Turn back to Figure 15.1, which lists the prices of various IBM options. Use the data in the figure to calculate the payoff and the profits for investments in each of the following July expiration options, assuming that the stock price on the expiration date is $95.

a. Call option, X = 90

b. Put option X = 90

c. Call option, X = 95

d. Put option, X = 95

e. Call Option, X = 100

f. Put Option, X = 100

E Mar Apr Ap E Mar Apr Mar Feb Expiration IBM (IBM) 100 100 100 un U1 LO 90 Strike 7.35 2.80 13.44 4.10 1.00 9.80 5.30 6.75 3.20 9.96 8.70 6.83 Last |Volume 1517 3946 7929 1182 6342 115 2501 141 561 994 101 699 Open Interest 10965 12437 17389 14541 20533 4039 8839 8095 5319 5638 4628 6764 11.66 7.83 6.47 4.90 5.63 9.00 4.28 2.25 7.03 2.60 3.70 0.80 2981 1491 2504 1206 782 918 176 568 Put Last Volume Open Interest MPH Underlying stock price: 96.14 15 Options Markets 11298 5072 9336 8058 2749 4066 3701 2385 461 599 620 238 & Comp Reprinted by pe Options on IBM, February 6, 2009 FIGURE 15.1 Reserved Worldwide. The Wall Street Journal, Online, February 7, 2009. Copyright @ 2009 Dow Jones Source: The Wall Street Journal mpany, Inc. All Rights permission of 477