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Peter owns 200 shares which are currently trading at $57 per share. He implements a protective put strategy by purchasing a put option for 200

Peter owns 200 shares which are currently trading at $57 per share. He implements a protective put strategy by purchasing a put option for 200 shares with a $57 strike price priced at $350 to protect his long position. Calculate his profit/loss from this strategy if a stock price increases to $60 per share.

1. $600

2. $250

3. -$350

4. -$450

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