1. a) Discuss the difference between a long position in a put and a short position in a call. b) You own a call option on Intuit stock with a strike price of $40. The option will expire in exactly three months time. a. If the stock is trading at $55 in three months, what will be the payoff of the call? b. If the stock is trading at $35 in three months, what will be the payoff of the call? c. Draw a payoff diagram showing the value of the call at expiration as a function of the stock price at expiration.

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