41. What is the time value of option at expirationA. ZeroB. Same as strike priceC. Same as exercise priceD. Same as market price AnswerA. Zero 42. A option that provides a fixed payoff depending on the fulfilment of some conditionA. Asian optionB. Barrier optionC. Binary optionD. Lookback option AnswerC. Binary option 43. Which of the…