Consider the following information for a non-dividend paying stock:

Current stock price = 46.20

Call price	Exercise Price	Put price
7.03	40.00	0.83
5.24	42.50	1.54
3.76	45.00	2.56
2.61	47.50	3.90

a) Calculate the maximum profit of a covered call strategy using nearest out-of-the-money options.

b) Calculate the maximum loss of a collar strategy using nearest out-of-the-money options.

c) Calculate the value of a butterfly spread that peaks at S T = 45.00.

d) Estimate the maximum value of a strategy that pays $1 if the future stock price is between $42.50 and $45.00.