Tom Gettback Buys 100 Shares of Johnson Walker Stock for $87.00

question 74

Multiple Choice

Tom Gettback buys 100 shares of Johnson Walker stock for $87.00 per share and a three-month Johnson Walker put option with an exercise price of $105.00 for $20.00. What is Tom's dollar gain/loss if at expiration the stock is selling for $105.00 per share?

• A) $1000 gain
• B) $200 loss
• C) $1000 loss
• D) $200 gain
• E) $500 gain

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