Consider the September 2012 IBM call and put options in Problem 3. Ignoring the negligible interest you
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a. What is your profit/loss if you buy a call and T-bills, and sell IBM stock and a put option?
b. What is your profit/loss if you buy IBM stock and a put option, and sell a call and T-bills?
c. Explain why your answers to (a) and (b) are not both zero.
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