Refer to the stock options on Microsoft in the Figure $2\mathrm{.}10.$ Suppose you buy a November expiration call option on $100$ shares with the excise price of $$235.$

Required:

a$-1.$ If the stock price at option expiration is $$246,$ will you exercise your call?

a$-2.$ What is the net profit or loss on your position?

a$-3.$ What is the rate of return on your position?

b$-1.$ Would you exercise the call if you had bought the November call with the exercise price $$230?$