Johnson & Johnson (ticker:JNJ) is traded at $172.21 per share when Nancy sold a call option today. The call premium is $3.05 and the exercise price is $180 The option will be expired on Jan. 20, 2023.

a. What is Nancy's expectation about JNJ's price between now and expiration date? (does she think the stock price will go up/down)

b. What are Nancy's maximum profit and maximum loss?

c. Show the profit/loss if, at the expiration date, the JNJ price is (1) $150, (2) $182, (3) $190.