Exhibit 22 $$\begin{array} { l c c } \text { Strike Price } & \text { Put Price } & \text { Call Price } \\\hline \$ 32.50 & \$ 2.85 & \$ 1.65\end{array}$$

Exhibit 22.4
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Consider the following information on put and call options for Citigroup $$\begin{array} { l c c } \text { Strike Price } & \text { Put Price } & \text { Call Price } \\\hline \$ 32.50 & \$ 2.85 & \$ 1.65\end{array}$$
-Refer to Exhibit 22.4. Calculate the net value of a protective put position at a stock price at expiration of $20, and a stock price at expiration of $45.

A) $6.35, $18.85
B) $29.65, $42.15
C) $21.65, $34.15
D) $8, $8
E) -$8, -$8