An investor establishes a protective put on shares of XYZ Corp. The put premium is $0.63, the strike price is $24.36 and the underlying is valued at $25.94 at the initiation of the position. At the options expiration, the underlying is valued at $25.22. Calculate the value of the portfolio at expiration.

The answer was 25.22

On February 16, 2020, SPY an index fund tracking the S&P 500 is valued at $338.18. You are worried about reports of a new disease that was first reported and its impact on the market. You decide to purchase put options on SPY. The put options have a strike price of $316.00 and the put premium is $15.93. It turns out that your worries were warranted, and SPY is valued at $291.07 on the maturity date of your options. The value of the option is...

The answer was 24.93,

how can I come up with these two answers?