difference, $$25-$$$22\mathrm{.}50=$$$2\mathrm{.}50$ per share, less the cost of the option. If you paid $$1\mathrm{.}00$ per put option, then your profit would be $$2\mathrm{.}50-$$$1\mathrm{.}00=$$$1\mathrm{.}50$ per share.

$($b$)$ Discuss the value of the portfolio with and without the European put options.