在FRM考試中有大量的計算題，考生一定要記住相關的公式，并且會熟練運用！另外，近日有考生咨詢，FRM真題，考生有必要做嗎？

關于FRM真題，考生一定要做練習，尤其是近幾年的FRM真題！下面是小編列舉的相關真題，一起了解一下！

According to the market price, deviations for puts and calls from BSM prices indicate:

A) Implied volatility is the same for both put and call.

B) Moneyness is the same for both put and call.

C) Implied volatility is different for put and call.

D) Moneyness is different for put and call.

答案：A

解析：According to the put-call parity, the implied volatility is the same for both put and call.

Which of the following statements best characterizes the differences between the Ho-Lee model with drift and the lognormal model with drift?

A) In the Ho-Lee model and the lognormal model the drift terms are multiplicative.

B) In the Ho-Lee model and the lognormal model the drift terms are additive

C) In the Ho-Lee model the drift terms are multiplicative, but in the lognormal model the drift terms are additive

D) In the Ho-Lee model the drift terms are additive, but in the lognormal model the drift terms are multiplicative.

答案：D 【資料下載】點擊下載GARP官方FRM二級練習題

解析：The Ho-Lee model with drift is very flexible, allowing the drift terms each period to vary. Hence, the cumulative effect is additive. In contrast, the lognormal model with drift allows the drift terms to vary, but the cumulative effect is multiplicative.

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