You are given:

(i) The current prices of Stock 1 and Stock 2 are 100 and 200, respectively.

(ii) Stocks 1 and 2 pay dividends continuously at a rate proportional to their prices. The dividend yield of Stock 1 is 8%. The dividend yield of Stock 2 is 5%.

(iii) Stocks 1 and 2 have the same volatility.

(iv) The continuously compounded risk-free interest rate is 8%.

Consider the following European options with the same time to maturity:

I. An at-the-money call option on one share of Stock 2 

II. An option to exchange two shares of Stock 1 for one share of Stock 2, assuming that the correlation between the continuously compounded returns on the two stocks is 0.7.

III. An option to exchange two shares of Stock 1 for one share of Stock 2, assuming that the correlation between the continuously compounded returns on the two stocks is −0.25.

Rank the prices of the three options in ascending order. Explain your order.