Jahrell purchases 55 call option contracts and 55 put option contracts for Macy's. Both the call and the put have strike prices of $23 per share. This creates an option straddle. Assume that the current stock price is $23 per share and the premium paid is $0.35 for the call option contract and $0.35 for each put option contract. One month from today, at expiration for both option contracts, Macy's closes at $25 per share. Directions: 1) How much is the total premium paid for the call and put options? 2) Assuming that the options are held until expiration, what is the total intrinsic value for the options? 3) What is the total profit or loss on the date of expiration