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A portfolio we have talked about recently consists of (1) buying a European call on a security having exercise price E and (2) simultaneously buying

A portfolio we have talked about recently consists of (1) buying a European call on a security having exercise price E and (2) simultaneously buying a Treasury security having face E (same as exercise price of the call) and discount-to-face ratio β.  


a. What would be the payoff pattern on this portfolio?  


b.Explain how a dealer could "short" this portfolio and what the payoff pattern would be?

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