A chooser option expires in 6 months, but the owner must make the choice in 4 months. The strike price is $27 and the underlying asset is currently worth $26.37. A call option that expires in 6 months (same underlying asset, strike price = $27) has a premium of $4.56 and an identical put has a premium of $5.02. An otherwise identical call that expires in 4 months costs $3.53 and its put option counterpart costs $4.44.

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Answer: 7.97