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19. What will be the lower bound for the price of a three-month European put option on a non-dividend-paying stock if the current stock price

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19. What will be the lower bound for the price of a three-month European put option on a non-dividend-paying stock if the current stock price is USD 22, the strike price is USD 25, and the annual risk-free rate is 5%? (a) $0.21 (b) $1.23 (c) $2.69 (d) $4.83

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