On February 24, 2020, SPY an index fund tracking the S&P 500 is valued at $337.39. You are worried about reports of a new disease that was first reported and its impact on the market. You decide to purchase put options on SPY. The put options have a strike price of $293.24 and the put premium is $21.70. It turns out that your worried were warranted, and SPY is valued at $308.91 on the maturity date of your options. The profit on the option strategy is ...