Assume a No Cost Collar is being created using the following values:

Current stock price: $50

Any put is at a strike price of $47; any call is at a strike price set by the strategy

Standard deviation of the stock's returns: 45%

Time frame of hedge: 2 years

T-Bill interest rate: 2.0%

Total amount of stock is 1,000 shares

What is the total profit if this hedge is bought, and the stock price goes down to $48?

Group of answer choices

A. $10,201

B. - $2,000

C. - $3,000

D. - $5,000