Many individual investors employ a "buy-and-write" investment strategy that involves a long stock position and short call position. You implement the strategy by buying a stock at price $20.65 and writing a call with strike of $25.00 and option price of $3.90 . In one year you receive the stock's annual dividend of $1.65 and, furthermore, suppose the stock price has increased 30%. Find the rate of return for this buy-and-write strategy.

	a.	53.7%
	b.	44.4%
	c.	40.4%
	d.	59.1%
	e.	48.8%

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