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A trader sells 5 American put option contracts (each contract has 100 shares) on Romulus. The exercise price is $70 when the option price is

A trader sells 5 American put option contracts (each contract has 100 shares) on Romulus.

The exercise price is $70 when the option price is $4.

The options were exercised when the stock price reached $69.

What is the traders net profit or loss?

Group of answer choices

loss of $1,500

loss of $500

gain of $1,500

gain of $1,000

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