2. Assume that Sara gets into a European put option to buy one contract of stock Y for $60/share that costs $8 and is held until maturity. What is the breakeven point for this contract and what does it represent? Under what circumstances will Sara, the buyer of the option (the party with the long position), make a profit? Under what circumstances will Sara realize a loss? Under what circumstances will the option be exercised? Under what circumstances will the option not be exercised? Draw a diagram illustrating how the profit from a long position in the option depends on the stock price at maturity of the option