1. Penelope notes that the per contract prices of this months XYZ call options with strikes of 32, 33, and 34 are $210, $150, and $80 respectively. She should create which of the following portfolios?
   1. -1 32 call, +1 33 call, -1 34 call
   2. +1 32 call, -1 33 call, +1 34 call
   3. +1 32 call, -2 33 calls, +1 34 call
   4. -1 32 call, +2 33 calls, -1 34 call