A collar is established by buying a share of stock for $50, buying a 6-month put option

Question:

A collar is established by buying a share of stock for $50, buying a 6-month put option with exercise price $45, and writing a 6-month call option with exercise price $55. On the basis of the volatility of the stock, you calculate that for a of $45 and expiration of 6 months,
N (d1) = .60, whereas for the exercise price of $55, N (d1) = .35.
a. What will be the gain or loss on the collar if the stock price increases by $1?
b. What happens to the delta of the if the stock price becomes very large? Very small?

Strike Price
In finance, the strike price of an option is the fixed price at which the owner of the option can buy, or sell, the underlying security or commodity. Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...