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) "