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You purchased a put option on crude oil futures for $3.50. The put option has a strike price of $50.50. If the crude oil price

You purchased a put option on crude oil futures for $3.50. The put option has a strike price of $50.50. If the crude oil price is $62.50 per barrel at maturity, what is your profit? Suppose each option contract is for 100 barrels of crude oil.

A) -$1,200 B) -$350 C) $350 D) $850 E) $1,200

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