Delta stock (DAL) is trading at $11.70 today. Consider an American put option on 1 share of DAL with strike K = 12 and expiration in T = 25 years. The put is selling today for $1.46. Assume the risk-free rate is 1%. Recall that American options can be exercised at any time by the holder of the option. (a) You buy one of these puts. You get confused because you did not study your 537 notes closely enough and you decide to exercise the put right away. What is the payoff from exercising the option that is, what amount of money do you receive from exercising the option)? What is your profit or loss? Was the exercise a mistake? (b) Actually you did study your 537 notes and you did not exercise the option. Instead 1 month later, the put option is trading at $0.85. However, you have had enough of 537 and finance in general and so you decide to sell your put option. What is your profit or loss? (C) Actually you really enjoy 537 and finance in general. You also decide to hold the option until expiration. At that time DAL is trading at $10. What is the payoff of the put option? What is your profit