stock. Suppose you purchased $200$ shares of the stock at $$28$ per share and $100$ six$-$month European put options with an exercise price of $$26.$ Each put option costs $$1.$

before the blank $($Example: $-300).$ If your answer is zero, enter $"0".$

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

The lower the stock price, the

beneficial the put options. The options are worth nothing at a stock price of &

$3$ or $[$

or

Q or

$($T$).$ There is a benefit from the put options to the overall portfolio for stock prices of &

$3$ or