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3. You bought a put option on Ilikai Igloos, a Hawaiian Igloo manufacturer, with an exercise price of 90. The stock of Ilikai Igloos is

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You bought a put option on Ilikai Igloos, a Hawaiian Igloo manufacturer, with an exercise price of 90. The stock of Ilikai Igloos is trading for 44.89 at maturity. What is the gross payoff on the put option on Ilikai Igloos? (please show your answer to the nearest penny)

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