A new security on AT&T will entitle the investor to all dividends on AT&T over the next three years, limiting upside potential to 20% but also providing downside protection below 10%. AT&T stock is trading at $50, and three-year call and put options are traded on the exchange at the following prices:

How much would you be willing to pay for this security?

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Call Options Put Options 14836 K 1-Year 3-Year 1-Year 3-Year 45 $8.69 $13.34 $1.99 $ 3.55 50 $5.86 $10.89 $3.92 $ 5.40 55 $3.78 $ 8.82 $6.59 $ 7.63 60 $2.35 $ 7.11 $9.92 $10.23