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An investor writes five XYZ Dec 20 naked calls for $2.80. At expiry the stock price is $30 and the writer is assigned. What is

An investor writes five XYZ Dec 20 naked calls for $2.80. At expiry the stock price is $30 and the writer is assigned. What is the gain or loss for the writer?

a. Gain $720

b. Loss $3,600

c. Loss $720

d. Gain $3,600

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