Answer: $1

The correct formula to calculate the profit for the buyer of a put option is: \[ \text{Profit} = \text{Max}(0, X - S_T) - p_0 \] Where: - \( X \) is the strike price ($210). - \( S_T \) is the stock price at expiration ($200). - \( p_0 \) is the option premium paid ($9). Substituting the values: \[ \text{Profit} = \text{Max}(0, 210 - 200) - 9 = 10 - 9 = 1 \] Thus, the investor's profit is **$1**. Options A and B are incorrect because they either miscalculate the intrinsic value or ignore it entirely.

Author: LeetQuiz Editorial Team