Joseph jones, a manager at computer science, inc. (csi), received 10,000 shares of company stock as part of his compensation package. the stock currently sells at $40 a share. joseph would like to defer selling the stock until the next tax year. in january, however, he will need to sell all his holdings to provide for a down payment on his new house. joseph is worried about the price risk involved in keeping his shares. at current prices, he would receive $40,000 for the stock. if the value of his stock holdings falls below $35,000, his ability to come up with the necessary down payment would be jeopardized. on the other hand, if the stock value rises to $45,000, he would be able to maintain a small cash reserve even after making the down payment. joseph considers three investment strategies: a. strategy a is to write january call options on the csi shares with strike price $45. these calls are currently selling for $3 each. b. strategy b is to buy january put options on csi with strike price $35. these options also sell for $3 each. c. strategy c is to establish a zero-cost collar by writing the january calls and buying the january puts