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. European call options on the stock XYZ with an exercise price of $35 and maturity of6-months are currently selling for $4. XYZ does not

. European call options on the stock XYZ with an exercise price of $35 and maturity of6-months are currently selling for $4. XYZ does not pay any dividends. European putoptions with the same maturity and exercise price are selling for 67. You wouldlike to short sale the XYZ stock, but short sales are strictly illegal. How wouldyou replicate the payoff in six-months time from short-selling 5 shares of XYZstock today. Assume that the risk-free rate is 20%

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