Consider a Condor Made Up of Calls at Strikes 90

Multiple Choice

Consider a condor made up of calls at strikes 90, 95, 100, 105, and a butterfly call spread at strikes 90, 97.5, 105. Which of the following statements is valid?

A) A condor is worth less than the butterfly spread irrespective of the level of the stock price.
B) A condor is worth more than the butterfly spread irrespective of the level of the stock price.
C) A condor is worth less than the butterfly spread when the stock price is less than 90.
D) A condor is worth more than the butterfly spread when the stock price is greater than 105.