ɪf ðɪ ˌʌndɚlˈaɪɪŋ ˈæsɛt hɐz ɐ dˈɪvɪdˌɛnd ʌv ˈɛks, ðˈɛn ðə sˈɛɾəld vˈæljuː ʌvðə bˈɑːks wɪl biː tˈɛn plˈʌs ˈɛks. ˌʌndɚ ðə nˈoʊˈɑːɹbɪtɹɪdʒ ɐsˈʌmpʃən, ðə nˈɛt pɹˈiːmiəm pˈeɪd ˈaʊt tʊ ɐkwˈaɪɚ ðɪs pəzˈɪʃən ʃˌʊd biː ˈiːkwəl tə ðə pɹˈɛzənt vˈæljuː ʌvðə pˈeɪɔf.
If the underlying asset has a dividend of X, then the settled value of the box will be 10 + x. Under the no-arbitrage assumption, the net premium paid out to acquire this position should be equal to the present value of the payoff.