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Joe Dirt, a wealthy hillbilly investor who has been introduced to a no-fee investment platform, has begun placing excess income into his margin account after identifying that equity markets may provide lucrative returns over time. Joe has become a self-educated investor who has recently learned the functions of the options market. Joe’s favorite automotive supply company, Autozone, Inc. (AZO), has had a powerful run-up in its stock price, gaining over 49% in its price to $1,683.76 over the past year. Joe feels that the run-up in prices is just beginning, and the stock’s price is due for additional gains. As such, Joe purchases a call option with a November 19, 2021 expiration and an in-the-money strike price of $1,600 for a total of $116.60/share, or $11,660 for the contract. The option is held to expiration and the stock’s price has fallen to $1,634. Joe’s gain / (loss) at expiration from the call option is ______.
1.$13,240
2.$0 (break even)
3.$(8,260)
4.$(3,400)
