current price of $50

Your chent owns 200.000 shares of this stock and is concerned about the stock declining, but she cant afford long puts on so many shares. You suggest a collar starting with puts $5 out of the money. seinct the oll contract which would work best for a collar assuming the client does not want to spend am mancy out of pocket. She wants calls that are furthest from the current price of the stock today so the stock is less likely to be called away if it goes up in price. How mich net prenim lignoring commissions) does the client receive from the collar on all shares? 3600 uscoo