1. What is the maximum loss, maximum gain, and break-even level for each of the following trades? (Hint: for all options, there's a $100 multiplier.)

a) Buy stock XYZ for a strike price of $30

Option type: Call

Quoted price: $2.00

b) Sell stock XYZ for a strike price of $45

Option type: Call

Quoted price: $3.00

c) Buy stock XYZ for a strike price of $25

Option type: Put

Quoted price: $2.50

d) Sell stock XYZ for a strike price of $40

Option type: Put

Quoted price: $5.00

e) Buy stock XYZ for a strike price of $50

Option type: Call

Quoted price: $7.50

AND

Sell stock XYZ for a strike price of $60

Option type: Call

Quoted price: $4.00