Judy paid $5.50 on May 1 for a put option on VZN Corp. common stock with a strike price of $55. Each put is written on 100 shares of stock. VZN common stock had a price of $53.25 on May 1. Compute the value of the put option and the profit (loss) on her option investment assuming the following stock prices at expiration of the option. Draw a graph that illustrates the profit (loss) for this put option as a function of the stock price at expiration. What three courses of action for does Judy have until the time her option expires? What is the maximum gain for Judy's investment? What is her maximum loss? What is the maximum gain and maximum loss for the writer of this contract? At what stock price would Judy break even on her options investment? Compute the time value and intrinsic value components of the option price at the time of purchase. What will happen to the time value component as time elapses