Be sure to indicate profit or loss.

Problem 9: (Stock Repair strategy) Beulah and Biff buy 100 shares of XYZ @ $50. It declines in price to $40 per share. They have hopes of a modest recovery and want to break-even on the trade. They buy 1 Call with a strike of $40 for $8 per share quoted price and sell 2 Calls with a strike of $45 for $4 per share quoted price. Find the P&L, Y, at expiration if the stock price is

$40 __________ (per share quoted price)

$45 ___________ (per share quoted price)

$60 ___________ (per share quoted price)