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You form a collar by buying a put with an exercise price of X1 = $35 and a premium of P = $5, and selling
You form a collar by buying a put with an exercise price of X1 = $35 and a premium of P = $5, and selling a call with an exercise price of X2 = $96 and a premium of C = $5. Both options mature in 3 months, and both have the same underlying asset. In addition, you buy the underlying asset for its current spot price of S = $60. Find the profit of this collar at expiration if the ending price of the underlying asset is ST = $76.
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