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Assume that an investor buys a put option on ABC shares with an exercise price of $44, and pays a premium of $3.86 per share.

Assume that an investor buys a put option on ABC shares with an exercise price of $44, and pays a premium of $3.86 per share. Each option is for 7 shares. If 1 month later the share price of ABC is $49.5 what is the (intrinsic) profit or loss made by the investor?

(enter as a figure to 2 decimal places, without dollar sign)

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