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Ex Series Price Last Sale Vol Open Ctrs Int CALL OPTIONS Apple (AAPL) Last Sale Price $338 Jul 20 300 35192 Jul 20 320 26.70

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Ex Series Price Last Sale Vol Open Ctrs Int CALL OPTIONS Apple (AAPL) Last Sale Price $338 Jul 20 300 35192 Jul 20 320 26.70 Jul 20 340 15.28 Jul 20 360 12.82 Sep 20 300 51.39 Sep 20 320 38.48 Sep 20 340 27.96 Sep 20 360 11.73 Dec 20 300 55.63 Dec 20 320 56.94 Dec 20 340 40.95 Dec 20 360 32.54 A selection of American call option prices for Apple (AAPL) are shown above. There are a few things about these option prices that do not make sense. Identify which prices appear to be wrong and briefly explain why. If there is an arbitrage opportunity arising you must state how you would make profit. You should find three things wrong. Ex Series Price Last Sale Vol Open Ctrs Int CALL OPTIONS Apple (AAPL) Last Sale Price $338 Jul 20 300 35192 Jul 20 320 26.70 Jul 20 340 15.28 Jul 20 360 12.82 Sep 20 300 51.39 Sep 20 320 38.48 Sep 20 340 27.96 Sep 20 360 11.73 Dec 20 300 55.63 Dec 20 320 56.94 Dec 20 340 40.95 Dec 20 360 32.54 A selection of American call option prices for Apple (AAPL) are shown above. There are a few things about these option prices that do not make sense. Identify which prices appear to be wrong and briefly explain why. If there is an arbitrage opportunity arising you must state how you would make profit. You should find three things wrong

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