Exhibit 20 -Refer to Exhibit 20

Exhibit 20.3
Use the Information Below for the Following Problem(S)
On the last day of October, Bruce Springsteen is considering the purchase of 100 shares of Olivia Corporation common stock selling at $37 1/2 per share and also considering an Olivia option.
$\begin{array}{lcccc} &\quad\quad\quad\quad\quad\quad\quad\quad {\text { Calls }} &&\quad\quad\quad\quad\quad\quad\quad\quad {\text { Puts }} \\\text { Price } & \text { December } & \text { March } & \text { December } & \text { March } \\\hline 35 & 3\quad3 / 4 & 5 & 1\quad1 / 4 & 2 \\40 & 2\quad1 / 2 & 3\quad1 / 2 & 4\quad1 / 2 & 4\quad3 / 4\end{array}$
-Refer to Exhibit 20.3.If Bruce buys a March put option with an exercise price of 40,what is his dollar gain (loss) if he closes his position when the stock is selling at 43 1/2?

A) $825.00 loss
B) $475.00 loss
C) $350.00 loss
D) $25.00 loss
E) He has a gain