A trader invests in Facebook by buying 1000 shares in June for $27 per share. She also buys 1000put options for $5 each as insurance in case the stock drops sharply. The put options have a strikeprice of $27 and a maturity date of December. What is the gain or loss if the spot price on Decemberis: a) $20, b) $27, c) $32 and d) $37?