In Problem 14, suppose JC Penney stock sells for $38.13 per share immediately before your options' expiration.

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In Problem 14, suppose JC Penney stock sells for $38.13 per share immediately before your options' expiration. What is the rate of return on your investment? What is your rate of return if the stock sells for $47.85 per share (think about it)? Assume your holding period for this investment is exactly three months.

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