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 $1,008. The strike price the manager entered into was at $1,008. Suppose after a year the S&P 500 is $908 and the portfolio is worth $91 million. The options premium is $1 million. What is the value of the total position? A. $93,968,254 B. $90,000,000 C. $100,920,635 D. $99,920,635

I want to know steps of this question. the correct answer is D