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1. [1 point] Shares of Exxon Mobil (XOM) are currently trading at $77.12 per share. What is Cale's position in terms of moneyness if he

1. [1 point] Shares of Exxon Mobil (XOM) are currently trading at $77.12 per share. What is Cale's position in terms of "moneyness" if he buys put options with: a. a strike price of $82.50? b. a strike price of $75

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