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Two investment firms, Roney Investments and Reed Investments, have purchased 100,000 shares of Titan stock at a stock price of $25 per share. Thus, both investment firms currently own a substantial amount of Titan stock. The price of Titan stock has been very volatile with 52 -week high and low of $9 and $40, respectively. While both investment firms will sell the Titan stock in six months, they are considering different investment strategies. Roney Investments may pursue a covered call strategy while Reed Investments may pursue a protected put strategy. Call options on Tian stock have a \$2 premium, a \$26 exercise price, and expire in six months. Put options on Titan stock have a $3 premium, a $25 exercise price, and expire in six months. The fund managers at Reed Investments need you to provide them with more information so they can make a decision on whether or not to pursue the protected put strategy. a. Use the Titan stock prices at expiration to calculate Reed Investments' profivloss per share with a long stock position only ... assume Reed Investments DOES NOT pursue the protected put strategy. Show your calculations and report your answers in the table. b. Use the Titan stock prices at expiration to calculate Reed Invesiments' profitloss per share with the protected put strategy ... assume Reed Investments DOES pursue the protected put strategy. Show your calculations and report your answers in the table below. c. Report in the table whether the option on Titan stock for the various stock prices is inthe-money (ITM), at-the-money (ATM), out-of-the-money (OTM), or cannot be determined (CBD), Report in the table whether the option on Titan stock for the various stock prices is inthe-money (ITM), at-the-money (ATM), out-of-the-money (OTM), or carnot be determined (CBD). Explain why Reed Investments is considering a protected put strategy rather than a covered call strategy