Mark has 5,800 shares of stock, currently selling at $65 per share. Mark is worried that if he holds the shares until the end of the year that he could lose a lot of money if the stock drops. So Mark calls his investment banker to invest in a collar strategy to limit his risk. He finds that call options with a strike price of $70 are priced at $5, and puts with a strike price of $60 are priced at $6. For the 3 stock prices below, show what Mark's portfolio will be worth if he decides to put on the collar strategy (make sure you net out the total cost of the collar). Also, show what his portfolio would be worth if he just decides to hold the shares and not do the collar strategy.

	Stock Price
Portfolio Value	$51	$65	$71
If collar is used
If you continued to hold the shares