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1. Suppose you bought a put option with a strike price of $23 for $3. What would be your payoff from this option if the

1. Suppose you bought a put option with a strike price of $23 for $3. What would be your payoff from this option if the underlying stock is worth $14 at option expiration?
2. Suppose you bought a call option with a strike price of $18 for $3. What would be your payoff from this option if the underlying stock is worth $27 at option expiration?

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