The net payoff of the combination of a zero-coupon bond with a face value of $95 and a call option with a strike price of $95 is $95 (the face value of the bond). This is further described below:

The combination of a zero-coupon bond which pays X amount at maturity, and a call option with a strike price of X is called a fiduciary call.

• The zero-coupon bond will mature at its face value, which is $95. Since it is a zero-coupon bond, it does not pay periodic interest but is instead sold at a discount and pays its face value at maturity. In this case, the investor will receive $95 at maturity.
• The current price of the stock is $90, which is lower than the strike price. Since it would not make sense to exercise the option to buy the stock at $95 when it is available in the market for $90, the option will expire worthless. Therefore, there is no cash inflow from this component of the fiduciary call. In other words, the option is out of the money, and its payoff is (90 − 95) = 0.

Considering both components, the total cash inflow at maturity for the investor will be solely from the zero-coupon bond, which is $95. The call option does not contribute to the cash inflow since it expires worthless.