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The share price of Win Big Inc. is $77. A day trader buys 100 shares at $77 per share. To protect the position, they buy

The share price of Win Big Inc. is $77. A day trader buys 100 shares at $77 per share. To protect the position, they buy put contracts covering the 100 shares with an exercise price of $75. The put premium is $3 per contract. At contract expiration, Win Big Inc. is trading at $70 per share. Determine the profit/loss from the strategy.

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