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4. Prove the following inequality by the no-arbitrage arguments: Pelt, S) 2 max(Ke (6) - S,0). where Pet, S) is the time t-price of an

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4. Prove the following inequality by the no-arbitrage arguments: Pelt, S) 2 max(Ke (6) - S,0). where Pet, S) is the time t-price of an European put option with strike price K and maturity date T, written on an underlying asset whose spot price at time t is S. Here we assume the interest rate is a constant r

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