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An investor buys 5 0 0 shares of IBM at $ 5 2 / share and buys a put with a strike price of $

An investor buys

500

shares of IBM at $

52 /

share and buys a put with a strike price of $

59

for $

8 .

The positions are closed when the stock is at $

52 .

The gross gain on the transactions is

?

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