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* An investor purchased a $20 call on MSFT when the underlying was $27, paying $9 altogether. After Microsoft appreciates to $30, the $20 call

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* An investor purchased a $20 call on MSFT when the underlying was $27, paying $9 altogether. After Microsoft appreciates to $30, the $20 call has $1 of time value. Therefore, it would be priced at... $11 $8 $10 $9

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