. In April 2020, you want to buy AAPL stock because you believe it will be one of the first stocks to break out as the markets open back up over the next few months. However, you are aware that there is a potential for valuations to take a nosedive if the reopening of the economy occurs prematurely. Your strategy is to buy 1,000 shares of AAPL at the 4/22 closing price of 276.20, and buy 10 contracts on the October 260 put. put premium = 23.60

a. Solve for the profit for the following AAPL stock prices at expiration: $175.00, $225.00, $275.00, $325.00, $375.00.

-$39,700; -$39,700; -$24,700; $25,300; $75,300

b. Given the range of possible AAPL prices, what is the range of potential returns on this investment strategy? -13.25% to 25.13%