Question-413.3. Assume a stock starts the year priced at $50.00, then drops to a low of $39.00, then subsequently increases up to a high of $61.00, before dropping to finish the year at $53.00; i.e., S(0) = 50 and S(1.0) = 53 with interim low of 39 and high of 61. Now consider four lookback options with lives corresponding exactly to the year: each option life begins when the stock trades at $50.00 and expires at the end of the year when the stock trades at $53.00. Two of the options are floating lookback options, which do not require strike prices; the fixed lookback options have strike prices equal to the initial $50.00. Which lookback option has, respectively, the lowest and highest final payoff?