Show that the payoff function of a chooser option on the date of choice T_c can be alternatively decomposed into the following form:

[see (3.4.22)]. Find the alternative representation of the price formula of the chooser option based on the above decomposition. Show that your new formula agrees with that given by (3.4.23).

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V (ST., Tc) max (p + Søe¯9(T-Tc) - Xe-r(T-Tc), p) =p+e-9(T-Tc) max(ST. - Xe-r-q)(T-Tc), 0) =