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Consider a portfolio of PCG stock options that consists of the following components, all with one year until expiration: Long 4 put options with

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Consider a portfolio of PCG stock options that consists of the following components, all with one year until expiration: Long 4 put options with a strike price of of $20 Short 4 put options with a strike price of of $15 Short 4 put options with a strike price of of $10 Long 4 put options with a strike price of of $5 For what range of the stock price S is the payoff at expiration maximum? 00S5 10S15 15 S20 05 S20 05 S10

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