Suppose that a protective put position on the stock of XYZ locks in a guaranteed minimum payoff of $45 at year-end. XYZ currently sells for $100. Over the next year, the stock price will either increase by 10% or decrease by 10%. The T-bill rate is 3.77%.

In the market, there exists a call option on XYZ with a strike price of $50 cost $2. Assume that an investor purchases a call option and a put option to construct a strangle strategy. What is the maximal loss of strangle