On October 31, the following options on Apparel Group stock, all expiring in December the same year, sold for the following prices:

Options Exercise Price Option Premium

Call $45 $7.90

Put $50 $1.25

Call $55 $1.70

You buy one call (one contract is 100 shares) with $45 exercise price, buy two puts with $50 exercise price, sell one call with $55 exercise price.

What is your net profit (loss) if Apollo Group stock price is $48 at expiration?

PLEASE WORK OUT THE SOLUTION IN EXCEL AND SHOW THE FORMULAS . THANKS