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You recently purchased three put option contracts on a

Question: You recently purchased three put option contracts on a stock with an exercise price of $42.50. What is the total intrinsic value of these contracts if the stock is currently selling for $45 a share and you paid an option premium of $1.10 per share? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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