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10- Today, I bought I put contract on GM with one-year to maturity with an exercise price of $60 at a premium of $7 when

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10- Today, I bought I put contract on GM with one-year to maturity with an exercise price of $60 at a premium of $7 when GM stock price was $55. Three month later, GM stock price closed at $52 while the option premium was $12 at which time I closed my position by selling my put option. Compute my gain/loss. PS: In all questions above X denotes the exercise price of the options, C=call premium, P=put premium, and S=stock price

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