Based on the option quote, the March call should cost:

1. I. less than $12.66, but more than zero.
2. II. less than $22.66, but more than $12.56
3. III. nothing, as the intrinsic value is negative.
4. IV. more than the March 25 put.

IRO Call Underlying stock price $12.34 Put OPEN OPEN INTEREST LAST VOLUME INTEREST 12,578 14.15 80 11,175 1,062 ? 909 Expiration Mar Jun STRIKE 25 LAST ? 1.00 VOLUME 102 35 35 48 Multiple Choice I only I, II, and IV only I, II, and Ill only I and Ill only Ill only