20. Suppose a put option has an exercise price of $20. If at the exercise date the underlying share price of the company with the name Beta Company will be either $30 or $10, which of the following investments will replicate the same payoff as the Beta stock?

a. Purchase two put options and borrow the present value of $30

b. Sell two put options and lend the present value of $30

c. Purchase two put options and lend the present value of $10 d. Sell two put options and borrow the present value of $30 e. Purchase two put options and lend the present value of $20