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Option payoffs (S21-1) Look again at Figure 21.12. It appears that the investor in panel b can't lose and the investor in panel a can't

Option payoffs (S21-1) Look again at Figure 21.12. It appears that the investor in panel b can't lose and the investor in panel a can't win. Is that correct? Explain. (Hint: Draw a profit diagram for each panel.)

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