BOPM: REPLICATING PORTFOLIOS Portfolio Component Payoff In Up State Payoff In Down State Stock Loan.5556 x $125 = $6 9.45.5556 x $80 = $ 44.45 -$41.03 x 1.0833 = -$44.45 -$41.03 x 1.0833 = -$ 44.45 Net Payoff $25.00$0.00
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