Could you answer the following finance question please?

4. a. (8 points) If the underlying stock pays a dividend before the expiration of options on that stock, what effect will it have on the option prices? Explain. b. (8 points) A call option has an exercise price of $150. At the option expiration date, the stock price could be either $100 or $200. Which investment would combine to give the same payoff as the stock? Explain. c. (8 points) What is the difference between hedging, speculation, and arbitrage? d. (9 points) Suppose that you buy $1 million worth of euro currency futures contracts. You buy the contract at a price of $1.3468/E (i.e., you commit to pay $1,000,000 * $1.3468 = $1,346,800 when the contract matures). Over the next four days the contract closes at the following prices: $1.3465/E, $1.3443/E, $1.3434/E, and $1.3534/E. What would be your payments to, or withdrawals from, the margin account