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4 . If XYZ stock price is 3 0 , which of the following positions is most valuable? a . A call on XYZ with

4. If XYZ stock price is 30, which of the following positions is most valuable?
a. A call on XYZ with an exercise price of 25.
b. A put on XYZ with an exercise price of 25.
c. A call on XYZ with an exercise price of 35.
d. A put on XYZ with an exercise price of 30.

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