1. You wrote a put option on the stock of CLAY at a strike price was $35.35. The premium you received was $4.25. On the option expiration date CLAY is trading for $27.75. What is your profit on this contract?

2. You wrote a call option on the stock of PIGN at a strike price was $55.55. The premium you received was $5.90. On the option expiration date CLAY is trading for $77.45. What is your profit on this contract?

3. You purchased a call option on the S&P 500 (SPX) with a strike of $1,500. You paid a premium of $15. You also wrote an SPX call option with the same maturity date and a strike of $1,450. You received a premium of $14.50. At maturity, what is your total payoff if SPX is trading at $1,475?