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A trader sells (or writes or takes a short position) 100 European put options with a strike price of $50 and six months to maturity.

A trader sells (or writes or takes a short position) 100 European put options with a strike price of $50 and six months to maturity. The price charged for each option is $3. The price of the underlying asset proves to be $45 in six months. What is the trader's profit?

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