The price of crude oil futures at the 30th 60th and 90th


On 1 January 2016, a pessimistic energy trader purchased a 90 day Asian (arithmetic) put option on crude oil futures. The option has an exercise price of $35. The price of crude oil futures at the 30th, 60th and 90th day of the option was $30.65, $36.90, and $32.49. What is the payoff to the option?

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Financial Management: The price of crude oil futures at the 30th 60th and 90th
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