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Jennifer purchased 3 put option contracts on Wisdom Mig stock. The option premium was $.75 and the strike price was $27.50. On the expiration date,

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Jennifer purchased 3 put option contracts on Wisdom Mig stock. The option premium was $.75 and the strike price was $27.50. On the expiration date, the stock was selling for $27.75 a share. What is the total payoff on the option contracts? Select one: a. $150 b. -$100 C. -$50 d. $0 e. $50

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