| Strategy | Purchase Stock only | Purchase stock and put options | Purchase put and call options |
| Original Investment | $45,000 | $45,000 | $45,000 |
| Number of Shares (in original investment) | 1,000 | 958 (rounding doesn't count) | blank |
| Number of Puts | blank | 958* | 11,250** |
| Number of Calls | blank | blank | 11,250 |
| Value of investment at end of three months: stock price is $60.00 | $60,000 | $57,480 | $168,750 |
| Value of investment at end of 3 months: stock price is $30.00 | $45,000 | $43,110 | 0 |
| Value of investment at end of 3 months: stock price is $30.00 | $30,000 | $43,110 | $168,750 |
| Rank the three strategies (1, 2,3) in terms of risk, where 1 is the safest and 3 is the riskiest. | 2 | 1 | 3 |
See the lecture slides on ethics for the graphs showing the various rights. One mark was given for each right, one mark for labelling it welfare or liberty rights, and one mark for a (very) brief discription of the right.