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Nike has just purchased a put option on Reno LTD. The share is currently trading on the JSE at R58 per share . The put

Nike has just purchased a put option on Reno LTD. The share is currently trading on the JSE at R58 per share . The put option has a strike price of R50 and an option premium of R3. The option is currently _______________ and the break-even price on this option for Nike is _________.

A) Out of the money R47

B) In the money R61

C) Out of the money R53

D) Out of the money R55

E) In the money R55

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