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19. You buy a single put option contract on Lilly stock with a strike price of $50 at a premium of $4.50. Lilly stock is currently selling at 48.50, and you think it will drop to $45 by the expiration date of the option. What would be the total payoff (i.e., intrinsic value) and the profit (i.e., the time value) on this put option contract at expiration? O $350.-$50 O $500. $50 0 $3.50.-$0.50 $5. $0.50 20. A protective put strategy involves going O long a put and short the stock O long a put and long the stock O short a call and long the stock long a call and long a put 21. A put option on a stock with a current price of $40.15 per share has an exercise price of $40. The price of the corresponding call option is $6.50. According to put-call parity, if the effective annual risk-free rate is 9% and there is a one year until expiration, what should be the per share price of the put option? O $3.05 $6.49 0 $4.56 $0.00