The holder of a stock worth $42 is considering placing a collar on it. A put with an exercise price of $40 costs $5.32. A call with the same premium would require an exercise price of $50.59.

A. Determine the value at expiration and the profit under the following outcomes:

i. The price of the stock at expiration is $55.

ii. The price of the stock at expiration is $48.

iii. The price of the stock at expiration is $35.

B. Determine the following:

i. the maximum profit.

ii. the maximum loss.

C. Determine the breakeven stock price at expiration