In February, a customer sells 1 XYZ October 50 put for 3 and buys 1 XYZ October 60 put for
11. What will be the customer's pre-tax profit or loss if in June he closes the 50 for 1 and closes the 60 for 4?
(A) $300 profit
(B) $300 loss
(C) $500 profit
(D) $500 loss
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