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Which of the following best explains put-call parity? A. No arbitrage requires that only the underlying stock can be synthetically replicated using at the money call and put options and a zero coupon bond with a face value equal to the strike price of the options. B. A stock can be replicated using any call option, put option and bond. C. No arbitrage requires that using any three of the four instruments (stock, call, put, bond) the fourth can be synthetically replicated. |