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show work please 1. A trader buys three call option contracts on August 1st when the spot price on the underlying stock is $43. The

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1. A trader buys three call option contracts on August 1st when the spot price on the underlying stock is $43. The strike price on the options contract is $47.50. Assume the trader exercises the option when the stock's spot price reaches $51. The price of the call option is $1.25. What is the trader's total net profit if each contract is for 100 shares

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