Consider a long call option position with strike K=80 and expiry T. What is the payoff when the option is exercised at expiry T if the security price at expiry (ST) is 100 ? what is the payoff if ST is 80? what is the payoff if ST is 120? QUESTION 2 "If you are a long put option with strike K=80 and with expiry T, the current stock price is $100. What is the option's intrinsic value? (assume 0 rates or dividends)" QUESTION 3 "If you want to replicate the forward contract with calls and puts at delivery price K=80 and expiry T, how will you do it? "'long"' or ""short"" a call and ""long"" or ""short"" a put to create a long forward. ""long"" or ""short"" a call and "'long"' or ""short"" a put to create a short forward position