4. If you wanted to purchase the right to sell 2,000 shares of J.C. Penny stock in August 2008 at a strike price of $45 per share. Suppose J.C. Penny stock sells for $36.50 per share immediately before your options' expiration. What is the rate of return on your investment? What is your rate of return if the stock sells for $52.50 per share? Assume your holding period for this investment is exactly four months. Put Options (Expire at close Friday, August 15, 2008) Strike Symbol Last Chg Bid Ask Vol Open Int 45.00 JCPTI.X 6.70 0.00 6.80 7.00 10 10