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25. Which has a better payoff, a covered write, or bull call spread, given this information? a. Covered write: Long 100 shares; STO 75 call.

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25. Which has a better payoff, a covered write, or bull call spread, given this information? a. Covered write: Long 100 shares; STO 75 call. b. 70-75 bull call spread c. 75-80 bull call spread d. 70-80 bull call spread STOCK PRICE: $75.57 $75.61 CALLS: BID ASK 70 STRIKE $7.10 $9.10 75 STRIKE $5.20 $6.20 80 STRIKE $3.30 $4.20

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