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Stock CBA is trading at $50 and is not expected to pay dividends. The following European puts are traded and will expire in 3 months.

Stock CBA is trading at $50 and is not expected to pay dividends. The following European puts are traded and will expire in 3 months. The three-month interest rate is 2% (based on continuous compounding). How much would you pay/receive in total if you obtained a position in each of the components of a bullish European call spread?

p(K = 45) = 8

p(K = 50) = 3

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