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You purchase on LVMH put contract (equaling 100 shares) that expires in June at a strike price of $63 for a premium of $3.50. You

You purchase on LVMH put contract (equaling 100 shares) that expires in June at a strike price of $63 for a premium of $3.50. You hold the option until the expiration date when LVMH's stock sells for $55 per share. What is the profit or loss associated with this put contract?

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