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Which of the following statements about an option with strike 25 is TRUE when the underlying is at 20? a) A call has pay-off 5

Which of the following statements about an option with strike 25 is TRUE when the underlying is at 20?

a) A call has pay-off 5

b) A call is in the money

c) A put has pay-off -5

d) A put is in the money

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