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Problem 8: (Collar or Hedge Wrap) Boris and Bela 100 shares of XYZ @ $50. It rises in price and to protect their profit and take in income they hedge their position by buying 1 Put with strike of 55 for $3 per share quoted price and sell 1 Call with a strike $65 for $4 per share quoted price. Find the P&L, Y, at expiration if the stock price is a. $40 b. $60 c. $75 (per share quoted price) (per share quoted price) (per share quoted price) Problem 9: (Stock Repair strategy) Beulah and Biff buy 100 shares of XYZ @ $50. It declines in price to $40 per share. They have hopes of a modest recovery and want to break-even on the trade. They buy 1 Call with a strike of $40 for $8 per share quoted price and sell 2 Calls with a strike of $45 for $4 per share quoted price. Find the P&L, Y, at expiration if the stock price is a. $40 (per share quoted price) b. $45 (per share quoted price) c. $60 (per share quoted price)