An investor bought a European call option with expiry greater than four months on a nondividend pay- ing stock. The investor delta-hedged the purchase by selling stock and borrowing or lending money at the risk- free rate, so that the net cost of the portfolio was 0. Four months later, the investor closed the position. You are given the following prices: Initial price Price after 4 months Stock 100 110 Call option 4.38 4.65 You are also given: (1) Delta for the option is 0.65. (ii) The continuously compounded risk-free interest rate is 0.05. Calculate the cash flow to the investor at the end of four months