13.

You hold a put option on a stock with a strike price of $23. The stock is selling for $25. What is the approximate minimum value of the put option

	a. $ 0
	b. $ 2
	c. $23
	d. $25
	e. Cannot determine without additional information. 14. Suppose you believe that Du Pont's stock price is going to decline from its current level of $ 81.68 sometime during the next 5 months. For $ 226.53 you could buy a 5-month put option giving you the right to sell 100 shares at a price of $70 per share. If you bought a 100-share contract for $ 226.53 and Du Pont's stock price actually changed to $ 60.79 , your net profit (or loss) after exercising the option would be ______? Show your answer to the nearest .01. Do not use $ or , signs in your answer. Use a - sign if you lose money on the contract. Your Answer:_________