1. Suppose that a soybean put option was wrote (sold) at a strike price of $9.40 with a premium of $0.20 and is held until maturity. Under what circumstances will the seller of the option (the party with the short position) make a profit? Under what circumstances will the option be exercised? Draw a diagram illustrating how the profit from this option depends on the soybean price and be prepared to answer questions about the diagram.