资料是2002年FRM考试真题，140道题目，包括每道题目的答案，以及卷子前面的声明，很全，是不可多得的好资料，希望对各位复习有帮助

Session I (9:00 a.m. – 11:30 a.m.)
1. A European style call spread consists of a long position in the 105 strike call and a short position
in the 115 strike call both maturing in 18 months time. The options are on a stock index with an
annualized dividend yield of 1% per annum. The interest rates are 4% (annual compounding) for
1 year and 5% (annual compounding) for 2 years. Under these circumstances, what is the
number below nearest the maximum value of this position today?
(a) $9.50
(b) $10.00
(c) $9.29
(d) $9.40

答案：a