Consider the following financial position of the following three investors:

Investor A holds one European call option with $20 exercise price on a portfolio that consists of one share of IBM and

one share of Microsoft.

Investor B holds two European call options: one gives the right to the investor to buy a share of IBM for $10 and the

other option gives the right to buy a share of Microsoft for $10.

Investor C also holds two European call options: one gives the right to the investor to buy a share of IBM for $15 and

the other option gives the right to buy a share of Microsoft for $5.

Which of the three investors has a more and a less valuable financial position? (If you need more information to determine

which position is more value please state so.) Explain.