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B. You are an equity portfolio manager who holds shares of Hi-Flier, Inc., which currently has a market price of $96/share. You are concerned the

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B. You are an equity portfolio manager who holds shares of Hi-Flier, Inc., which currently has a market price of $96/share. You are concerned the stock may fall over the next few months and you decide to examine put options on this stock. You observe the following prices: (a) Calculate the intrinsic value, time value, and approximate delta of the put with a strike price of $98/share. (10 points)

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