per share, less the cost of the option. If you paid $$1\mathrm{.}00$ per put option, then your profit would be $$2\mathrm{.}50-$$$1\mathrm{.}00=$$$1\mathrm{.}50$ per share.

with an exercise price of $$26.$ Each put option costs $$1.$

$($b$)$ Discuss the value of the portfolio with and without the European put options.

must be constructed.

purchased at $$33$ per share. In addition, $130$ six$-$month European put options were purchased for $$1$ each. Place these values in the spreadsheet below.