3. You client wants to sell 1,000 shares of ABC stock short. Your firm will lend him the shares at a cost of 12% per year. Commissions on trades are 1% of the price of the stock. Your client sells these shares at $100 per share. a. If the stock price goes to $80 a share in two months and your client covers his short position at that time, what is the clients gain or loss? b. If the stock price goes to $120 a share in two months and your client covers his short position at that time to minimize the risk of the price going higher, what is the clients gain or loss?