The common stock of the C.A.L.L. Corporation has been trading in a narrow range around $50 per share for months, and you believe it is going to stay in that range for t he next three months. The price of a three-month put option with an exercise price of $50 is $4. (a) If the risk- free interest rate is 10% per year, what must be the price of a t hree-month call option on C.A.L.L. stock with an exercise price of $50 if the option is at the money? (b) What would be a simple options strategy using a put and a call to exploit your conviction about the stock prices future movement? What is the most money you can make on this position? How far can the stock price move in either direction before you lose money?