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A speculator purchases a put option for a premium of $3, with an exercise price of $30. The stock is presently priced at $29, and

A speculator purchases a put option for a premium of $3, with an exercise price of $30. The stock is presently priced at $29, and rises to $32 before the expiration date. What is the stock price at which the speculator would break even?

$26

$34

$27

$29

$32

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