22. You have a long stock position with an initial price of $160 per share. Afraid that prices will fall, you execute a covered call hedge at exercise price, E = 165; call price, c = 8. What is your profit if, at expiration, stock price is $185? a) Gain of zero b) Gain of $25 per share c) Loss of $13 per share d) Gain of $10.25 e) None of the above