Assume you purchase 100 option contracts of ATVI stock. Use the table below to write a bull call spread with an exercise price of $54.50 and $57.50. Calculate the expected outcome in 1 year assuming the stock price increases to $80.00.

GRAB --52 --02 ATVI US Equity 95) Actions - 96) Export 97) Settings Option Monitor ACTIVISION BLIZZ 55.94 55.94/55.95 Hi55.99 Lo 54.10 Volm 4369770 HV 25.10 Center 55.94 Strikes 20 Exp 20-Dec-19 Exch US Composite 92 02/11/20 E | ERN >> Calc Mode As of > 10 IVol Rate 1.60 CSize 100; IFwd 55.83 51.50 1 4.20 4.85 3.15y 50.82 30.72 952 .0198 .0093 30.72 4.52 -1.37 52.00 2 3.90 4.25 3.55 .35 42.20 32.05 .921 .0278 .0136 32.05 4.07 52.50 3) 3.55 3.70 3.50 1.17 27.00 35.98 31.97 .891 .0352 .0173 31.97 3.62 --12 53.00 4 3.10 3.20 3.20 .89 27.08 33.98 29.81 .870.0428 .0196 29.81 3.15 .05 53.50 5) 2.69 2.78 2.69 1.09 28.01 31.96 29.96 .825 .0521 .0239 29.96 2.73 -.041 54.00 6 2.30 2.34 2.30 .70 28.41 29.86 29.14 778 .0617 .0276 29.14 2.32 54.507) 1.95 1.77 27.74 29.02 28.39 722 .0714 .0311 28.39 1.93 55.00 ) 1.56 1.59 1.57 .79 27.38 28.26 27.82 .656 .0800 .0341 27.82 1.57 55.50 9 1.28 .66 27.14 27.98 27.56 581 .0856 .0362 27.56 1.26 26.68 27.49 27.08 .503 .0890 .0369 27.08 56.50 11) 26.60 27.04 26.76 424 .0884 .0363 26.76 57.00 12) .33 26.41 26.89 26.60 .347 .0838 .0342 26.60 57.50 13) 26.86 26.54 276 .0761 .0310 26.54 58.00 14) 26.00 26.75 26.38 213.0665 .0269 26.38 58.50 15) .05 25.84 27.02 26.29 .160 .0558 .0225 26.29 -.03 59.00 16) 27.01 26.54 .119 .0452 .0184 26.54 -.01 59.50 17) .08 26.16 26.99 26.30 .083.0351 .0141 26.30 .09 .03 60.00 18) .03 26.52 27.79 26.97 .062 .0274 .0113 26.97 -.02 60.50 19) 25.32 29.01 27.26 .044 .0207 .0086 27.26 Australia 61 2 9777 8600 Brazil 5511 2395 9000 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 4565 8900 134565 8800 Singapore 65 6212 1000 Singapore 65 6212 1000 US 1 212 318 2000 SN 759119 H270-5179-010-Dec-19 17:07:46 EST GMT-5:00 1.91 .73 16 56.00 101 .56 .98 .75 50 .21 26.22 :29 .06 25.99 .07 Copyright 2019 Bloomberg Finance L.P