You purchased 7 put option contracts on Alto Industries. The strike price was $42.50 and the option premium was $1.30. On the expiration date, the stock was valued at $41.40 a share. What is the payoff on the option contracts?
A)−$140
B)$0
C)$110
D)$360
E)$770

Question

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The Answer of You purchased 7 put option contracts on Alto Industries. The strike price was $42.50 and the option premium was $1.30. On the expiration date, the stock was valued at $41.40 a share. What is the payoff on the option contracts?
A)−$140
B)$0
C)$110
D)$360
E)$770

You Purchased 7 Put Option Contracts on Alto Industries