An investor would like to bet on the further drop of Bank of America stock. The investor bought five Bank of America put contracts, with an exercise...

An investor would like to bet on the further drop of Bank of America stock. The investor bought five Bank of America put contracts, with an exercise price of $6 expiring in 3 months. The premium is $1 each. What is the dollar profit or loss if the stock price at expiration is $7, assuming that there are no transaction costs? 

a) $500 

b) -$1,000

c) $0  

d)-500