If You Own a Call and a Put on a Stock

Multiple Choice

If you own a call and a put on a stock with the same exercise price and exercise date,your payoffs:

A) will be positive only if the stock price rises.
B) will be positive only if the stock price declines.
C) will always be positive and will increase with the size of the stock price change.
D) will always be positive but will be larger if the stock price is relatively stable.