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A put option on a stock has an exercise price of $31. If the stock price at expiration is $29.45, what is the option payoff

A put option on a stock has an exercise price of $31. If the stock price at expiration is $29.45, what is the option payoff for a long put position?

A.

$1.55

B.

$1.55

C.

$29.45

D.

$0

E.

$29.45

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