1. Which of the following is true for the owner of a September put, valued at $20, on CBA Corp. with an exercise price of $80? CBA currently trades at $67 per share.
2. 1. The option will continue to gain value until its September expiration
   2. The owner profits $13 per share by exercising now
   3. Further decrease in CBA stock price will be translated directly into additional option value
   4. $20 is the maximum value for this put option