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One year ago, your firm purchased an option that gives you the right to buy 10 tons of steel for $450,000 today. The current price

One year ago, your firm purchased an option that gives you the right to buy 10 tons of steel for $450,000 today. The current price of steel is $23 per pound. Your firm initially spent $20,000 for the option. Should you exercise your option and purchase the steel for $450,000?

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