The current price of a stock is $72. Three-month call options with a strike price of $75 currently sell for $10. An investor with $9,000 to invest is considering the following three investment strategies:

1. (a) Investing all his money in the stock

2. (b) Doubling the amount to invest by taking a loan of $9,000 at an interest rate of 2% for three months, investing the resulting $18,000 in the stock and then repaying $9,180 on the loan

3. (c) Investing all his money in the call options

Determine the return of the investor (defined as change in wealth / initial wealth) under each of the three strategies for the following two scenarios: 1) stock price falls to $60 after three months, 2) stock price rises to $90 after three months. Compare the risks and returns of the three strategies.