单选题
Prior to expiration, the maximum value of an Americana call option and an American put option, respectively, is closest to the:
American put option American call option
①A. Exercise price Exercise price
②B. Exercise price Underlying price
③C. Underlying price Exercise price
【正确答案】
B
【答案解析】The maximum value of a call option is the underlying price; it makes no sense to pay more for the right to buy the underlying than the value of the underlying itself, and the maximum value of an American put is the exercise price because the best outcome would be if the stock fell to zero, the holder could capture the value of the exercise price.