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Suppose we take a long position of the oil put options with strike = $51.12 per barrel and put premium = $1.06. If the spot

Suppose we take a long position of the oil put options with strike = $51.12 per barrel and put premium = $1.06. If the spot price of oil is $48.71, what is the gain/loss? (Please round up to 2 decimals, e.g. 2.54; Please take sign to indicate gain or loss.)

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