Consider that you are going to buy a put option on the following features: SO=$37, $=42, r=5%,

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Question:

Consider that you are going to buy a put option on the following features: SO=$37, $=42, r=5%, T=6 months. What is the minimum price you like to pay for the option? Suppose that the Put is selling in the market for $2. How can you make profit from this situation? Show stepwise process to calculate you profit or loss.