A money manager believes QQQ stock (which currently trades at $70/share) will depreciate over the next 9 months. The manager decides to use five 9-month european put options to speculate. QQQ put options have a strike price of $67 and a premium of $.45. Based on his belief, would the analyst buy or sell the put options mentioned above?

Assume QQQ trades for $71 at expiration. Find the analyst's profit/loss from his strategy.

		a) 225
b)		-225
c)		1775
d)		-1775
e)		None of the above