The following table lists prices of Apple options in April 2013 when Apple stock was selling for $420.

Expiration Date	Exercise Price	Call Price	Put Price
July 2013	$390	$43.16	$14.60
	420	25.75	27.85
	450	14.20	45.90

a.

Calculate the payoff and the profits for investments in each of the following July maturity options, assuming that the stock price on the expiration date is $440. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign. Round "Profit" to 2 decimal places.)

		Payoff	Profit
i.	Call option with exercise price of $390	$	$
ii.	Put option with exercise price of $390
iii.	Call option with exercise price of $420
iv.	Put option with exercise price of $420
v.	Call option with exercise price of $450
vi.	Put option with exercise price of $450

b.

Calculate the payoff and the profits for investments in each of the following July maturity options, assuming that the stock price on the expiration date is $400. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign. Round "Profit" to 2 decimal places.)

		Payoff	Profit
i.	Call option with exercise price of $390	$	$
ii.	Put option with exercise price of $390
iii.	Call option with exercise price of $420
iv.	Put option with exercise price of $420
v.	Call option with exercise price of $450
vi.	Put option with exercise price of $450