Suppose you buy 46 put contracts with strike $190, 13 call contracts with strike $210, and 26 call contracts with strike $220. Assume you buy at prices which are the midpoint of the bid and ask quotes.

(a) What is the total cost of the trade? Ignore transaction costs. Recall each contract is on 100 shares.

(b) You do not plan to sell the options but you will exercise all options that are in-the-money. How high must Facebook stock price rise for you to recover your investment in options? How low must Facebook stock price fall for you to recover your investment in options? Ignore the time value of money.

Show your work in the space for the following question.