Question: Need help with the following question. Please show work. P16-3 Stock Price to Profit You buy an at the money March call option on MMC

Need help with the following question. Please show work.

Need help with the following question. Please show work. P16-3 Stock Price

P16-3 Stock Price to Profit You buy an at the money March call option on MMC Corp. common stock, which has a strike price of $15 and a premium of $2.83. What must happen to the price of MMC Corp. stock for you to make a profit? Note: To earn a profit, the stock must be worth more than what you pay for it in total buying and exercising the option

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