15. Option Strategies (LO3, CFA2) The current price of an asset is \($100\). An out-of-the-money American put option with an exercise price of \($90\) is purchased along with the asset. If the break-

even point for this hedge is at an asset price of \($114\) at expiration, then the value of the American put at the time of purchase must have been:

a. $0

b. $4

c. $10

d. $14