Jacob purchases 85 put option contracts for IBM with a $146 strike price. The premium paid per option contract is $2.81. The current stock price for IBM is $146. Assume that one month from today, IBM's stock price is $136 per share on the date of expiration. Directions: 1) How much is the total premium paid for the 60 put option contracts? 2) Assuming that the option is held to expiration, what is the intrinsic value of the option per share. 3) What is the total profit or loss on the date of expiration