Test your knowledge

Lower cap strike
Shorter maturity
Lower forward volatility
Less than 1%
1%
More than 1%
A one-year option to pay fixed in a five-year swap that starts now
A one-year option to pay fixed in a five-year swap that starts one year from now
A one-year option to pay fixed in a four-year swap that starts one year from now
The payer swaption will typically be cheaper
The payer swaption will typically be more expensive
The payer swaption should cost the same amount as the cap
Long payer
Short receiver
Long receiver and short payer

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