12. An investor with no other securities writes DDD March 45 put for a premium of $5.25 when DDD is $50. What is the investor's maximum gain? $325 b $4,075 c. 55,025 d. Unlimited e. None of the above 43. What is the time value of VWX Aug 40 put trading for a premium of $8. if VWX trades for $37.50? b. 2.50 c. 5.50 d. 8.00 e. None of the above 44. An investor writes a GHI November 30 put for $4. GHI drops to $20 and the put is exercised. After selling the stock in the market, what is the gain or loss? a $600 gain b. $600 loss c. $1,400 gain d. $1,400 loss e. None of the above 45. You are given are the following exchange rates: 118 Japanese Yens 1 USD, 1.81 USD - 1 British Pound, and 213.58 Japanese Yens = 1 British Pound. You conduct a Triangular Arbitrage, what is your profit, if any, in percentages (rounded to the second digit)? 2. 3.7% b. 2.7% c. Zero% d. 4.7% e. None of the above