3. A call option has an exercise price of $100. At the exercise date, the stock price could be either $50 or $150. Which investment strategy provides the same payoff as the stock?

A.Lend PV of $50 and buy two calls.

B. Lend PV of $50 and sell two calls.

C. Borrow $50 and buy two calls.

D. Borrow $50 and sell two calls.