16.12 Microsoft Example We have a position worth $10 million in Microsoft shares The volatility of Microsoft is 2% per day (about 32% per year We use m=10and￥99 Options, Futures, and other Derivatives, 5th edition 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 16.12 Microsoft Example • We have a position worth $10 million in Microsoft shares • The volatility of Microsoft is 2% per day (about 32% per year) • We use N=10 and X=99