Use the following quotes for Target stock options: Calls Ticker Bid Ask Last IVM Volume TGT 3/18/22 C200 20.15 21.60 29.00y 35.07 TGT 3/18/22 C210 13.45 13.80 14.25 32.58 16 TGT 3/18/22 C220 8.35 8.65 9.65 31.34 20 TGT 3/18/22 C230 4.85 5.15 5.10 31.07 35 TGT 3/18/22 C240 2.70 2.95 2.85 31.08 16 Puts Ticker Bid Ask Last IVM Volume TGT 3/18/22 P200 5.00 5.15 4.95 34.16 18 TGT 3/18/22 P210 8.30 8.50 8.35 32.35 38 TGT 3/18/22 P220 12.85 13.45 12.55 31.34 6 TGT 3/18/22 P230 19.15 19.80 TGT 3/18/22 P240 26.05 27.80 18.49 25.83 30.06 28.44 95 Source: Bloomberg Finance L.P. Assume you purchased the right to sell 3,400 shares of Target stock in March 2022 at a strike price of $210 per share. Suppose Target stock sells for $198 per share immediately before your options' expiration. What is the rate of return on your investment? What is your rate of return if the stock sells for $220 per share (think about it)? Assume your holding period for this investment is exactly three months. Note: A negaive value should be indicated by a minus sign. Do not round intermediate calculations. Enter your 3-month returns as a percent rounded to 2 decimal places. Return on investment at $198 Return on investment at $220 % %

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