Aaron has just purchased 100 shares of GM common stock at $50 per share. To protect against losses, Joe considers the following three investment strategies to combine with his long position in GM common stocks.

Strategy A is to write a GM May 55 call with a premium equal to $3 while owing the above stock.

Strategy B is to buy a GM May 45 put with a premium equal to $5 while owing the above stock.

Strategy C is to write a GM May 55 put with a premium equal to $10 while owing the above stock.

1. Evaluate each of the above strategies under the three scenarios

a. future stock price is $45

b. future stock price is $55

c. future stock price is $65

Please Calculate the profits and losses from the above strategies using the worksheet. Please draw the payoff chart (profit and loss diagram), indicating the exercise price, the breakeven price, and the amount of maximum profit or loss on the chart.