An investor in a stock option contract that gives her the right to deliver the stock at the exercise price is:

The scenario describes an investor holding a stock option contract that provides the right to deliver the stock at the exercise price. This is indicative of a put option, which grants the holder the right, but not the obligation, to sell the underlying asset at a specified price before the option expires.

When an investor buys a put option, they anticipate that the price of the underlying stock will decrease. If this occurs, they can sell the stock at the higher exercise price, thus potentially profiting from the difference between the market price and the exercise price. This aligns perfectly with the description of the investor's situation—that she has the right to deliver (or sell) the stock at the exercise price.

In contrast, buying a call option would provide the right to purchase the underlying stock at the exercise price, which does not fit the details provided. Similarly, selling a put option involves the obligation to buy the stock if the option is exercised by the buyer, and selling a call option entails the obligation to sell if the buyer chooses to exercise their right to purchase the stock. Neither of these scenarios gives the investor a right to deliver the stock as described.

Thus, the correct understanding of the option type being described is a put option, which is accurately reflected in