Q4. The following are quotes for options on Procter & Gamble (PG) stock which expire in January 2017: PG: Current Stock Price: 27.77 Change:-0.24 Dec 29, 2016 @ 14:14 ET (Data 15 minutes delayed) Bid 27.77 Ask 27.78 Vol 22355638 Calls Bid Puts Bid Ask 17 Jan 12.00 17 Jan 17.00 17 Jan 22.00 17 Jan 30.00 17 Jan 32.50 17 Jan 34.50 17 Jan 42.00 17 Jan 52.00 17 Jan 67.00 15.80 15.90 2355 17 Jan 12.00 10.80 10.90 7345 17 Jan 17.00 5.80 6.00 74888 17 Jan 22.00 0.15 84577 17 Jan 30.00 0.05 4325 17 Jan 32.50 0.05 22438 17 Jan 34.50 0.05 13543 17 Jan 42.00 0.05 3212 17 Jan 52.00 0.05 2993 17 Jan 67.00 0.10 0 0 0 0 Ask Open Int 0 0 0 0 2.20 4.70 6.70 0.05 0.05 0.05 2.30 4.80 6.80 14.20 14.30 24.20 24.30 39.20 39.30 Open Int 38298 45302 117839 7345 15 1123 31 49 62 Procter & Gamble will not pay a dividend during this period. Identify any option for which exercising the option early is better than selling it. Use the current bid price of $27.77.