What is the total payoff on the 1000 put options at


An investor buys 1,000 put options on an underlying asset. When the puts were purchased, the underlying asset was priced at $22.00. The exercise price of the put options is $26.00. At expiration, the underlying asset price is $24.50. What is the total payoff on the 1,000 put options at expiration?

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Financial Management: What is the total payoff on the 1000 put options at
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