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Pierre purchases a put option on Altec that has a strike price of $12 and a premium of $1. Altec's stock price is now at

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Pierre purchases a put option on Altec that has a strike price of $12 and a premium of $1. Altec's stock price is now at $5. What is the MAXIMUM profit that Pierre can hope to earn on this put option? $5 o $8 $9 $10 $11 Unlimited - there is no limit to Pierre's profit

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