A stock is trading at $34.5. You can purchase the stock on margin with initial margin @50% or you can enter into a synthetic stock structure with a pair of 6-month at-the-money call and put with the following quotes: 

Call @$34 

Bid=1.50 

Ask=1.85 

Put @34 

Bid=1.25 

Ask=1,45 

lfthe stock trades at $36 in 6 months, what will be the gain/loss % (ROIC) differential between a margin trade and a synthetic stock trade? 

• Synthetic ahead 150% 
• Synthetic ahead 250% 
• Synthetic ahead 141.3% 
• Synthetic ahead 241.3%