Type the Excel formula for the profit per share of the holder of a put with strike 45 bought for 2.10, with the expiry share price in B1.

Answer

=MAX(45-B1,0)-2.10

B1 = 38 → 4.90; B1 = 49 → −2.10. Strike minus share inside the MAX — the reverse of the call.

Authored fresh by symmetry with the call lesson — no source on disk works a put; intrinsic/time value and moneyness are CSC register (verified-facts §2.9 J10); original company and figures