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Consider an Asian option with a maturity of one year and where the average asset price is computed as the arithmetic average of four end-of-quarter

Consider an Asian option with a maturity of one year and where the average asset price is computed as the arithmetic average of four end-of-quarter prices, given by: $19.00 (end of February), $27.00 (end of May), $18.00 (end of August), and $25.00 (end of November; and the final asset price at option expiration). Which of the following Asian options offers the highest payoff at expiration?

a. An average strike call

b. An average strike put

c. An average price call with strike of $20.00

d. An average price put with strike of $20.00

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