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Suppose you purchase one Texas Insurance August (strike price = 50) call contract quoted at $6 and write one Texas Insurance August (strike price =

Suppose you purchase one Texas Insurance August (strike price = 50) call contract quoted at $6 and write one Texas Insurance August (strike price = 40) call contract quoted at $4. If, at expiration, the price of a share of Texas Instruments stock is $45, your loss would be ________.

$400

$700

$1,100

$600

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