问题
单项选择题
George Mote owns stock in IBM currently valued at $112 per share. Mote writes a call option on IBM with an exercise price of $120. The call option is sold for $1.80. At expiration, the price of IBM is $115. What is Mote’s profit (or loss) from his covered call strategy Mote:
A．
| A. gained $3.00. |
B．
| B. lost $1.80. |
C．
| C. gained $4.80. |
答案
参考答案：C
解析：Since the option is out-of-the-money at expiration (Max (0, S -X) ), the option is worthless. Also, the stock increased in value from $112 per share to $115 per share, creating a $3 gain. The $3 gain in the stock price is added to the $1.80 gain from writing the (unexercised) call option. Therefore, the total gain is $4.80 ( $3 + $1.80).