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A call option with a strike of K = 100 is purchased at a premium of $4. The stock price at maturity is $105. The
A call option with a strike of K = 100 is purchased at a premium of $4. The stock price at maturity is $105. The net payoff of the option is
(a) $1 (b) $5 (c) $96 (d) $101
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