Q-138.4 Assume the same as above: you have (X) dollars to invest entirely in either stock at a price of S(0) or call options with K = S(0) that have a premium cost of c(0). The payoff leverage ratio is the ratio of future option payoff divided by the future stock payoff. If the stock drops 50% to one-half the value of S(0), what is the payoff leverage ratio?