Exhibit 22 -Refer to Exhibit 22

Multiple Choice

Exhibit 22.2
Use the Information Below for the Following Problem(S)
$$\begin{array} { c} &&\text{XYZ CORP}\\ & \quad\quad\quad\quad \text { Exercise } & & \quad\quad\quad\quad\quad\quad { \text { NYSE } } \\& \text { Date } & \text { Price } & \text { Price } & \text { Clase } \\\hline \text { Calls } & \text { OCT } & 85 & 163 / 4 & 101\quad11 / 16 \\& \text { OCT } & 90 & 12 & 101\quad11 / 16 \\& \text { OCT } & 95 & 75 / 8 & 101\quad11 / 16 \\\text { Puts } & \text { OCT } & 85 & 1 / 8 & 101\quad11 / 16 \\& \text { OCT } & 90 & 3 / 8 & 101\quad11 / 16 \\& \text { OCT } & 95 & 13 / 16 & 101\quad11 / 16\end{array}$$
-Refer to Exhibit 22.2.If XYZ were trading at $90/share and you formed a bull money spread,what is your profit if XYZ is trading at $110 at expiration?

A) $912.50 loss
B) $87.50 gain
C) $87.50 loss
D) $1,000.00 gain
E) $1,000.00 loss