1. I sold 2 call option contracts (each for 100 shares) on GE stock when GE was at $60 with an exercise price of $55 for a premium of $8. The calls have expired worthless. Compute my profit or loss.

2. Today, I bought 1 put contract on GE with one-year to maturity with an exercise price of $60 at a premium of $7 when GE stock price was selling for $55. What is the intrinsic value of this option? What is the time value of the option? Is the option in-the-money, out-of-money or at-the-money?

3. I buy a call option on GE with exercise price $80 for a premium of $7. I also buy a put option on GE with the same maturity as the call option also with an exercise price of $80 for a premium of $6. At what stock price (or prices) will I break even at maturity?