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Please complete the missing words in the following statement: The incentive fee resembles the payoff to a _______, which is ______ valuable when volatility is

Please complete the missing words in the following statement: "The incentive fee resembles the payoff to a _______, which is ______ valuable when volatility is higher."

Select one:

a.call option; less

b.put option; less

c.call option; more

d.put option; more

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