rom the Law of One Price, the value of any security is determined by $\_\_\_\_\_\_\_\_$ an investor receives from owning it$.$ Therefore, before we can assess what an option is worth, we must determine an option's $\_\_\_\_\_\_\_\_$ at the time of expiration.

Question $44$ options:

The current cash flows; payoff

The future cash flows; price

The present cash flows; price

The future cash flows; payoff

None of the above