Please Explain the Steps. Thank You

3. Purchasing Put Options. A put option on Iowa stock specifies an excrcise price of S71. Today the stock's price is S68. The premium on the put option is S8. Assume the option wll not be exercised until maturity, if at all. Complete the following table for a speculator who purchases the put option (and currently does not own the stock): Assumed Stock Price at the Time tion Is About S60 S64 S68 S70 S72 $74 S76 Net Profit or Loss per Share ANSWER: Assumed Stock Price at the Time the Put Option Is About to Expire to Be Earned by the Speculator Net Profit or Loss per Share S60 S64 S68 S70 S72 $74 S76 S3 -$1 -S7 -S8 -S8