11. With respect to put-call parity, a covered call is equivalent to? A. Buying a call B. Selling a put C. Selling a put and invest in risk-free bond D. Selling a put and borrow from risk-free bond E. None above The following information is used for Question 12-15; You want to establish a straddle on Apple. The available call premium is $5 and put premium is $6. Suppose X=$50 for both the call and the put. 12. What is the maximum profit of this strategy? A. $50 B. $39 C. $11 D. Unlimited E. None above 13. What is the minimum payoff of this strategy? A. $50 B. $39 C. $11 D. Unlimited E. None above 14. What is the expectation of the investors who use this strategy?! A. Underlying price will increase only B. Underlying price will decrease only C. Underlying price volatility is going to be large D. Underlying price volatility is going to be small E. None above 15. What is the Sthat the investor achieve break-even? A. $50 B. $39 C. $11 D Unlimited E None of the above