19 Suppose you simultaneously purchase 100 shares of International Paper at $100.00 and write an APR 90 call at $2.50. What is your maximum gain per share? 20. You buy 1,000 shares of XYZ at S20 on February 1 and hold them for 80 days. On April 12 (70 days later), you write ten JUL 25 puts for $4 each. The options are exercised 10 days later on April 22, and you sell your shares at the exercise price. What is your holding period return? 21. What is your true annual rate of return (i.e. IRR) for Problem 20? 19 Suppose you simultaneously purchase 100 shares of International Paper at $100.00 and write an APR 90 call at $2.50. What is your maximum gain per share? 20. You buy 1,000 shares of XYZ at S20 on February 1 and hold them for 80 days. On April 12 (70 days later), you write ten JUL 25 puts for $4 each. The options are exercised 10 days later on April 22, and you sell your shares at the exercise price. What is your holding period return? 21. What is your true annual rate of return (i.e. IRR) for Problem 20