Chris purchased a call option on a stock for $$$$491.$ The option gives him the right to purchase the stock at $$$$37\mathrm{.}96$ per share until May $1$st$.$ On May$1$st$,$ the price of the stock is $$$$30\mathrm{.}24$ per share. What is$$ Chris' return on the stock$$ option? $($Hint: Ignore transaction$$ costs.$)$

Part $2$

$$Chris$\text{'}$ return on the stock option is

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enter your response here$\%.($Round to the nearest whole percent and include a negative sign when$$ appropriate.$)$ This is the answer I got from the first expert Certainly! Chris's return on the stock option is $100\%$

$.$ Since the stock price was lower than the strike price, he didn't exercise the option. His return is simply the premium he paid for the option, which was $491\mathrm{.}00$but it came back wrong with this explaination on my homework : Chris should let the call option expire if the market price is less than the strike price. Letting an option expire does result in a loss of$100\%$ of the cost of the call option. Make sure to enter the return on the call option in percentage form to the nearest whole percent.