Question: The putcallspot parity relationship involves four different securities: the underlying asset, a call option on that asset, a put option, and a T-bill. Explain how

The putcallspot parity relationship involves four different securities: the underlying asset, a call option on that asset, a put option, and a T-bill. Explain how it is possible that one of those assets is always redundant (that is, can be expressed in terms of the other three). Discuss the transactions that would be necessary to make the call option in this situation the redundant asset.

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