Questions:
There are three options available in the market, one is call with an exercise price of $90. The second option is a put option with an exercise price of $100. The third option is a call option with an exercise price of $110. 

Which of them will have the highest value if the underlying of these options has a value of $90?

What if it had a value of $120?

Reference answers:
# Option 1

Call option with an exercise price of $90
Value of the call option = Spot at expiration - Exercise price
Value of the call option = $90 - $90 = 0

# Option 2

Put option with an exercise price of $100
Value of put option = Exercise price - Spot price at expiration 
Value of put option = $100 - $90 = $10

# Option 3

A call option with an exercise price of $110
Value of the call option = Spot at expiration - Exercise price
Value of the call option = $90 - $110 = -$20

# Result

Option 2 has the highest value at expiration.

# Option 1

Call option with an exercise price of $90
Value of the call option = Spot at expiration - Exercise price
Value of the call option = $120 - $90 = $30

# Option 2

Put option with an exercise price of $100
Value of put option = Exercise price - Spot price at expiration 
Value of put option = $100 - $120 = -$10

# Option 3

A call option with an exercise price of $110
Value of the call option = Spot at expiration - Exercise price
Value of the call option = $120 - $110 = $10

# Result

Option 1 has the highest value at expiration.