1.

Mr. Martin buys a put option to sell 100 shares. The strike price=$70; Current stock price=$65, price of the put option to sell one share=$7. At the time of the expiration of the put option, the share price is $72. What is the total gain or loss of Mr. Martin?

	a.	Gain $7
	b.	Gain $1300
	c.	Loss $700
	d.	Loss $7