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(b) A portfolio consists of a short covered call (i.e., short stock + long call) and a protective put. Assume the naked options in these

(b) A portfolio consists of a short covered call (i.e., short stock + long call) and a protective put. Assume the naked options in these trading strategies have the same underlying asset, strike, and maturity. Explain why the portfolio is equivalent to a long straddle.

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