A Call Option Has an Exercise Price of $100

Multiple Choice

A call option has an exercise price of $100. At the exercise date, the stock price could be either $50 or $150. Which investment strategy provides the same payoff as the stock?

A) Lend PV of $50 and buy two calls.
B) Lend PV of $50 and sell two calls.
C) Borrow $50 and buy two calls.
D) Borrow $50 and sell two calls.