b. A stock that is currently selling for $47 has the following six-month options outstanding:

	Strike Price	Market Price
Call Option	$45	$4
Call Option	$50	$1

1. Which option(s) is (are) in the money?

1. Which option(s) is (are) at the money?

1. Which option(s) is (are) out of the money?

1. What is the profit (loss) at expiration given different prices of the stock ($30, $35, $40, $40, $45, $50, $55, and $60) if the investor buys the call with $50 strike price?

1. What is the profit (loss) at expiration given different prices of the stock ($30, $35, $40, $40, $45, $50, $55, and $60) if the investor buys the call with $45 strike price?

PLEASE SHOW WORK