问题
单项选择题
James Jackson currently owns stock in PNG, Inc. , valued at $145 per share. Thinking that PNG is overbought and will decrease in price soon, Jackson writes a call option on PNG with an exercise price of $148 for a premium of $2.40. At expiration of the option, PNG stock is valued at $152 per share. What is the profit or loss from Jackson’s covered call strategy Jackson :
A．
| A. gained $5.40. |
B．
| B. lost $4.60. |
C．
| C. gained $9.40. |
答案
参考答案：A
解析：The option is in-the-money at expiration (Max (0, S -X) ) and the PNG stock will be called away from Jackson at $148 per share, limiting Jackson’s gain from owning the stock to $3 ( $148-145). However, Jackson also gains the $2.40 from writing the call option. Therefore, Jackson’s gain from the covered call strategy is $5.40 ( $3.00 + $2.40).