T `   T$4 '4   T @ J {Gz? {Gz?  T `   $4 '4 ` @ J {Gz?  T `   $4 '4 gv@ @ J   T?v@ `?v@   `$4 '4 @ @ J  {Gz? T `   $4 '4 ` @ J   T `   j$4 '4   j 'T ` j ' j ' J j -C6? 'j j T -C6? 't? j t 't j t -C6? ''e,YLXdp|TYY $T$T' $T'$T'$T'  T ' gse be'asrongda$T' )Time to exercise must be at least one day @A@J'ver@gJ$T'  Maximum to date must be positive @A@J 'm r dge  'gJ$T'  Minimum to date must be positive @A@J d'stre g g  'gth   "Minimum to date must be no greater $ than maximum to date @A@J'r g'  j' gj MbP?'ti      j$j '4  j 4 *Option price is less than intrinsic value. $ Cannot imply volatility. @A@J''jr4g@'nn      j$j '4 i j 4 Cannot imply volatility. $  Volatility is greater than 250%. @A@J'r g?' ' [  {Gz?    $j '4       j$j '4  j ' 4 j  Y@-C6? ' ? ?' ' ? a?' gj  ' h㈵> h㈵>'g  ' ly j 4 ư>  te Cannot imply volatility. $ Too many iterations required. @A@JJ$T'g.g qh?      J$j '4 H.?      T$j '4 j  T {Gz? {Gz?     $j '4 ` {Gz?     $j '4 g   ?v@    `$j '4   {Gz?    $j '4      j$j '4 -C  j '@ ` j ' j ' J j -C6? 'j j T -C6? 't? j t 't j t -C6? ''e0YP\htTYY(4T$T' $T'$T'$T'  T ' gse be'asrongda$T' )Time to exercise must be at least one day @A@J'er@gJ$T' Exercise price must be positive @A@Jbe' vruagon$T'  .Inception date cannot be after valuation date. @A@J'ver@gJ$T'  Average to date must be positive @A@J ' rg '  j' g 4MbP?'*      j$ '4  j 4 *Option price is less than intrinsic value. $ Cannot imply volatility. @A@J' rjg4@'      j$ '4 i j 4 Cannot imply volatility. $  Volatility is greater than 250%. @A@J'rg ?' d' [  {Gz?    $ '4 j      j$ '4  j ' 4 j  Y@-C6? ' ? ?' ? a?' gj  ' h㈵> h㈵>'g  ' ly j 4 ư>  te Cannot imply volatility. $ Too many iterations required. @A@J $T'gg. qh?      J$ '4 H.?      T$ '4   T {Gz? {Gz?     $ '4 ` {Gz?     $ '4 'gh   ?v@    `$ '4   {Gz?    $ '4      j$ '4 -C  j '@ ` j ' j ' J j -C6? 'j j T -C6? 't? j t 't j t -C6? ''e@Y`lxTYY ,8DT$T' $T'$T'$T'  T ' g$T'  4  @ $@T'    $@T  $` ' begt ongda$T' )Time to exercise must be at least one day @A@J'er@gJ$T' Exercise price must be positive @A@J'r g  $T'`'g '  j' gse 4MbP?'*      j$ '4  j 4 *Option price is less than intrinsic value. $ Cannot imply volatility. @A@J' rjg4@'      j$ '4 i j 4 Cannot imply volatility. $  Volatility is greater than 250%. @A@J'rg ?'T' [  {Gz?    $ '4 j      j$ '4  j ' 4 j  Y@-C6? ' ? ?' ? a?' gj  ' h㈵> h㈵>'g  ' ly j 4 ư>  te Cannot imply volatility. $ Too many iterations required. @A@J $T'gg. qh?      J$ '4 H.?      T$ '4   T {Gz? {Gz?     $ '4 ` {Gz?     $ '4 'gh   ?v@    `$ '4   {Gz?    $ '4      j$ '4 -C  j '@ ` j ' j ' J j -C6? 'j j T -C6? 't? j t 't j t -C6? ''ePYp| YY $0<T$T' $T'$T'$T'  T ' g me'cirongus$T'T$T'` T  )Time to decision must be at least one day @A@J' trn T `  a@DTime to decision must be at least one day less than time to exercise @A@J p'er@gJ$T' Exercise price must be positive @A@J'A@rjg4 MbP?' p   ` T j$'4  j 4 *Option price is less than intrinsic value. $ Cannot imply volatility. @A@J p'4rg@' i   ` T j$'4 i j 4 Cannot imply volatility. $  Volatility is greater than 250%. @A@J'Trg?' ' [  {Gz? ` T $'4    ` T j$'4  j ' 4 j  Y@-C6? ' ? ?' ? a?' gj  ' h㈵> 'h㈵>'g  ' ly j 4 ư>  te Cannot imply volatility. $ Too many iterations required. @A@J$T'gg qh?   ` T J$'4 H.?   ` T T$'4 '  T {Gz? {Gz?  ` T $'4 ` {Gz?  ` T $'4 g   `?v@ T `$'4   {Gz? ` T $'4 {   ` T j$'4   j 'T ` j ' j ' J j -C6? 'j j T -C6? 't? j t 't j t -C6? ''e@HYht'  4  @'  $@T ' n gr ' e`it'Cannot evaluate this type of option for $ $an equity paying discrete dividends. @A@J'geYY $0<T$T' $T'$T'$T'  T ' gJ$T' Exercise price must be positive @A@Jla'tanralgti$T' /Exercise date must be later than valuation date @A@J't r g  4  @ $@T'    $@T  $` ' 'g g'  $`'' '  $`' ' ?  h㈵>''  $' $ ?  '   ' $ $  $ 'j*`ti  $  $ 'jg j 4 *Option price is less than intrinsic value. $ Cannot imply volatility. @A@J't?rg @''  $' $ ?  '   ' $ $  $ 'j`nn  $  $ 'jg i j 4 Cannot imply volatility. $  Volatility is greater than 250%. @A@J'tr?g?'g'  $' $ ?  '   ' [ $  $ 'j  $'t  $  @   $   $  ' $   '? $  ${Gz?'   ${Gz?'  4 j  Y@-C6? ' ? ?' ? a?' g  ' h㈵> h㈵>'g'  $' $ ?  '   '$g  j 4 ư> `['  $  $ 'j  $? 't  $  @   $   $  ' $   'G $  ${Gz?'   ${Gz?'  4 j  Y@-C6? ' ? ?' ? a?' g  ' h㈵> h㈵>'g'  $' $ ?  '   'g  j 4 ư> g  T  j{Gz?'g'teX?  $`@ t %$' e t % 'e,rH ?,?H,,rH ?N, ?NH,,4rH4,4 h㈵>,h㈵>4,,bDD,Hpf ư>rbDrD6,bD, (0&!Cannot imply Breakeven Swap Rate."Too many iterations required.|,$$|D4N,,,<vb f<8 {Gz?bf$4f,f4d,Hvb f<8bf$4f,f4d,xd:`,vhb``Z,vhd@x$vhd@$x-C6?$x,vh,vx0,vXvb f<8bf$4f,f4d,vhb``pV,vhd@$vhd@x$x-C6*?$xN,vhp,vx0,vPvb f<8bf$4f,f4d,vhb``hZ,vhd@$vhd@x$x-C6?$x,vhh, ?rXrP$D,rXrP @H$ Y@$@,<H<,xl,h   l$$ ,,$$|0N,$$|@N,$$|8N,$$|4N,(,$$tD8N,$$tDHN,v$x0,8 vb,0"Volatility must be positivev,^z,<,,8 ?f,0&Volatility must be less than 5%v,^z,<,,rH h,0(!Reversion rate cannot be negativev,^z,<,,rH ?l,0,%Reversion rate must be less than 100%v,^z,<,,,,,,,,,,{Gz?8,,vdv$b,fH8 MbP?b(f04f8f@p,Hv$b,fH8b(f04f8f@p,rdH<,pH< @@$ -C6?2T,rT {Gz?,{Gz?T,,rT {Gz?N, {Gz?NT,,8rT8,8 h㈵>,h㈵>8,,bPP,Hpf ư>rbPrD6,bP, (0Cannot imply volatility."Too many iterations required.|,$$tD8N,,,,Q?4,,vdv$b,fH8b(f04 MbP?f8f@p,Hv$b,fH8b(f04f8f@p,rdH<,pH< @@$ -C6?2T,rT ?,?T,,rT ?N, ?NT,,4rT4,4 h㈵>,h㈵>4,,bPP,Hpf ư>rbPrD6,bP, (0& Cannot imply Breakeven Cap Rate."Too many iterations required.|,$$|D4N,,,<v$b,fH8 {Gz?b(f04fxD|PHW_BlackSwapOptionHW_BlackSwapOptionD,HW_TreeSwapOptionHW_TreeSwapOptionh HW_BondTreeRateDeltaHW_BondTreeRateDeltaD\,clHW_BlackCapHW_BlackCapD8a DGHW_TreeCapHW_TreeCapD$onHW_CapTreeRateDeltaHW_CapTreeRateDeltaDhtitiHW_BlackSwapOptioniHW_BlackSwapOption2HW_BlackSwapOption4HW_TreeSwapOptionh6HW_TreeSwapOption@HW_TreeSwapOption@:HW_TreeSwapOptionlyHW_BondTreeRateDeltauitHW_BondTreeRateDeltaOptHW_BondTreeRateDeltaHW_BlackCapHW_BlackCapHW_BlackCapHW_TreeCapHW_TreeCapHW_TreeCapcHW_TreeCapHW_CapTreeRateDeltaHW_CapTreeRateDeltaHW_CapTreeRateDeltaHW_BlackSwapOptionlHW_BlackSwapOptionaHW_BlackSwapOptionaHW_TreeSwapOption_aHW_TreeSwapOption@HW_TreeSwapOption_cHW_TreeSwapOption_cHW_BondTreeRateDelta HHW_BondTreeRateDeltaHW_BondTreeRateDeltaputHW_BlackCapHW_BlackCapHW_BlackCapHW_TreeCapvHW_TreeCapHW_TreeCapHW_TreeCapHW_CapTreeRateDeltaHW_CapTreeRateDeltaHW_CapTreeRateDeltaHW_BlackSwapOptionTHW_BlackSwapOptioniHW_TreeSwapOption@HW_TreeSwapOptionHW_TreeSwapOptionHW_BlackCapHW_BlackCapHW_TreeCapHW_TreeCap_HW_TreeCapHW_CapTreeRateDeltaHW_CapTreeRateDeltaHW_BlackSwapOptionHW_BlackSwapOptionDPHW_TreeSwapOptionHW_TreeSwapOption00HW_HullWhiteCapHW_BondTreeRateDeltaHW_BondTreeRateDeltaHW_HullWhiteCapHW_BlackCapHW_BlackCapD HW_TreeCapHW_TreeCapHW_HullWhiteCapHW_CapTreeRateDeltaHW_CapTreeRateDeltaHW_TreeSwapOptionHW_HullWhiteSwapOptionHW_HullWhiteSwapOptionHW_BlackCapHW_HullWhiteCapHW_HullWhiteCapHW_HullWhiteSwapOptionHW_HullWhiteSwapOptionHW_HullWhiteSwapOptionHW_HullWhiteSwapOptionHW_BondTreeRateDeltaHW_TreeCapHW_CapTreeRateDeltaHW_HullWhiteSwapOptionHW_HullWhiteCapHW_BlackSwapOptionHW_BlackSwapOptionHW_TreeSwapOption,HW_BondTreeRateDeltaLHW_BlackCapHW_TreeCapHW_CapTreeRateDeltaHW_HullWhiteSwapOptiontHW_HullWhiteCapHW_BlackSwapOptionHW_TreeSwapOptionHW_BondTreeRateDeltaareHW_BlackCapHW_TreeCapHW_CapTreeRateDeltaHW_HullWhiteSwapOptionHW_HullWhiteCap ج>V&ج _ ,,$$|$N,$$|4N,$$|,N,$$|4N,,$$tD8N,$$tD2H,rHr,fH ,rHrN ,rNH,,8rH8,8 h㈵>,h㈵>8,,bDD,Hpf ư>rbDrDZ,bD, (0Cannot imply volatility."Too many iterations required.|,$$tD8N,,,,Q?4,,Hvb f<8bf$4f,f4d,vXvb f<8bf$4 MbP?f,f4d,rXH<,pH< @@$ -C6?2H8f@p,Hv$b,fH8b(f04f8f@p,<H<,xd:l,vtbl`Z,vtd@$vtd@$x-C6?$x,vt,v$x0,vdv$b,fH8b(f04f8f@p,vtbl`V,vtd@$vtd@$x-C6*?$xN,vt,v$x0,v\v$b,fH8b(f04f8f@p, ?rdr\$D,rdr\ @H$ Y@$@,vtbl`Z,vtd@$vtd@$x-C6?$x,vt,^z,<  $ $$$^,,8$($ Caps_and_Swap_Options!$C$5:x Caps_and_Swap_Options!$C$8|X$hCaps_and_Swap_Options$p,H66 6`|PxXH,8$h$ Caps_and_Swap_Options!$C$13:x Caps_and_Swap_Options!$C$15|$(Caps_and_Swap_Options$p,66H 6X`tPxH,8 ygt3h9Ljop$(Caps_and_Swap_Options$p,6JN, 8B104$(MyData$p,66`@,bJ0, {Gz?Nvh$"8Caps_and_Swap_Options!$N$8$(Caps_and_Swap_Options$p,66`,h{Gz?$"8Caps_and_Swap_Options!$N$9$(Caps_and_Swap_Options$p,66`, h0.00%$"8Caps_and_Swap_Options!$N$8$(Caps_and_Swap_Options$p,66*, h0.00%$"8Caps_and_Swap_Options!$N$9$(Caps_and_Swap_Options$p,66* ,bJp,8$($tD ?$v$"Caps_and_Swap_Options!$N$8$hCaps_and_Swap_Options$p,66`,$$tD ?$vh$"8Caps_and_Swap_Options!$N$9$(Caps_and_Swap_Options$p,66`, (0.00%$"Caps_and_Swap_Options!$N$8$Caps_and_Swap_Options$p,66*, (0.00%$"Caps_and_Swap_Options!$N$9$Caps_and_Swap_Options$p,66*j,bJp,$$|D {Gz?vh$"8Caps_and_Swap_Options!$N$8$(Caps_and_Swap_Options$p,66`,$$|D {Gz?vh$"8Caps_and_Swap_Options!$N$9$(Caps_and_Swap_Options$p,66`, (0.00%$"Caps_and_Swap_Options!$N$8$Caps_and_Swap_Options$p,66*, (0.00%$"Caps_and_Swap_Options!$N$9$Caps_and_Swap_Options$p,66*,bJd,$$|Dvh$"8Caps_and_Swap_Options!$N$8$(Caps_and_Swap_Options$p,66`,$$|D {Gz?vh$"8Caps_and_Swap_Options!$N$9$(Caps_and_Swap_Options$p,66`, (0.00$"Caps_and_Swap_Options!$N$8$Caps_and_Swap_Options$p,66*, (0.00$"Caps_and_Swap_Options!$N$9$Caps_and_Swap_Options$p,66*r,bJ`,$$|D {Gz?vh$"8Caps_and_Swap_Options!$N$8$(Caps_and_Swap_Options$p,66`,$$|Dvh$"8Caps_and_Swap_Options!$N$9$(Caps_and_Swap_Options$p,66`, (0.00$"Caps_and_Swap_Options!$N$8$Caps_and_Swap_Options$p,66*, (0.00$"Caps_and_Swap_Options!$N$9$Caps_and_Swap_Options$p,66*,, ygt3h9Ljop$Caps_and_Swap_Options$p,6N,L xHX \`,$p,`6 N`,n,f $tx,v,&, ygt3h9Ljop$Caps_and_Swap_Options$p,`6JN`,Sw$,,p,6 "jrHD,p,6 "j P.,,p,6 @,,K,d,bdv,,MyData$p,N,$$tj$bdr$$tj$thx,,l,L,,h,L,,d,L,,^,^, B104$MyData$p,66`l, B111$MyData$p,66`h,"Caps_and_Swap_Options!$N$8$Caps_and_Swap_Options$p,66`T,"Caps_and_Swap_Options!$N$9$Caps_and_Swap_Options$p,66`L,rLrTbd2@,bl,bJ:,Parallel Rate Shift$, 0.00%(,bJ2, Volatility$, 0.00%(j,bJh,fH",Cap/Floor Rate$,, Swap Rate$,, 0.00%(,bJj,fH",Cap/Floor Start$,, Swap Start$,, 0.00(t,bJb,fH , Cap/Floor End$,,Swap End$,, 0.00(,,bh,bJ , Option Price |,bJ, DV01 R,bJ, Gamma01 &,bJ, Vega ,,bhJ,`,,bh`,,blJ,xd:vp,vtxd:`D,vtd@$xbtnp8N,vt,,^>^>@@,vHbd`|f,^>^>vdvH,rTbHr@$0,blx,bxJ,vtxd:`p,vtd@$btnp8r0v$x,vtd@$x zNb,`0.&Term structure rates must be positive.v`,L,,vtp,bxJ(,$$r0v$t,bxJ(,$$r0v$|p,bxJ(,$$r0v$|6,bxJ$,$$r0v$|,,d2,^>^>@@,L,,^,`^dH,\,`\dHB,`2,^>^>@@,L,:,`\fHJ,v`\j`2,^>^>@@,L,,`\hHF,v`X2,^>^>@@,L,,,^>^>@@,0*"Unexpected option type encountered`v``,L,6,`^fH,Z,`ZdHB,T2,^>^>@@,L,2,`ZfHB,P2,^>^>@@,L,,`ZhHF,v`L2,^>^>@@,L,,,^>^>@@,0*"Unexpected option type encountered`v``,L,,,0.&Unexpected underlying type encountered`v``,^>^>@@,L,,bhT,bTJ,H8h,bTJ,D8D,bTJ,@8 ,bTJ,<8,,f0bHn,8,f8bHn,8,vH|,p,`6 \`,$p,`6 N`,n,f $tx,v,&, ygt3h9Ljop$Caps_and_Swap_Options$p,`6JN`,Swap Option Display$Caps_and_Swap_Options$p,`6 6 P`,b,br$tP ,$$tP` 6 N`,nxLvLd @$tP   nLfxRL,$tP* ,$tP4 ,$$$tP`` 6j N`,$$$tP`` 64 N`,l$|$$$tP`` 6t 6 6 `,$$$tP`` 64 N`,l |$$$tP`` 6t 6 6 `,,nxLvLd @$$$$<$,$$v$d@v d@ $tP  * nLfxRL,$ $tP` 6 N`,, $tP`` N`,t` rLv N`,,rLv $t ,rTv $t *,,rTv $t ,rLv $t ,,l(| $t` 6*N`,, $tP`` N`, General$t` 6*N`,,P, ygt3h9Ljop$ Caps_and_Swap_Options$p,`6N`,b\r $p,`6 N`,blJ,vp&,,^> ^>@@,Lx$:00P, xp  ($ L`,,$$|,N,$$|2T,rTr,fT ,rTrN ,rNT,,8rT8,8 h㈵>,h㈵>8,,bPP,Hpf ư>rbPrDJ,bP, (0Cannot imply volatility."Too many iterations required.|,$$tD8N,,,,Q?4,,HbDbHf8v b(b$f,4f4f<p,vdbDbHf8v b(b$f,4 MbP?f4f<p,rdH<,pH< @@$ -C6?2T,rT ?,?T,,rT ?N, ?NT,,4rT4,4 h㈵>,h㈵>4,,bPP,Hpf ư>rbPrD&,bP, (0& Cannot imply Breakeven Cap Rate."Too many iterations required.|,$$|D4N,,,HbDbHf8v b(b$f,4f4f<p, Jr Jr6p,<bDbHf8 {Gz?v b(b$f,4f4f<p,<H<,, Jr Jr6 Jrp6,vbDbHf8v frdr\ @H$$rr$2@,,p^z,<( $$ z ,, $$|8N,$ $|HN,$ $|@N,$ $|4N,0,$ $tD8N,v,x0,8 vb,0" Volatility must be positivev, ^z,<,,8 ?h,0( Volatility must be less than 50%v, ^z,<,,,4,,4,,,?8,,vdv,b48 {Gz?b0f84f@fHp,Hv,b48b0f84f@fHp,rdH<,pH< Y@$ -C6?2T,rT ?,?T,,rT ?N, ?NT,,8rT8,8 h㈵>,h㈵>8,,bPP,Hpf ư>r bPrD>,bP, ( 0Cannot imply volatility."Too many iterations required.|,$ $tD8N,,,,Q?4,,vdv,b48b0f84 MbP?f@fHp,Hv,b48b0f84f@fHp,rdH<,pH< @@$ -C6?2T,rT ?,?T,,rT ?N, ?NT,,4rT4,4 h㈵>,h㈵>4,,bPP,Hpf ư>r bPrD>,bP, ( 0& Cannot imply Breakeven Cap Rate."Too many iterations required.|,$ $|D4N,,,<v,b48 {Gz?b0f84f@fHp,Hv,b48b0f84f@fHp,<H<,xd:l,vtbl`Z,vtd@$vtd@ $x-C6?$x,vt,v,x0,vdv,b48b0f84f@fHp,vtbl`V,vtd@$vtd@$x -C6*?$xN,vt,v,x0,v\v,b48b0f84f@fHp, ?rdr\$D,rdr\ @H$ Y@$@,vtbl`Z,vtd@$vtd@$x -C6?$x,vt,^z,<z  , $$d*,,$$|,N,$$|2T,rTr,fT ,rTrN ,rNT,,8rT8,8 h㈵>,h㈵>8,,bPP,Hpf ư>rbPrDJ,bP, (0Cannot imply volatility."Too many iterations required.|,$$tD8N,,,,Q?4,,vdbDbHf8v b(b$f,4 MbP?f4f<$p,HbDbHf8v b(b$f,4f4f<$p,rdH<,pH< @@$ -C6?2T,rT ?,?T,,rT ?N, ?NT,,4rT4,4 h㈵>,h㈵>4,,bPP,Hpf ư>rbPrD&,bP, (0& Cannot imply Breakeven Cap Rate."Too many iterations required.|,$$|D4N,,,HbDbHf8v b(b$f,4f4f<$p, Jr Jr6l,vbDbHf8 {Gz?v b(b$f,4f4f<$p,rH<,, Jr Jr6 Jrp6,vbDbHf8v b$f4f< p,xlld:l,vtbl`dV,vtd@$vtd@p$xrv$x,vtd,v x0,vdbDbHf8v b(b$f,4f4f<$p,vtbl`\^,vtd@$vtd@p$x @r$v$xN,vt\,v x0,v\bDbHf8v b(b$f,4f4f<$p,vtbl`TV,vtd@$vtd@p$xrv$x,vtT, ? -C6?$rdr\$r2D, ư>rdr\ @H$$rr$2@,,p^z,<(* $$ z ,, $$|8N,$ $|HN,$ $|@N,$ $|4N,0,$ $tD8N,v,x0,8 vb,0" Volatility must be positivev, ^z,<,,8 ?h,0( Volatility must be less than 50%v, ^z,<,,,4,,4,,,?8,,vdv,b48 {Gz?b0f84f@fH,p,Hv,b48b0f84f@fH,p,rdH<,pH< Y@$ -C6?2T,rT ?,?T,,rT ?N, ?NT,,8rT8,8 h㈵>,h㈵>8,,bPP,Hpf ư>r bPrD>,bP, ( 0Cannot imply volatility."Too many iterations required.|,$ $tD8N,,,,Q?4,,vdv,b48b0f84 MbP?f@fH,p,Hv,b48b0f84f@fH,p,rdH<,pH< @@$ -C6?2T,rT ?,?T,,rT ?N, ?NT,,4rT4,4 h㈵>,h㈵>4,,bPP,Hpf ư>r bPrD>,bP, ( 0& Cannot imply Breakeven Cap Rate."Too many iterations required.|,$ $|D4N,,,<v,b48 {Gz?b0f84f@fH,p,Hv,b48b0f84f@fH,p,<H<,xd:l,vtbl`Z,vtd@$vtd@ $x-C6?$x,vt,v,x0,vdv,b48b0f84f@fH,p,vtbl`V,vtd@$vtd@$x -C6*?$xN,vt,v,x0,v\v,b48b0f84f@fH,p, ?rdr\$D,rdr\ @H$ Y@$@,vtbl`Z,vtd@$vtd@$x -C6?$x,vt,^z,<z  , $$ ,,l,L,,h,L,,d,L,,z,`zdH,x,`xdH,`,L,,`xfH,vh\jh,L,,`xhH,@dX,L,`,,$4D0*T"Unexpected option type encounteredhvhh4$,L,V,`zfH,,`dH,T,L,,`fH,P,L,,`hH,@dL,L,`,,h4$T0*D"Unexpected option type encounteredv$4h,L,d,,h4$T0.D&Unexpected underlying type encounteredv$4h,L,,Hv$"TCaps_and_Swap_Options!$D$20$DCaps_and_Swap_Options$p,6$6`$,DvT$"DCaps_and_Swap_Options!$D$21$Caps_and_Swap_Options$p,6$6`$,@vT$"DCaps_and_Swap_Options!$D$22$Caps_and_Swap_Options$p,6$6`$,<vT$"DCaps_and_Swap_Options!$D$23$Caps_and_Swap_Options$p,6$6`$,D ygt3h9Ljop$Caps_and_Swap_Options$p,6JN,TGeneral$"DCaps_and_Swap_Options!$D$20$Caps_and_Swap_Options$p,6$6*$,TGeneral$"DCaps_and_Swap_Options!$D$21$Caps_and_Swap_Options$p,6$6*$,TGeneral$"DCaps_and_Swap_Options!$D$22$Caps_and_Swap_Options$p,6$6*$,TGeneral$"DCaps_and_Swap_Options!$D$23$Caps_and_Swap_Options$p,6$6*$,D ygt3h9Ljop$Caps_and_Swap_Options$p,6N,,8vT$"DCaps_and_Swap_Options!$D$13$Caps_and_Swap_Options$p,6$6`$,,,4vT$"DCaps_and_Swap_Options!$D$8$Caps_and_Swap_Options$p,6$6`$,,L|$4hpp$vnd@tj$vpd@vnd@t(j$t86(8,,,bJ,J,Caps_and_Swap_Options$p,N,vrd@vnd@t,,@$P$|0DbvN0b,@0" Principal must be positive0v00, ^z,<,,@$ $|DpN,dH,rp vp,0@00 )Time to swap start must be greater than 0v0, ^z,<,,,@$ $|DhN,rhrpv,dH\,0@0( !Swap end must be after swap startv0`,,0@0. &Cap/floor end must be after swap startv0,, ^z,<,,rh v,dHb,0@0. 'Time to swap end must be greater than 0v0f,,0@04 ,Time to Cap/floor end must be greater than 0v0,, ^z,<,,@$ $|D`N,r` r r` ?r@6,dH`,0@0, %Swap rate must be between 0% and 100%v0d,,0@02 *Cap/floor rate must be between 0% and 100%v0,, ^z,<,, ^z,<0,, TB87$dMyData$p,D646$`D4$, dB94$TMyData$p,$646D`$4D, dB81$TMyData$p,$646D`$4D, dB102$TMyData$p,$646D`^$4D,\,T$ B100$dMyData$p,$646`$4,, TB100$MyData$p,$646D`^$4D,t,bt,bJ, ,bJ ,j,bJ ,f,bJ ,dn,,D4T0,$Unknown reset frequency encountered.$v$$4D,^z,<,, TB98$MyData$p,6$64`d RD$4,^,,^,,vjN,T$d$ Caps_and_Swap_Options!$C$5: Caps_and_Swap_Options!$C$8|$Caps_and_Swap_Options$p,$646D 6`|P$4D, Caps_and_Swap_Options!$H$3: Caps_and_Swap_Options!$I$17|$Caps_and_Swap_Options$p,6$64`xP$,T$d$ Caps_and_Swap_Options!$C$13: Caps_and_Swap_Options!$C$15|$Caps_and_Swap_Options$p,6$64 6D`tP$4,"TCaps_and_Swap_Options!$D$20$Caps_and_Swap_Options$p,66$`p$,< $4Dp_Options$p,N,vrd@vnd@tj$vpd@vnd@t(j$t86(8,,JrD,,bJ,~,,\ ygt3h9Ljop$p,L36JNL, Caps_and_Swap_Options!$C$13:H Caps_and_Swap_Options!$C$15|L$\Caps_and_Swap_Options$p,86(hxPHL8(, B87$\MyData$p,(686L`(8L,Wp\$$MyData$p,(68j6L`l(8L,,tx(rN(,"Caps_and_Swap_Options!$C$15$Caps_and_Swap_Options$p,(686Lp(8L,"Caps_and_Swap_Options!$C$15$Caps_and_Swap_Options$p,(686L\n(8L,Caps_and_Swap_Options$p,N,$vrd@vnd@tj$`rd`lp$vnd@t(j$t86L6(8L,$vrd@vnd@tj$`rd`lp$vnd@t(j$t86L6(8L,$vrd@vnd@tj$`rd`lp$vnd@t(j$t86L6(8L,$vrd@vnd@tj$`rd`lp$vnd@t(j$t86 (8,,`l`p`rd,Caps_and_Swap_Options$p,N,$`r`lp$vnd@tj$vpd@vnd@t(j$t86L6(8L,$`r`lp$vnd@tj$vpd@vnd@t(j$t86L6(8L,$`r`lp$vnd@tj$vpd@vnd@t(j$t86 (8,,,J,Caps_and_Swap_Options$p,N,vrd@vnd@tj$vpd@vnd@t(j$t86(8,,JrD,,bJ,J,Caps_and_Swap_Options$p,N,vrd@vnd@tj$vpd@vnd@t(j$t86(8,,,Caps_and_Swap_Options$p,N,`rdp$vnd@tj$vpd@vnd@t(j$t86(8,,P,bJ,J,Caps_and_Swap_Options$p,N,vrd@vnd@tj$vpd@vnd@t(j$t86(8,,J,Caps_and_Swap_Options$p,N,vrd@vnd@tj$vpd@vnd@t(j$t86(8,,,bJ,J,Caps_and_Swap_Options$p,N,`rdp$vnd@tj$vpd@vnd@t(j$t86(8,,J,Caps_and_Swap_Options$p,N,vrd@vnd@tj$`pdp$vnd@t(j$t86(8,,,,,br,nxvtD,d@h`rp\$ A87$MyData$p,6(68 6L`$tt(8L,d@r`rp\$ A87$MyData$p,6(68 6`$$$ttL6* (8L,`rdr,vt, ygt3h9Ljop$p,36N,,L~B88xt H(8L ,,\ ygt3h9Ljop$p,L36JNL, Caps_and_Swap_Options!$C$5:H Caps_and_Swap_Options!$C$8|L$\Caps_and_Swap_Options$p,86(hxPHL8(, B94$\MyData$p,(686L`(8L,^p\$$MyData$p,(68j6L`l(8L,tx(rN(,"Caps_and_Swap_Options!$C$8$Caps_and_Swap_Options$p,(686Lp(8L,"Caps_and_Swap_Options!$C$8$Caps_and_Swap_Options$p,(686L\n(8L,Caps_and_Swap_Options$p,N,$vrd@vnd@tj$`rd`lp$vnd@t(j$t86L6(8L,$vrd@vnd@tj$`rd`lp$vnd@t(j$t86L6(8L,$vrd@vnd@tj$`rd`lp$vnd@t(j$t86L6(8L,$vrd@vnd@tj$`rd`lp$vnd@t(j$t86 (8,,`l`p`rd,Caps_and_Swap_Options$p,N,$`r`lp$vnd@tj$vpd@vnd@t(j$t86L6(8L,$`r`lp$vnd@tj$vpd@vnd@t(j$t86L6(8L,`r`lp$vnd@tj$vpd@vnd@t(j$t86(8,$`r`lp$vnd@tj$vpd@vnd@t(j$t86 (8,,,br,nxvtD,d@f`rp\$ B94$MyData$p,6(68 6L`$tt(8L,d@n`rp\$ B94$MyData$p,6(68 6`$$$ttL6* (8L,`rdr,vt,dH, Pay Fixed$ Swap_Call$Caps_and_Swap_Options$p,66, Rec. Fixed$Swap_Put$Caps_and_Swap_Options$p,66,, Cap$ Swap_Call$Caps_and_Swap_Options$p,66, Floor$Swap_Put$Caps_and_Swap_Options$p,66,, ygt3h9Ljop$p,36N,L &xt H(8Ld t@ rt$ $ tt  p z|p<$~`` `4P0, `HX0<0@0t0lL0dl0\lZt~6$0@x00 |000`0:`0<0>080406,(hDP 8 d\Th AA%2v*\G{00020813-0000-0000-C000-000000000046}#1.0#9#..\..\MSOFF_95\Excel\XL5EN32.OLB#Microsoft Excel 5.0 Object Library*#cp*\G{000204F3-0000-0000-C000-000000000046}#1.0#9#C:\WINDOWS\System32\VBAEN32.OLB#Visual Basic For Applications*#2p*\G{000204F3-0000-0000-C000-000000000046}#1.0#9#C:\WINDOWS\System32\VBAEN32.OLB#Visual Basic For Applications*#5p*\G{000204F3-0000-0000-C000-000000000046}#1.0#9#C:\WINDOWS\System32\VBAEN32.OLB#Visual Basic For Applications*#1*\Rffff*1125b4b0c2*\Rffff*1325b4b0c3p*\G{000204F3-0000-0000-C000-000000000046}#1.0#9#C:\WINDOWS\System32\VBAEN32.OLB#Visual Basic For Applications*#4p*\G{000204F3-0000-0000-C000-000000000046}#1.0#9#C:\WINDOWS\System32\VBAEN32.OLB#Visual Basic For Applications*#6p*\G{000204F3-0000-0000-C000-000000000046}#1.0#9#C:\WINDOWS\System32\VBAEN32.OLB#Visual Basic For Applications*#0v*\G{00020813-0000-0000-C000-000000000046}#1.0#9#..\..\MSOFF_95\Excel\XL5EN32.OLB#Microsoft Excel 5.0 Object Library*#0v*\G{00020813-0000-0000-C000-000000000046}#1.0#9#..\..\MSOFF_95\Excel\XL5EN32.OLB#Microsoft Excel 5.0 Object Library*#1w*\G{00020813-0000-0000-C000-000000000046}#1.0#9#..\..\MSOFF_95\Excel\XL5EN32.OLB#Microsoft Excel 5.0 Object Library*#81*\Rffff*f25b4b0c1 @ J0@P` p <*44R@@)J@ Mo0te@g,p4Ps *hCajtre4, TjFLL @F ck*8Pj`tppO4J@Jn  0`@*Xp4`R @J0*(@jPlt`p4pjj$ @pJ * j0t@P`4`tPRP| D @2J\n @ *8P4nPZ$@Jt H0**(@t4p<Z<" X( x@ t r pG n  lh|I x t rt pp nl  ld*\ 4T$ %0t6 /ph@`H E( Z $^t4 p` lj dt \~< T H P@ @H J@ 8. 0 4  0 4 H l *, @ , l dTt4 p` lh j dt \( T 4 Pn_L L H D @< J4 ,H  (  $ hs < | * 4 , (X $  @d  ~ ^t4 p` lj dt \p T| P @Hx J@t 8 d 4| L 0|j  h *, d `  8LtH4 p@` l8j d0t \\ Th P L/D H D @< J4@ , P ( 8 $@   *     0 d  ~ x tt| p l h d ` \T L H @D 8 * 0/PL 4 ,d @ (4 J $ xT  ` (j    $*8"  ,iTt4 p` lj dPt \h Tt P H @@ J8 0 \ , D(t  *$  \m<h4 d` `j Xt PP H \ D6 < @4 J, $$ D  ,    * t   ph$` Pp, `  ,8P\D(z (z H` $ T x H(z x p  @ x( z Q  X (z : <  H $ T t  (z ]l4 @PP(z My 8hl h (` uT Hh <h 0h $hh h  Hhd<hx t$hp,hl hh    L  * L  *   ME<U $<#6RX# H0ZN!@l!P~!`j!p#n"RB!ؽ# HH(H@HTHhHHH" :(^&j4 \h" D:z:z:z,4lh  D4v4t.d,.h\  4B 0 40~@.p*x*z:" $ 8:D(T^|&j " D:z :z\:z4l   D$4v04td.h   D(\ ($, 4 D@(\L tx D|.b   D(\     D (\$  L P T  \  Dh .bt     D .b        4 BH   :   B  ^ ^ ^ ` 8 \@ \ `` |           2\      h  4 <  @ H L @T * @         !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGIJKLMNWPQRSTUVHXYZ[\]^_`abcdghijklunopqrstfvwxyz{|}~B $ ,4 (RL  t |  &    8`    &  $0X0`4^d  6^:dD HPT&X$2l 4\8b   (", 08< @HL PX\`hpx  0Z  $( 08<@ HTX\0Z`4^,^H$`$$$^,08TXB\`&&&& & *R4 `hlp.X   HL<>H0:  4DH&@X ^& HL$<>l0:  04DXhl&@| f&,0HL4<>|(N <>(d(Jt <>.2 <(NL t |B*&&&&0 D&P&d&x  *R  0X  PX\`4\t &  $4DT Xd.Xx .V   $HJ(NRp*4     , 0 @ T d h &@x   ^ & ! !$!(!0!@!TXD!HJ!!0:! "4"D"X"h"l"|""""&@" "f"&P#d#h#HJl#*#TX# $0$$>4$<:X$$$"J$ $$HJ$8%.RH% x%%HJ%%"J% &..&<>D&& &&B&&&&&&&&&&&' $'&0'D'T'*Rh' ''''.X' '''' (( ((( (0(HL4(<>|((0:(( ))0)@)D)T)h)x)|)&@) )^)& *4*8*<*D*T*HLX*<>**0:*+0+@+T+d+h+x++++&@+ +f+&L,`,d,HLh,<>,,, -(N- D-L-<>\--(J- --<>-$..2@.p.(N. . ..B.*... /&(/&886,8d8t8"J8 88LJ8 9.R9 L9T9LJd99"J9 9..9<>:X: \:d:"h:l: t:::: :8:@:;,;; ; ;.(; 6H;.fT; ; ;;; ;;; ;;; ; ;`;`;<<8< P<X<"`<|<<<<< <<<<<== =$=<=@=T= X=d= l=x==== == ==== ===> >>  > ,>4>8>H> L>8X>(t>8> >>.>>">> ??(?"<(?6L?4^h??? ??$??$??$?@$@@ @.(@<@@@D@L@T@\@ d@.l@@@@@.@@@@ @.@@@@.@0Z@,A0A4A h㈵>'g  ' nn j 4 ư>  o Cannot imply volatility. $ Too many iterations required. @A@J$T'g g *Q?'$[   @ J MbP?    $* j $` '4   @ J     $* j$` '4 j j ' 4 j  @@-C6? ' ? '?' ? a?' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>    Cannot imply Breakeven Cap Rate. $ Too many iterations required. @A@J{$T'g$g   @ J    {Gz? $* $` '4   @ J     $* j$` '4  j '+ '`  `  $-C6? + $ $*A@@   @ J     $* j $` '4  `  $-C6*? + $ $*A@@   @ J     $* t $` '4 ? j t 't j t @ j Y@''  `  $-C6? + 'e Y   ( 4 @ L X d p Y|   Y   Y      $''$'@T$'JT$'T T '*$T'$T' $T ' $*A@@   p' `@' g' Volatility must be positive @A@Jeg'  rA@g !Reversion rate cannot be negative @A@J' 00r gA@ ? %Reversion rate must be less than 100% @A@J' zrgMb$T ' GP' {Gz?' {MbP?' {Gz?' 'GP' ?' {Gz?' m?' anj0%  ?  Volatility must be less than 50% @A@Js ' %r@gJ`@ ? Volatility must be less than 5% @A@J'  r*g g  '[   @ J    $*  j$j '4   @ J    $*  j $j '4 j j ' 4 j   h㈵> ' '  a ' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>  o Cannot imply volatility. $ Too many iterations required. @A@J$T'g g * Q?' [   @ J MbP?   $*  j $j '4   @ J    $*  j$j '4 j j ' 4 j  @@-C6? ' ? '?' ? a?' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>    Cannot imply Breakeven Cap Rate. $ Too many iterations required. @A@J*$T'g$g   @ J    $*  j$j '4    @ J    $* {Gz? $j '4 j '*g     @ J $*  $t '4 '`  `  $ +  $*A@@   @ J    $*  j $j '4  ` A@ $@  +  $*A@@   @ J    $*  t $j '4  ` $ +  ?-C6? j t  't'ư> j t @ j  'g' e, YL X d p |   'Y   Y   $''$'@T$'J$' T 'li$T' $*A@@  Volatility must be positive @A@Jan'@rJg@ ?  Volatility must be less than 50% @A@J'''rg @ ' ` ' g{  ?'$[   @ J    {Gz? $* j $4 '4   @ J     $* j$4 '4 j j ' 4 j  Y@-C6? ' ? '?' ? a?' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>  o Cannot imply volatility. $ Too many iterations required. @A@J$T'g g *Q?'$[   @ J MbP?    $* j $4 '4   @ J     $* j$4 '4 j j ' 4 j  @@-C6? ' ? '?' ? a?' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>    Cannot imply Breakeven Cap Rate. $ Too many iterations required. @A@J{$T'g$g   @ J    {Gz? $* $4 '4   @ J     $* j$4 '4  j '+ '`  `  $-C6? + $ $*A@@   @ J     $* j $4 '4  `  $-C6*? + $ $*A@@   @ J     $* t $4 '4 ? j t 't j t @ j Y@''  `  $-C6? + 'e Y8 D P \ h t     Y   Y   Y $ 0 < H T $''$'@T$'JT$'T T '*$T'$T' $T ' $*A@@   p ' `@ ' g' Volatility must be positive @A@Jeg' rA@g !Reversion rate cannot be negative @A@J'00r gA@ ? %Reversion rate must be less than 100% @A@J'@r'gst  Tree must have at least 2 steps @A@Jep'A@rg' d %Tree must have no more than 100 steps @A@J'{rzg' GP' {Gz?' {MbP?' {Gz?' 'GP' ?' {Gz?' m?' anj0%  ? J Volatility must be less than 50% @A@Js '%r@gJ`@ ? JVolatility must be less than 5% @A@J'r g*g  '[$  @ J    $*  j$T '4    @ J    $*  j $T '4 j j ' 4 j   h㈵> ' '  a ' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>  o Cannot imply volatility. $ Too many iterations required. @A@J$T'gg * Q?' [$  @ J    $*  j$T '4    @ J MbP?   $*  j $T '4 j j ' 4 j  @@-C6? ' ? '?' ? a?' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>    Cannot imply Breakeven Cap Rate. $ Too many iterations required. @A@J $T'g g$  @ J    $*  j$T '4     @ J    $* {Gz? $T '4  j ' g      J @$*  $ '4 '`  `  $ +*  $*A@@   @ J    $*  j $T '4  ` A@ $@  +*  $*A@@   @ J    $*  t $T '4  ` $ +  ?-C6? j t  't'ư> j t @ j  'g'e` Y Y  Y     Y(4@ Ylx Y' t ! $   t ! $ '` ` t ! T '` gK'j '  4  @$T7j  7j7.@mt$t%g$tg@$tg`' '*T t @$T%!`'  @$T%!`'  `$T%!`'  `$T%!`'   ' P laGPParallel Rate Shift'J 0.00%'@ GP Volatility'J 0.00%'@ atGP Cap/Floor Rate'J `p/ Swap Rate'J tg 0.00%'@ taGP Cap/Floor Start'J `oo Swap Start'J gap0.00'@ GP  Cap/Floor End'J P`ceSwap End'J g010.00'@ j 1GP Option Price'T GPDV01'T GPGamma01'T GPVega'T j '`  'g     $ +  g A@   A@     '* GP  & $ * +iv $&Term structure rates must be positive. @A@Jtg * GP * +* GP * +GP * +GP * +jP$A@ t g PGP  GP  A@ tgGP A@ tg GP $A@ ert gA@OA@ "Unexpected option type encountered @A@JtjPGP  GP  A@  tgGP A@ tg GP $ A@ ert gA@OA@ ex"Unexpected option type encountered @A@JtjO &Unexpected underlying type encountered @A@JA@ tPj GP j' GP t' GP ' GP ' j *  +4   +4   t ! ' t ( 4 ' 4 n 4 `$TB@J9Swap Option Display `$T% !  `  j T 9  7 ( (   C@ J 9* ` 94 ! @ J T 7` (j  J T 7` (4 J J T 7` !t ! (  T 7` (4 T T 7` !t ! ( ` &     * J T C@  7 ( g@ J 7` 5 9 9 `* 9 9 g$ @ 5 (*m 7` General5 (*mm 4 `$TB@  t (  ng$A@ `k  :  `$T%% !`'  :  `$T%% !`' 4 `$TB@J t @$T%!`T GP{Gz?  `$T%(`{Gz?  `$T%(`(0.00%  `$T%(*0.00%  `$T%(*GP$T?  `$T%(`$T?  `$T%(`0.00%  `$T%(*z0.00%  `$T%(*GP$T{Gz?  `$T%(`$T{Gz?  `$T%(`0.00%  `$T%(*`0.00%  `$T%(*{GP$T  `$T%(`$T{Gz?  `$T%(`0.00  `$T%(*0.00  `$T%(*GP$T{Gz?  `$T%(`$T  `$T%(`0.00  `$T%(*0.00  `$T%(*j 4 `$TB@k$YDP\ht'YY$''$'@T$'JT$' T '$T'$T' $*A@@  Volatility must be positive @A@Jan'@rJg@ ? Volatility must be less than 5% @A@Jeg' rA@g !Reversion rate cannot be negative @A@J'00r gA@ ? %Reversion rate must be less than 100% @A@J''rg @' `' g  {Gz?' [$  @ J    MbP? $* j $ '4   @ J     $* j$ '4 j j 'z 4 j  @@-C6? ' {Gz? '{Gz?' {Gz? a{Gz?' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>  o Cannot imply volatility. $ Too many iterations required. @A@J$T'g g *Q?' [$  @ J MbP?    $* j $ '4   @ J     $* j$ '4 j j ' 4 j  @@-C6? ' ? '?' ? a?' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>    Cannot imply Breakeven Cap Rate. $ Too many iterations required. @A@J{$T'g g$  @ J    {Gz? $* $ '4   @ J     $* j$ '4  j '+ '`  `  $-C6? +  $*A@@   @ J     $* j $ '4  `  $-C6*? +  $*A@@   @ J     $* t $ '4 ? j t 't j t @ j Y@''  `  $-C6? + 'e Y,8DP\htY'YY $''$'@T$'JT$' T '$T'$T' $*A@@  Volatility must be positive @A@Jan'@rJg@ ? Volatility must be less than 5% @A@Jeg' rA@g !Reversion rate cannot be negative @A@J'00r gA@ ? %Reversion rate must be less than 100% @A@J''rMbg{ ' ' `Mb ' g {Gz?' @MbP?' {Gz?' * $ '[  @ J     $* j$ '4   @ J     $* j $ '4 j j ' 4 j   h㈵> ' '  a ' g'  ' h㈵> h㈵>'g  ' nn j 4 ư>  o Cannot imply volatility. $ Too many iterations required. @A@J$T'gg **Q?'4 [  @ J     $* j$ '4   @ J MbP?    $* j $ '4 j j ' 4 j  @@-C6? ' ? 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