Question
You form a collar by buying a put with an exercise price of X1 = $31 and a premium of P = $5, and selling
You form a collar by buying a put with an exercise price of X1 = $31 and a premium of P = $5, and selling a call with an exercise price of X2 = $99 and a premium of C = $6. Both options mature in 8 months, and both have the same underlying asset. In addition, you buy the underlying asset for its current spot price of S = $63. Find the profit of this collar at expiration if the ending price of the underlying asset is ST = $117. Do NOT use the $ symbol in your answer; just write a numerical value. Of course, include the negative sign if the answer is negative; but do not include the positive sign if the answer is positive.
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