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An options investor purchases one stock put option on General Motor"s stock. The put has the following characteristics : Type of option: put option Underlying asset: 100 shares of General Motor"s stock Exercise price : $75 per share Premium: $1.81 per share Expiration date : November By taking a LONG position in this put option, the investor has:

A. purchased the right to decide whether to sell 100 shares of General Motor"s stock and receive $181 during the specified time period (the expiration date in November)
B. purchased the right to decide whether to purchase 100 shares Of General Motor"s stock and receive $181 during the specified time period (the expiration date in November)
C. none of the above

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James Jackson currently owns stock in PNG, Inc. , valued at $145 per share. Thinking that PNG is overbought and will decrease in price soon, Jackson writes a call option on PNG with an exercise price of $148 for a premium of $2.40. At expiration of the option, PNG stock is valued at $152 per share. What is the profit or loss from Jackson"s covered call strategy Jackson :

A. gained $5.40.
B. lost $4.60.
C. gained $9.40.

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Buying an interest-rate cap and selling an interest-rate floor is equivalent to:

A. buying a series of interest-rate calls and selling a series of interest-rate puts.
B. buying a series of interest-rate puts and selling a series of interest rate calls.
C. buying a series of interest-rate puts and calls.

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Delbert Gossert owns stock worth $32 per share. Gossert buys a put option with a strike price of $32 for $2.50. At expiration, the stock is valued at $32 per share. The profit or loss from Gossert"s portfolio insurance strategy is a:

A. loss of $2.50.
B. $0, no gain or loss.
C. gain of $2.50.

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An investor bought a 15 call for $14 on a stock trading at $20. If the stock is trading at $24 at option expiration, what is the profit and the value of the call at option expiration Profit Value of the Call ①A. - $5 $5 ②B. $4 - $5 ③C. - $5 $9

A. ①
B. ②
C. ③

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