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The current price of a stock is $75. A put option with a strike price of $70 is purchased along with the stock. If the

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The current price of a stock is $75. A put option with a strike price of $70 is purchased along with the stock. If the breakeven point for this hedge is at a stock price of $82, then the value of the put option at the time of purchase was (a) $5 (b) $7 (c) $12 (d) $14 (e) None of the above

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