Suppose an investor purchased a July, 2004 maturity put option on IBM with an exercise price of $90. On the expiration date, IBM stock was trading for $87. Using the option listing below, determine the holding period return on the investment. IBM (IBM) Underlying stock price*: 88.64 Call Put Expiration Strike Last Volume Open Interest Last Volume Open Interest Jun 2004 85.00 3.82 236 5150 0.15 5500 10472 Jul 2004 85.00 4.50 109 5377 0.90 248 16627 Oct 2004 85.00 6.20 40 1559 2.60 208 9594 Jan 2005 85.00 4227 4.00 414 5229 Jun 2004 90.00 0.406812 23008 1.80 1265 10295 Jul 2004 90.00 1.55 1597 19197 2.80 203 14295 Oct 2004 90.00 3.50 1258 6447 4.80 10 7402 Jan 2005 90.00 5.10 446 9807 6.20 10 16533 Jun 2004 95.00 0.0544 10006 6.30 473 1540 Jul 2004 95.00 0 .35 476 22474 6.80 103 20767 Oct 2004 95.00 1.70 266 9410 3554 Jan 2005 95.00 3.00 97 5393 9.00 235 7 917 12.90% loss 7.14% loss 6.67% gain 7.14% gain 12.90% gain