A call option on Michigan stock specifies an exercise price of $55. Today the stocks price is $54 per share. The premium on the call option is $3. Assume the option will not be exercised until maturity, if at all. Complete the following table for a speculator who purchases the call option:

Assumed Stock Price at the Time Net Profit or Loss per Share

the Call Option Is About to Expire to Be Earned by the Speculator

$50

$51

$55

$56

$59

$61

$62