Go to Figure $14\mathrm{.}1$ and suppose that you write a covered call option on Alcan, expiring on September $1$ and an exercise price of $$55,$ and that you purchase $100$ shares of common stock at the market price shown in that same figure. Assume that the stock will not pay dividends from now until the option's expiration date.

a$.$ What is the total profit if the stock price remains unchanged?

b$.$ What is the total profit if the stock price rises to $$55?$

c$.$ What is the total loss if the stock price drops to $$49?$FIGURA $14\mathrm{.}1$ Cotizaciones de opciones listadas sobre acciones

Las cotizaciones de opciones de venta y compra se listan juntas. Adem$$s del precio de cierre de la opci$$n$,$ se

muestra el $$ltimo precio del t$$tulo subyacente, junto con el precio de ejercicio de la opci$$n$.($Fuente: Wall

Street Journal Online, en

www$.$wsj$.$com$/$free$,1$ de junio de $2006).$