单选题
Consider the following tour options on the same underlying instrument:
Option 1 : September call, exercise price = $55.
Option 2 : September call, exercise price = $60.
Option 3 : December put, exercise price = $75.
Option 4 : December put, exercise price = $80.
What is most likely the relationship among the values of these options?
September calls December puts
①A. Option 1 ＞ Option 2 Option 3 ＞ Option 4
②B. Option 1 ＞ Option 2 Option 4 ＞ Option 3
③C. Option 2 ＞ Option 1 Option 4 ＞ Option 3
【正确答案】
B
【答案解析】For options that differ only by exercise price, a call with a lower exercise price typically has more value than a call with a higher exercise price because the underlying instrument can be purchased at a lower price. A put with a higher exercise price typically has more value than a put with a lower exercise price because the underlying instrument can be sold for a higher price.