1) You bought 1500 shares of a stock at $17 per share some time ago and have substantial profit built up as the present stock price is $32 per share. You are afraid the stock market could experience a downturn between now and late April and you dont want to lose the gains on your stock if it goes with the market. So you buy fifteen April 30 puts at $1.95 per share as protection. What is the profit on the protective put position at expiration for the following stock prices: 27, 31, and 38? What is the breakeven stock price at expiration?