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The table below shows three European put options on the same underlying. Time To Expiration Exercise Price Option 1 3 months $65 Option 2 6

The table below shows three European put options on the same underlying.

	Time To Expiration	Exercise Price
Option 1	3 months	$65
Option 2	6 months	$60
Option 3	6 months	$65

Which put option is most likely the cheapest? Explain.

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