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c. You decided to establish a position (unrelated to part a and b) by buying a share of the stock for $50, buying a 6-month

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c. You decided to establish a position (unrelated to part a and b) by buying a share of the stock for $50, buying a 6-month put option with exercise price $45, and writing a 6- month call option with exercise price $55. Explain what is the maximum payoff (not profit and loss) of this position? (4 marks)

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