区分payoff 和profit

问题如下：

If an investor purchases a call option with a premium of $4 and a strike price of $27, what is the payoff when the stock price at expiration is $22?

选项：

A.Negative B.Zero C.Positive

解释：

Since the stock price at expiration is below the strike price, the call option will not be exercised and the payoff is zero. 由于到期时的股票价格低于行权价格，看涨期权不会被执行，payoff是零。注意区分payoff和profit。