A trader has a put option contract to sell $100$ shares of a stock with a strike price of $70.$ What is the effect on the terms of the contact if the company

declared a $12-$for$-5$ stock split?

The number of shares covered in each contract will change to $41\mathrm{.}67$ and the strike price will change to $168$

The number of shares covered in each contract will change to $240$ and the strike price will change to $29\mathrm{.}17$

The number of shares covered in each contract will change to $1200$ and the strike price will change to $20$

Stock splits do not affect put options but affect call options only