a- Rosa acquired 7 put option contracts on Imports United stock. The strike price was $42.50 and the option premium was $1.19. At expiration, Imports stock was selling for $48.93. What is the payoff on the option contracts?

b- You purchased 4 call options with a $25 strike price at a cost of $0.56 per share. On the expiration date, the underlying stock was priced at $29.97. What is the percentage return on your investment?

Answers should be formatted as a percent with 2 decimal places (e.g. 99.99).