Thanks for the info, I wasn't aware that we need this plastic bag for the personal belongings, my feeling is that some organizational parts of the FRM are "a bit" too strict (I am not allowed to have a sip of water or eat a small piece of chocolate for a "sugar shock" at my desk, seriously???).
1. Portfolio of 100mn has volatility 30%, how much should we short an asset with volatility 20%.
2. A 2yr zero coupon bond is priced at 952.48, risk free rate is 1%. The price can be 970 or 950 after 1yr depending on how interest rate change. Use risk neutral probability of interest rate move, what will be the current value of 1yr European call option on this bond if strike is 960.