The answer is C.

This position is a strangle (long call and long put with different strikes).

• Initial cost = $2.65 + $1.85 = $4.50
• Break-even on the upside occurs when the call's intrinsic value equals the initial cost:
  • $S - 33.00 = 4.50$
  • $S = 37.50$
• Break-even on the downside occurs when the put's intrinsic value equals the initial cost:
  • $28.00 - S = 4.50$
  • $S = 23.50$

Therefore, the trader breaks even at $23.50 or $37.50.