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1. Suppose two European call options are identical except the strike price K1 for the first one is less than the strike price K2 for

1. Suppose two European call options are identical except the strike price K1 for the first one is less than the strike price K2 for the second one. Explain why the value of the first option must be larger (or equal to) the value of the second option. In other words, explain why C1=C(S(t),t;K1,T)C2=C(S(t),t;K2,T) when K1P(K2)

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