Answer: $3.

## Explanation For lookback options: - **Floating lookback call**: Payoff = Max(0, S_T - S_min) = Max(0, S_T - 35) - **Fixed lookback call**: Payoff = Max(0, S_max - K) = Max(0, 53 - K) To find the payoff difference, we need the current stock price S_T. Since it's not provided, we can analyze the relationship: - The floating lookback call benefits from the minimum price during the period - The fixed lookback call benefits from the maximum price during the period The difference depends on the relationship between S_T and the strike price K. Given the price range of $35-$53, the most likely scenario where both options would be exercised is when S_T is near the upper end of the range. Without specific values for S_T and K, and based on typical lookback option behavior, the $3 difference is the most reasonable estimate among the given options.

Author: LeetQuiz Editorial Team