Today is mid-January. You currently hold 100 shares of Wells Fargo common stock in your taxable brokerage account. You have the following information; all prices are per share.

• Wells Fargo's stock price: $38.25.
• March puts on Wells Fargo common stock with a strike price of K = $34 have

an underlying asset of 100 shares of stock and a premium of P = $0.20.

• Time to expiration of the option is approximately two months, i.e., T = 2/12 year.
• Wells Fargo's next ex-dividend date is in April and thus may be ignored.
• The continuously compounded, annualized risk-free rate is 0.28%.

You establish a protective put. What is the strategy profit per share if the stock price at expiration of the put option is $40 per share? (Assume that all positions are held open until expiration.)