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An investor buys a put with a striking price of $25.00 for $5.00. The stock price on the last trading day of the contract is

An investor buys a put with a striking price of $25.00 for $5.00. The stock price on the last trading day of the contract is $21.00. The gross gain or loss if he closes out his position.

Select one:

a. $1000

b. $400

c. -$100

d. $0

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