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6) You purchase one Disney put contract (equaling 100 shares) that expires in October at a strike price of $25 for a premium of $1.50.

6) You purchase one Disney put contract (equaling 100 shares) that expires in October at a strike price of $25 for a premium of $1.50. You hold the option until the expiration date when Disneys stock sells for $23 per share. What is the profit or loss associated with this put contract?

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