Exhibit 22 $$\begin{array} { c c c } \text { Wtrike Price } & \text { Put Price } & \text { Call Price } \\\hline \$22.50 &\$ 2.65 & \$ 1.85\end{array}$$

Multiple Choice

Exhibit 22.8
Use the Information Below for the Following Problem(S)
Consider the following information on put and call options for a common stock
$$\begin{array} { c c c } \text { Wtrike Price } & \text { Put Price } & \text { Call Price } \\\hline \$22.50 &\$ 2.65 & \$ 1.85\end{array}$$
-Refer to Exhibit 22.8.Calculate the net value of a protective put position at an expiration stock price of $20.

A) $2.85
B) $17.15
C) $19.85
D) $21.65
E) $22.85