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8 As an investor, today you are taking following portfolio: 1. Short-sell a non-dividend paying stock that has a current price $24. 2. Sell a

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As an investor, today you are taking following portfolio: 1. Short-sell a non-dividend paying stock that has a current price $24. 2. Sell a collar on the same stock Under the following assumptions: All options will expire in 1 year. Premium for 20-strike call and 30-strike call options are $6 and $2, respectively. Premium for 20-strike put and 30-strike put options are $1 and $5, respectively. The continuously compounded risk-free interest rate is 3%. Transaction cost is zero. The maximum profit of this portfolio at the expiration time is (please use 1 decimal place)

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