The following prices are available for call and put options on a stock priced at $50. The risk-free rate is 6 percent and the volatility is 0.35. The March options have 90 days remaining and the June options have 180 days remaining. The Black-Scholes model was used to obtain the prices.

	Calls		Puts
Strike	March	June	March	June
45	6.84	8.41	1.18	2.09
50	3.82	5.58	3.08	4.13
55	1.89	3.54	6.08	6.93

Use this information to answer questions 1 through 20. Assume that each transaction consists of one contract (for 100 shares) unless otherwise indicated.

For questions 1 through 6, consider a bull money spread using the March 45/50 calls.

6. Suppose you closed the spread 60 days later. What will be the profit if the stock price is still at $50?

a. $41

b. $198

c. $302

d. $102

e. none of the above