You purchased the right to sell $2,000$ shares of Target stock in March $2022$ at a strike price of $$210$ per share. Suppose Target stock sells for $$200$ per share immediately before your options' expiration.

What is the annualized rate of return on your investment?

What is your annualized rate of return if the stock sells for $$220$ per share immediately before your options' expiration?

Assume your holding period for this investment is exactly three months.

Note: The HPR must be calculated as HPR $=($Terminal Equity$-$Initial Equity$)/$ Initial Equity.