More often, this sort of rum is used in cocktails or in cooking. Honey rum is often used in baking, particularly desserts, but is also popular in more savory meat and vegetable dishes. Rum is a common marinade, and can also be used in a number of cooking and braising recipes.
If you do exercise the option, you can calculate its return in a few simple steps. Subtract the purchase price from the sales price of the asset, which you bought or sold using the option. Regardless of whether the option was a call or a put, the steps are identical.
In statistics and probability, the formula for expected value is E(X) = summation of X * P(X), or the sum of all gains multiplied by their individual probabilities. The expected value is comprised on two components: how much you can expect to gain, and how much you can expect to lose.