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Doctor Dumpkins is bullish on the British pound so he sells a one-month put for $.02. The strike price of the put is $1.24. On

Doctor Dumpkins is bullish on the British pound so he sells a one-month put for $.02.

The strike price of the put is $1.24.

On the expiration day, the spot price of the British pound is $1.24.

Calculate the break-even price, the option payoff at expiration, and the net profit at expiration.

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