1. You purchase one IBM July 150 call contract for a premium of $6 (per share). The stock has a 3 for 1 split prior to the expiration date. You hold the option until the expiration date when IBM stock sells for $51 per share. You will realize a on the investment. (Hint: Recall that each call covers 100 pre-split shares and its exercise price is adjusted for the split.) a. $300 profit b. $300 loss c. $600 loss d. $900 profit