Which of the following is not true regarding derivatives?
a. A derivative is a financial instrument whose value is based upon another financial instrument, stock index or interest rate, or interest rate index.
b. Derivatives can be classified into two general types: forward-based and option-based derivatives.
c. Unrealized holding gains and losses on derivatives are not recognized.
d. SFAS No. 133 values derivatives at fair value.
ANSWER: C
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