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3. You buy a call option on a stock for a premium of $1.00. The exercise price is $31.50. What is the option's profit

3. You buy a call option on a stock for a premium of $1.00. The exercise price is $31.50. What is the option's profit or loss if just prior to expiration the stock price is $30.50? A. ($1.00) B. ($0.50) C. $0.00 D. $0.50 E. $1.00

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