2. You have 5000 shares of stock currently priced at $40 per share ready to be sold in January for tax reason. To hedge for downside risk, you want to enter into a collar to save hedging cost. January calls with a strike price of $45 are selling at $2; and January puts with a strike price of $35 are selling at $3. What will be your portfolio value in January (net of the proceeds from the options) if the stock price ends up at (a) $31 ? (b) $49 ? (Answer both a and b)