QUESTIONS 91 THROUGH 96 RELATE TO DERIVATIVE INVESTMENTS.

93. A description least likely to explain put-call parity is:

A. A fiduciary call option strategy and a protective put option strategy for an

underlying asset are equal in value.

B. A put is equivalent to a long call, a long position in the underlying asset, and a

long position in the risk-free asset.

C. A call is equivalent to a long put, a long position in the underlying asset, and a

short position in the risk-free asset.