Tom purchased a put option on ABC stock for a premium of $3, with an exercise price of $30 when ABC stock was priced at $29. The price of ABC stock on the expiration date is $32. The price of ABC stock has ranged from $5 to $45 over the past twelve months and several stock analysts think the stocks price will rise at the end of the year.

At what stock price will Tom breakeven on the option?

What is Tom's profit/loss on the option on the expiration date?

At expiration is the option in-the-money (ITM), at-the-money (ATM), out-of-the-money (OTM), or cannot be determined (CBD).