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8. The price of a stock on February 1 is $48. A trader sells 200 put options on the stock with a strike price of

8. The price of a stock on February 1 is $48. A trader sells 200 put options on the stock with a strike price of $40 when the option price is $2. The options are exercised when the stock price is $39. The trader's net profit or loss is

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