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Hi, I am confused this question which from the course of Derivative Securities. Can you help me to get the answer? Question 3 (7 marks)

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Hi, I am confused this question which from the course of Derivative Securities.

Can you help me to get the answer?

image text in transcribed
Question 3 (7 marks) A 3-year maturity structured product on SPY has the following payoff: 450 gf 400 3 ST '\ 2>

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