A trader purchased a put option with a strike price of $67 for $9. If the spot price at expiration turns out to be $56, which of the following is true: The trader will not exercise the put and incur a loss (i.e. negative profit) The trader will exercise the put and make a gain (i.e. positive profit) The trader will not exercise the put and make a gain (i.e. positive profit) The trader will exercise the put and incur a loss (i.e. negative profit)