On 1 April 2021, Tencent stock price was $630 Tencent: 630 call $26.00; 600 call $43.80; 660 call $14.30 and Tencent. 630 put $22.90; 600 put $11.27; 660 put $41.70. 100 shares) Both call and put options are expired at 29 April 2021. (1 contract = You bought 200 shares of Tencent at $630 with total cost $126,000. You constructed 1 contract of an Out of The Money (OTM) covered call strategy You constructed 1 contract of an In of The Money (ITM) protective put strategy. 2a) Explain with arguments of your investment expectation of the OTM covered call strategy. Which call option do you select? 2b) Explain with arguments of your investment expectation of the ITM protective put strategy. Which put option do you select? Today is 29 April 2021. Assume that Tencent closes at $650. 2c) Complete the payoff table (use the table below) and draw the payoff diagram of the Out of The Money (OTM) covered call strategy. 2d) Complete the payoff table (use the table below) and draw the payoff diagram of the In of The Money (ITM) protective put strategy. Payoff table of Covered Call Payoff of stock Payoff of written call Total Profit per share Call Option Profit or (Loss)/share Total Profit/share ST X ST > X Explanation and Calculation if any