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13. Marvin has the following newspaper excerpt of option listings: Pfizer Pfizer Philip Morris Philip Morris Call Call Put Put Strike Price 25 30 50 80 January Vol Last 18 2 5 0.50 77 14 75 18 April Vol Last 3 4 9 1 2 15 459 22 Closing Price 26 26 63 63 Assuming an option contract is for 100 shares, and no transaction costs, which of the following is worth the most at market closing? (A) Selling his holding of 2 Philip Morris January put contracts at a strike price of 80 (B) Selling his holding of 50 shares of Philip Morris stock (C) Selling his holding of 30 Pfizer April call contracts at a strike price of 30 (D) Exercising his 35 Pfizer April call contracts at a strike price of 25 and instantly selling the stock (E) Exercising his 5000 Pfizer April call contracts at a strike price of 30 and instantly selling the stock 13. Marvin has the following newspaper excerpt of option listings: Pfizer Pfizer Philip Morris Philip Morris Call Call Put Put Strike Price 25 30 50 80 January Vol Last 18 2 5 0.50 77 14 75 18 April Vol Last 3 4 9 1 2 15 459 22 Closing Price 26 26 63 63 Assuming an option contract is for 100 shares, and no transaction costs, which of the following is worth the most at market closing? (A) Selling his holding of 2 Philip Morris January put contracts at a strike price of 80 (B) Selling his holding of 50 shares of Philip Morris stock (C) Selling his holding of 30 Pfizer April call contracts at a strike price of 30 (D) Exercising his 35 Pfizer April call contracts at a strike price of 25 and instantly selling the stock (E) Exercising his 5000 Pfizer April call contracts at a strike price of 30 and instantly selling the stock

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