Liz buys one share of Koca-Loka long for $10.50 and at the same time she buys a call on Koca-Loka that has an exercise price of $11.50 and a premium of $1.60. What is the combined profit or loss on the covered call if at the time of expiration Koca-Loka is trading at $8.40 per share? Assume that she gets out of her long position at the same time her option expires. Place your answer with dollars and cents without a dollar sign. Enter negative answers with a "minus" sign. For example, if your answer is negative two dollars and seventy five cents, then enter -2.75. I've finished the exam. SUBMIT ANSWER

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