Question: A put option on Iowa stock specifies an exercise price of $71. Today the stock's price is $68. The premium on the put option is

A put option on Iowa stock specifies an exercise price of $71. Today the stock's price is $68. The premium on the put option is $8. Assume the option will not be exercised until maturity, if at all. Complete the following table for a speculator who purchases the put option (and currently does not own the stock):

Assumed Stock Price at the Time Net Profit or Loss per Share the Put Option Is About to Expire to Be Earned by the Speculator $60 $64 $68 S70 $72 $74 $76

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