Question: Consider: ( a ) Stock trades for $ 1 0 0 ; ( b ) Puts with exercise prices of $ 9 0 , $

Consider:
(a) Stock trades for $100;
(b) Puts with exercise prices of $90, $100, and $110 trade at prices of $3.88, $7.94, and $14.77 respectively.
If a person buys a $90 put and writes a $110 put, what is her maximum profit? Please answer correctly up to two decimal places.

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