Exhibit 22 $$\begin{array} { c c c } \text { Wtrike Price } & \text { Put Price } & \text { Call Price } \\\hline \$22.50 &\$ 2.65 & \$ 1.85\end{array}$$

question 40

Multiple Choice

Exhibit 22.8
Use the Information Below for the Following Problem(S)
Consider the following information on put and call options for a common stock
$$\begin{array} { c c c } \text { Wtrike Price } & \text { Put Price } & \text { Call Price } \\\hline \$22.50 &\$ 2.65 & \$ 1.85\end{array}$$
-Refer to Exhibit 22.8.Calculate the net value of a protective put position at an expiration stock price of $20.

• A) $2.85
• B) $17.15
• C) $19.85
• D) $21.65
• E) $22.85

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