A Lookback Option Provides Its Holder with _______________

A lookback option provides its holder with _______________.

A) a payoff determined by either the maximum or minimum price of the underlying stock during the life of the option
B) a payoff determined by the difference between the maximum and minimum price of the underlying stock during the life of the option
C) a payoff if the firm's stock price falls below some specified dollar amount during the term of the option
D) a payoff based on the average price of the underlying stock over the life of the option

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