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Daycount conventions are rather a technical topic that does not test anyone’s ‘finance IQ’. Moreover, the readers of the site aren’t here to be tested, we are here to help those that wish to learn (site moderator can more clearly opine). To answer your question, Act/360 is a daycount convention whereby the actual amount of interest paid equals the interest ...


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As @Kermittfrog said in the comment, in Black formula for options on futures price you need to insert the futures price $F$: $$C = e^{-rT}[FN(d_1) - KN(d_2)]$$ where $r$ is the discounting rate. Here, $d_1$ depends only on $F$ (no rate involved). For Black-Scholes formula for options on spot price (assume asset pays no dividend to keep it clean), we have: $$...


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