assume you purchased the right to seel 2100 shares of JCPenney stock in November 2015 at a strike price of $7.00 per share. Suppose the stock sells for $6.50 per share immediately before your options' expiration. What is the rate of return on your investment? What is your rate of return if the stock sells for $8.00 per share? assume your holding period for this investment is exactly three months. (do not round intermediate calculations. enter your 3-month return as a percent rounded to 2 decimal places.)

Use the following quotes for JCPenney stock options: November 27, 2015 In The Money List Straddle Lookup Option Calls Strike Fiter Contract Name Last Bid Ask Change %Change Volume Open Interest Implied Volatility 8.00 0.00 0.00% 56.45% 9.00 0.00 0.00% 51.95% 0.00% 1.79 1.00 0.69 0.44 50.00% JCP151127C00008000 JCP151127C00009000 JCP151127C00009500 JCP151127C00010000 JCP151127C00010500 JCP151127C00011000 9.50 10.00 1.62 0.98 0.74 0.40 0.28 0.16 1.89 1.10 0.78 0.48 0.29 0.18 0.00 0.00 0.03 0.00% 45.12% 10.50 0.26 12.00% 43.75% 11.00 0.15 -0.01 -5.88% 44.34% Puts Strike "Fiter Contract Name Last Bid Ask Change %Change Volume Open Interest Implied Volatility 7.00 JCP151127P00007000 0.00% 67.58% 0.06 0.31 0.03 0.18 0.08 0.21 0.00 0.00 8.50 JCP151127P00008500 0.00% 53.13% 9.00 0.29 0.33 0.00% 50.20% JCP151127P00009000 JCP151127P00009500 0.41 0.65 0.00 0.00 9.50 0.47 0.50 0.00% 49.22%