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Joe Six-pack bought a put option on Cisco for the month of January 2017 with a strike price of $25. He paid a premium of

Joe Six-pack bought a put option on Cisco for the month of January 2017 with a strike price of $25. He paid a premium of $2.05 per option. If Cisco closes at $22.50 on the exercise date, then compute the percent of profit/loss.

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