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You purchase five put option contracts on Cisco stock with a strike price of $45.00 and a premium of $3.00. If at expiration Cisco is

You purchase five put option contracts on Cisco stock with a strike price of $45.00 and a premium of $3.00. If at expiration Cisco is selling for $39.00, what is the value of your position? Report your answer to the nearest penny.

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