[Solved] An investor who "writes" a call option without the stock in his or her portfolio to back it up is selling a(n) A) Call option. B) Put option. C) Out-of-the-money option. D) Naked option. E) Covered option. Net Present Value: The difference between the present value of cash inflows and the present value of cash outflows over a period of time. Discount Rate: The interest rate used in discounted cash flow analysis to determine the present value of future cash flows. Working Capital: The difference between a company’s current assets and current liabilities, indicating the short-term financial health and operational efficiency. Salvage Value: This is the estimated resale value of an asset at the end of its useful life, used in calculating depreciation.