6. Assume a different investor is bullish on Macy's and is considering the following three potential investments. If at option expiration in January the stock price is $27.50, what will the return be (% and $ per share) for each choice:

a. Just buying the stock at $22.68.

b. Just buying the $23 call.

c. Buying a bull spread using the $23 and $26 contracts.

Macy's currently trades at $22.68. Below are the options currently listed on Macy's with January 2020 expirations. In answering the questions, if you need to buy an option assume you need to pay the relevant ask price, and if you need to sell an option assume you receive the relevant bid price. January, 2020 Expires January 17, 2020 In the Money Calls Puts Last Change Bid Ask Volume Opan Int Strike Last Change Bid Ask Volume Open Int 9.65 1370 11.00 0.16 0101 0.16 956 8.65 12.70 12.00 0.12 0.02 0.22 0 397 750 8.55 910 14.00 0 20 0.18 022 3930 5.80 5.80 700 1600 0.44 1.13 038 0142 2079 5.55 -0.84 595 1 1311 1700 0.57 054 0.57 20 2919 4.43 013 1.35 1.45 129 19 00 1/01 0.10 1.01 1.04 270 0,47 3,00 310 10 3564 2100 173 1.13 1,71 1,77 2109 Last Trade as of 07/31/19 17:28 PM ET 2.0 #0.20 1.98 2.04 20 1007 23.00 2.78 #0.14 2.69 2.75 1.61 1.56 1.62 36475 24.00 2.90 3.25 3.35 325 0.96 #0.06 0.95 0.9 838 26.00 4.50 4.65 4.75 O 64 0.54 0.54 0.57 451 28.00 6.24 6.20 5.35 16 274 0.41 0.42 0.4. 202 29.00 810 205 7.20 105 0.28 0.21 25 58 31.00 920 8.70 9705 0.11 0.15 10.19 14 32.00 10.80 9.80 44 0.11 0.15 33.00 -0.53 10.35 10.95 472 0105 0.04 0.24 34.00 11.85 11.50 12.50 20 37 0.03 0.01 023 146 36.00 1430 13.30 14.30 12