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On page 21 in Chapter 5A, the last two columns show that the total cash flow at the maturity is 0 regardless of spot price.
On page 21 in Chapter 5A, the last two columns show that the total cash flow at the maturity is 0 regardless of spot price. Use ST=100 for the first case (ST=105). Show how those positions are closed and what cash flows are made. See my answer for one position (Sell call) as an example
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