Consider the following portfolio: Long 0 calls with strike price 77.0

Short 1 calls with strike price 77.0

Long 1 calls with strike price 102.0

Short 0 calls with strike price 102.0

Complete the following payoff table. What choice corresponds to the last row of the table? Position ST 77.0 77.0 < ST 102.0 ST > 102.0 portfolio

Answers:

0, - S_T + 102.0, 25.0

0, S_T - 77, 25.0

0, - 25.0, - S_T, + 77

0, - S_T + 77, - 25.0

None of the above