Consider a call option selling for $$7$ in which the exercise price is $$100$ and the price of the underlying is

$$98.$

$($a$)$ Determine the value at expiration and the profit for the buyer under the following

outcomes:

i$.$ The price of the underlying at expiration is $$102$

ii$.$ The price of the underlying at expiration is $$94$

$($b$)$ Determine the value at expiration and the profit for the seller under the following

outcomes: call option

i$.$ The price of the underlying at expiration is $$91$

i$.$i The price of the underlying at expiration is $$101$