4. You have purchased a 17.5 strike put for $1.57 which expires in 48 days and the stock is currently at $18.05 per share. At expiry, the stock closes at $16.87. What is your total profit or loss?

a. A net gain of $157

b. A net gain of $63

c. A net loss of $63

d. A net gain of $94

e. A net loss of $94