You want to own 300 shares of AXP, but are unwilling to pay the current market price of $83.16 per share. You
decide to write three put option contracts with June 19th expiration. You would be willing to buy 300 shares at
$70.00.
1a. If at expiration, AXP is trading at $63.25, calculate the dollar profit/loss from the cash-secured put.
1b. If at expiration, AXP is trading at $70.25, calculate the dollar profit/loss from the cash-secured put