You own 10,000 shares of stock that is selling for $20 per share. You would like to defer selling the stock until next tax year because there is a large built in capital gain, but you are worried that the stock price might fall before then. To preserve as much as possible of your $200,000 investment value, you have decided to buy an option or a series of options to protect your investment. Your goal is to build a portfolio that guarantees you have at least $180,000 after considering all expenses. Explain whether each of the following strategies is suitable to achieve this goal:

(a) writing January call options on the stock with exercise price = $22. These call options are selling for $3 each.

(b) buy January put options with an exercise price of $18. These options are selling for $3 each.

(c) establish a "collar strategy" write the January call option in (a) and buy the put option in (b).