A collar is established by buying a share of stock for $46, buying a 6?month put option with exercise price $43, and writing a 6?month call option with exercise price $49. On the basis of the volatility of the stock, you calculate that for a strike price of $43 and expiration of 6 months, N(d₁) = .6974, whereas for the exercise price of $49, N(d₁) = 0.6504.

a.	What will be the gain or loss on the collar if the stock price increases by $1? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

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