参考答案：A

解析：As soon as the stock rises to the exercise price, the covered call writer will cease to realize a profit because the short call moves into-the-money. Each dollar gain on the stock is then offset with a dollar loss on the short call. Since the option is $10 out-of-the-money, the covered call writer can gain this amount plus the $2 call premium. Thus, the maximum gain is $2 + $10 = $12. However, because the investor owns the stock, he or she could lose $40 if the stock goes to zero, but gain $2 from the call premium. Maximum loss is $38.