Assume you have shorted a put option (taken short position) on Aero stock. When you sold (wrote) the put, you received an option premium of $3.00. The option will expire in three months time. The put option has a strike price of $18.00.

Assuming Aero stock is trading at $10.50 when the option expires, what will your payoff be? What will your profit be? Show your work.