You Purchased Eight Put Option Contracts with a Strike Price

Multiple Choice

You purchased eight put option contracts with a strike price of $30 and a premium of $1.10. What is the total net amount you will receive for your shares if you exercise this contract when the underlying stock is selling for $26.50 a share?

A) $23,120
B) $20,320
C) $1,920
D) $2,800
E) $21,200