Assume that an investor holds 1,000 shares in Magnify Inc., and her shareholding is worth 2,480 (i.e. 248p per share). She purchases a put contract for 1,000 shares with a strike price of 230p and a premium of 25p per share. What will be her total profit/loss if the share price drops to 200p or increases to 260p? Also calculate the intrinsic value of the options, and the gain/loss from the options under each scenario, as a stand-alone security and ignoring the shares