Exhibit 13-9
USE THE FOLLOWING INFORMATION FOR THE NEXT QUESTION(S) $\begin{array}{ccc}\text { Strike Price } & \text { Put Price } & \text { Call Price } \\\hline \$ 32.50 & \$ 2.85 & \$ 1.65\end{array}$

Multiple Choice

Exhibit 13-9
USE THE FOLLOWING INFORMATION FOR THE NEXT QUESTION(S)
Consider the following information on put and call options for Bank of Montreal
$\begin{array}{ccc}\text { Strike Price } & \text { Put Price } & \text { Call Price } \\\hline \$ 32.50 & \$ 2.85 & \$ 1.65\end{array}$
-Refer to Exhibit 13-9. Calculate the payoffs of a long strap at a stock price at expiration of $20 and a stock price at expiration of $45.

A) $6.35, $18.85
B) $29.65, $42.15
C) $21.65, $34.15
D) $8, $8
E) -$8, -$8