Suppose you think Appx stock is going to appreciate substantially in value in the next year. Say the stock's current price, $S_0,$ is $$120,$

and a call option expiring in one year has an exercise price, $x,$ of $$120$ and is selling at a price, $C,$ of $$5.$ With $$12,000$ to invest, you are

considering three alternatives.

a$.$ Invest all $$12,000$ in the stock, buying $100$ shares.

b$.$ Invest all $$12,000$ in $2,400$ options $(24$ contracts$).$

c$.$ Buy $100$ options $($one contract$)$ for $$500,$ and invest the remaining $$11,500$ in a money market fund paying $5\%$ in interest over $6$

months $(10\%$ per year$).$

What is your rate of return for each alternative for the following four stock prices in $6$ months? $($Leave no cells blank $-$ be certain to

enter $"O"$ wherever required. Negative amounts should be indicated by a minus sign. Round the "Percentage return of your

portfolio $($Bills $+100$ options$)"$ answers to $2$ decimal places.$)$

The total value of your portfolio in six months for each of the following stock prices is:

The percentage return of your portfolio in six months for each of the following stock prices is: