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You observe a put option on ImpoExpo's stock, with an exercise price of $56 and a time to maturity of one year, trading at $1.56.

You observe a put option on ImpoExpo's stock, with an exercise price of $56 and a time to maturity of one year, trading at $1.56. 



Can you construct a portfolio where you make a risk-free profit in a perfect market? Demonstrate your portfolio's net payoff when the stock price rises or falls.

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