Fiduciary Calls

Models a fiduciary call: a long call plus cash set aside equal to the strike, held to cover exercise at expiration. Put call parity makes this equivalent to owning the stock with a protective put, and the workbook lays the two positions side by side so the equivalence is demonstrated rather than asserted. Call quotes come from bid and ask on the contract you build, with the stock's last price and previous close for reference, and the cash leg is sized from the strike, the time remaining and the rate you enter.