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3. Selling (or shorting) a put on AAPL stock expiring in 3 months with a strike of $175. The premium is $10. Option payoff without

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3. Selling (or shorting) a put on AAPL stock expiring in 3 months with a strike of $175. The premium is $10. Option payoff without premium Option payoff adjusted for premium Spot price of AAPL in 3 months $160 $165 $170 $175 $180 Payoff $25 $20 $15 $10 $5 $0 -$5 $10 $15 $20 $160 $180 $165 $170 $175 Spot Price of Underlier

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