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In the example where it states: "Third month, 1st case: CAC 40 posted positive 5% returns NPV3 = Non-Risky-Assets1*(1+5%) + Non-Risky-Assets1*(1+2*4.5%/12)" This should be: NPV3 = Risky-Assets1*(1+5.... Same thing for "Third month, 2nd case: CAC 40 posted negative 5% returns NPV3 = Non-Risky-Assets1*(1-5%)+Non-Risky-Assets1*(1+2*4.5%/12) "