An analyst is estimating the cost of equity using the Gordon Growth Model. The risk-free rate is 3%, the expected market return is 8%, and the company's beta is 1.2 . Calculate the equity risk premium (ERP) for the company. An investor holds a put option with a strike price of $90. The option premium is $5, and the current market price of the underlying asset is $80. What is the investor's profit or loss on the put option at expiration? $5 profit $5 loss $10 profit $10 loss