1. Distinguish between an in-the-money call option and an in-the-money put option. In your response, you should identify specific options from the above XYZ option quote table that are in-the-money and out-of-the-money.

Selected Option Quotations for XYZ Corp (use in questions 4-7) XYZ Price Strike -Put- Volume Price 43.15 45.00 43.15 45.00 43.15 50.00 43.15 50.00 -Call- Expiration Volume Price Dec 2020 9923 1.89 Mar 2021 307 3.04 Dec 2020 4578 0.64 Mar 2021 212 1.53 2632 108 1875 76 3.52 4.45 7.24 7.88 Date of Quotation 9/15/2020 9/15/2020 9/15/2020 9/15/2020 11/15/2020 11/15/2020 11/15/2020 11/15/2020 46.20 45.00 46.20 45.00 46.20 50.00 46.20 50.00 Dec 2020 Mar 2021 Dec 2020 Mar 2021 1282 3645 468 3645 2.29 3.94 0.42 1.86 1279 2856 156 1874 1.02 2.44 4.14 5.33