3. An investor is bearish on natural gas and decided to long a put with a strike price of $2.00. If the option was purchased for a price of $0.25 and current spot price of natural gas is $2.60, what is the break-even point for the investor? (Hint: Break-even point is the price of natural gas at which the investor will have exactly zero profit or loss. Be sure to consider the effect of the option premium.) 4. $1.75 5. $2.00 6. $2.25 7. $2.35 8. $2.60