在FRM一級考試中有大量的計算器，因此，考生需要掌握相關的FRM公式的。下文是小編列舉的相關公式，希望對備考的你有所幫助！

Stress Testing：

Stress testing shocks key input variables by large amounts to measure the impact on portfolio value. Key elements of effective governance and controls over stress testing include the governance structure,policies and procedures, documentation, validation and independent review, and internal audit.

Bond Valuation：

There are three steps in the bond valuation process:

Step 1: Estimate the cash flows. For a bond, there are two types of cash flows:

(1) the annual or semiannual coupon payments and

(2) the recovery of principal at maturity or when the bond is retired.

Step 2: Determine the appropriate discount rate. The approximate discount rate can be either the bond’s yield to maturity (YTM) or a series of spot rates.

Step 3: Calculate the PV of the estimated cash flows. The PV is determined by discounting the bond’s cash flow stream by the appropriate discount rate(s).

Exercising American Options：

? It is never optimal to exercise an American call on a non-dividend-paying stock before its expiration date.【資料下載】點擊下載融躍教育FRM考試公式表

? American puts can be optimally exercised early if they are sufficiently in-the-money.

? An American call on a dividend-paying stock may be exercised early if the dividend exceeds the amount of forgone interest.

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