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You have a protective put ( own one share of stock, and one put option on this stock). Put option strike price is $60 If

You have a protective put ( own one share of stock, and one put option on this stock).

Put option strike price is $60

If stock price finishes at $45, what is your raw payoff ( without deducting your cost)?

a. $45

b. $60

c. $0

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