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What is the payoff pattern at expiration to an investment strategy, which consists of buying a call option and selling a put option on an individual security, with the options having the same strike price? What would you think of pursuing this investment strategy if you also held the underlying individual security? A call option is offered on a stock: the option has an expiration of 65 days and a strike price of $ 40. The underlying stock to the call option trades for $43.15. The volatility of the stock is 35% per year, and the risk-free rate is 3.5% per year. a) Value the call option. b) If the stock price increases to $45.00, and everything else stays the same, what is the new value of the call option? c) What is the percentage increase in the price of the stock? What is the percentage increase in the price of the call option? d) Now the stock price declines to $41.00. What is the percentage decrease in the price of the stock (from $45.00)? What happens in both dollars and percent to the price of the call? e) What are similarities and differences between holding the call option and holding the stock