Assume that you have purchased a call option with a strike price of $66.0. The option will expire in exactly 6 months time. When you originally bought the option, you paid $5.0. (Show your calculations)

a. If the stock is trading at $46 in six months, what will your payoff be? What will your profit be?

b. If the stock is trading at $68 in six months, what will your payoff be? What will your profit be?

c. Draw a payoff diagram showing the payoff at expiration as a function of the stock price at expiration.