On page 21 in Chapter 5A, the last two columns show that the total cash flow at the maturity is 0 regardless of spot price. Use S_T =100 for the first case (S_T<105) and S_T =110 for the second case (S_T>=105). Show how those positions are closed and what cash flows are made. See my answer for one position (Sell call) as an example.

	How are the positions closed at the end if ST =100?	Cash flows at the end if ST =100	How are the positions closed at the end if ST =110?	Cash flows at the end if ST =110
Buy stock	Sell stock	100
Borrow $102.41
Sell call			Exercise	105-110 = -5
Buy put
Total		0		0