1. Sarah bought 1 IBM September 100 call option and one September 100 put option. The call premium was $6 and the put premium was $4. At what stock price will Sarah break even at expiration?

2. David purchased a call option on the S&P 100 Index. The option has an exercise price of 3,280 and the index at option expiration is at 3,330. What is Davids payoff upon exercising the option? (Contract multiplier: $100)

3. Jane purchased a call option on AAPL stock with a strike of 300 and 3 months to expiration. She paid $6.75 for the call. At option expiration, AAPL stock is trading at $308 a share. If Jane exercises her option, what is her 3-month holding period return?