【每日一练】CFA 一级（2015年）

Question：

An investor purchases 100 shares of common stock at €50 each and simultaneously sells call  options on 100 shares of the stock with a strike price of €55 at a premium of €1 per option. At the  expiration date of the options, the share price is €58. The investor's profit is closest to:
A. €900.
B. €600.
C. €400.

Answer = B 
Because the share price (ST) is greater than the strike price (X), the investor collects the premium  plus the difference between the strike price and purchase price: X – S0 + c0. In this case, 100 × (€55 – €50 + €1) = €600.

CFA Level I 
"Risk Management Applications of Option Strategies," Don M. Chance 
Section 2.2.1 
 

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