8. Determine which of the following positions benefit from falling prices in the underlying asset. (I) Long one homeowner's insurance contract (where the falling price is due to damage covered by the insurance) (II) Long one equity-linked CD (III) Long one synthetic forward contract 9. Which of the following are true? 1. Buying a stock and purchasing a put has the same payoff at expiration as buying a call 2. Shorting a stock and purchasing a call has the same profit at expiration as a buying a put 3. Buying a stock and writing a call was the same payoff at expiration as lending an amount equal to the present value of the strike price and writing a put 4. Shorting a stock and writing a put has the same profit at expiration as borrowing an amount equal to the present value of the strike price and writing a call