Two investment firms, Titan Investments and Oshkosh Investments, have purchased 100,000 shares of Packer stock at a stock price of $24 per share. Thus, both investment firms currently own a substantial amount of Packer stock. The price of Packer stock has been very volatile with 52-week high and low of $10 and $38, respectively. While both investment firms will sell the Packer stock in six months, they are considering different investment strategies. Oshkosh Investments may pursue a covered call strategywhile Titan Investments may pursue a protected put strategy. Call options on Packer stock have a $2 premium, a $27 exercise price, and expire in six months. Put options on Packer stock have a $3 premium, a $24 exercise price, and expire in six months.

1. Use the Packer stock prices at expiration to calculate Oshkosh Investments profit/loss per share without the covered call strategy assume Oshkosh Investments does not pursue the covered call strategy. Show your calculations and report your answers in the table.

2. Use the Packer stock prices at expiration to calculate Oshkosh Investments profit/loss per share with the covered call strategy assume Oshkosh Investments does pursue the covered call strategy. Show your calculations and report your answers in the table below.

3. Report in the table whether the option on Packer stock is in-the-money (ITM), at-the-money (ATM), out-of-the-money (OTM), or cannot be determined (CBD).

4. Stock price at expiration	Oshkoshs profit/loss per share WITHOUT a covered call strategy	Oshkoshs profit/loss per share WITH a covered call strategy	ITM, ATM, OTM, CBD
   $21
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   31
   32
   33
   34
   35
   36
   37
   38
   39
   40
   41
   42
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   49