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You have purchased a put option on Clark Kellogg common stock. The option has an exercise price of $80 and Clark Kellogg's stock currently trades

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You have purchased a put option on Clark Kellogg common stock. The option has an exercise price of $80 and Clark Kellogg's stock currently trades at $81.18. The option premium is $1.41 per contract. One option equals 100 shares of the underlying stock. a. Calculate your net profit on the option if Clark Kellogg's stock price falls to $78 and you exercise the option. (Negotive amount should be indicated by a minus sign. Do not round intermediate calculations.) b. Calculate your net profit on the option if Clark Kellogg's stock price does not change over the life of the option. (Negative omount should be indicated by a minus sign.)

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