A European binary call option with strike K and maturity T on a stock S is an option that pays $1 at maturity if ST is strictly above the strike K and nothing otherwise. Similarly, a European binary put option with strike K and maturity T on a stock S is an option that pays $1 at maturity if ST is not above the strike K and nothing otherwise. 1. We denote by B7:+ and B; the prices at time 0 g t g T of the binary call and the binary put, respectively. What are the payoffs B35 and B; of these binary options at maturity