A. You sell a 47 put for 4. Stock ends at $48. a Payoff = #1 Profit = #2 B. You sell a 54 put for 4. Stock ends at $47. Payoff = #3 Profit = #4 C. You sell a 50 put for 3, and buy a 45 put for 2. Stock ends at $45. Payoff = #5 Profit #6 D. You buy a 52 put when the stock trades at 49. Intrinsic Value = #7 Premium > #8