You have purchased a put option on Copperhead common stock. The option has an exercise price of $40 and Copperhead's stock currently trades at $42. The option premium is $0.70 per contract. a, What is your net profit on the option if Copperhead's stock price does not change over the life of the option? b. What is your net profit on the option if Copperhead's stock price falls to $34 and you exercise the option? (For all requirements, negative amounts should be indicated by a minus sign. Round your answers to 2 decimal places. (e-9., 32.16) (