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The value of a put option with a $50 exercise price bought for $10 at expiration depends on the stock price. If the stock price is zero, the put option is worth $50, as you can buy at zero and sell at $50. If the stock price is $50, the put option is worthless, as you can sell the stock at market price. Above $50, the put option is also worthless. This is shown in the payoff diagram.