What is the price of a PUT option with strike of 100 BEFORE and AFTER the news release?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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What is the price of a PUT option with strike of 100 BEFORE and AFTER the news release? 

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I. Meaning

PUT option gives right to sell to the holder of the option, where holder sell a specific amount of an underlying asset at specific price during a certain period. It is a way to hedge against potential fall in price of an underlying asset or security.

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