current price的91

问题如下：

A client, Bob Valentine, believes the prices of large-capitalization stocks will rise slightly, and he wants to profit from this movement using a bull spread strategy. Osborne recommends that Valentine use 1/100 Dow Jones Industrial Average (DJX) options expiring in two months. The current price of DJX is $91. Exhibit 2 provides current option information for two DJX call options expiring in two months.

Exhibit 2 DJX Call Options Expiring in Two Months

Valentine decides to use 100 contracts per position. Each contract is equal to 100 shares.

At expiration of the DJX call options, the maximum potential profit from the bull spread strategy recommended for Valentine is closest to:

选项：

A.

$60,000

B.

$6,000

C.

$26,000

解释：

Correct Answer: C

C is correct. A bull spread combines a long call at a lower exercise price (X₁ = 88) and a short call at a higher exercise price (X₂ = 94). The cost of X₁ is c₁ = $4.40, and the benefit from X₂ is c₂ = $1.00.

The maximum profit per contract = (X₂ – X₁ – c₁ + c₂) × 100 = ($94 – $88 – $4.40 + $1.00) × 100 = 2.60 × 100 = $260

The maximum profit for 100 contracts is $260 × 100 = $26,000.

B is incorrect because it looks only at the terminal value of the option, not their initial costs.

C is incorrect because it ignores the option premium, i.e., ($94 – $88) × 100 = $6,000.