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Last year you had $22,000 in cash sitting in your brokerage account. At that time, you bought 100 shares of Boeing for a price of

Last year you had $22,000 in cash sitting in your brokerage account. At that time, you bought 100 shares of Boeing for a price of $200 per share (total cost $20,000). Also at that time, you used the remaining $2,000 in your account to buy one protective put option contract on Boeing with a strike price of $180, expiring in December 2022, for a premium of $20 per share (the put contract cost you a total of $2,000). At the option expiration, you will close all positions and hold only cash. (Assume no additional transaction costs such as trading fees or bid-ask spread) Suppose Boeings stock price at option expiration equals $220. How much would you have in cash at the option expiration? A) $16,000 B) $18,000 C) $20,000 D) $22,000 E) $24,000

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