Kim Lee Purchased 6 Put Option Contracts on Eastern Imports

question 94

Multiple Choice

Kim Lee purchased 6 put option contracts on Eastern Imports stock at a strike price of $47.50.The option premium was $0.65.At expiration,the stock was valued at $44.90 a share.What is her percentage return?

• A) -100 percent
• B) 0 percent
• C) 5.47 percent
• D) 32.82 percent
• E) 300 percent

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Definitions:

Implied Warranty Of Merchantability

The implied warranty of merchantability is a legal guarantee that goods sold by a merchant meet minimum quality standards, making them fit for the ordinary purposes for which such goods are used.

Foreign Substance

Any material or agent that is not naturally part of another substance or environment, often causing contamination or undesired effects.

Implied Warranty Of Merchantability

An assurance that a product is fit for the ordinary purposes for which such products are used, even if not expressly stated.

Merchant

A person or business that sells goods or services to consumers.