25. Rock Solid has a stock portfolio worth $100 million, which tracks closely with the S&P 500. The portfolio manager fears that a decline is coming therefore buys put options to protect the entire portfolio when the S&P 500 was $1,005. The strike price the manager entered into was at $1,005. Suppose after a year the S&P 500 is $954 and the portfolio is worth $95 million. The options premium is $1 million. What is the value of the total position? A. $100,074,627 B. $99,074,627 C. $96,029,851 D. $94,000,000