Below is an option quote on IBM from the CBOE Web site showing options expiring in November and December 2018.

a. Which option contract had the most trades on that day?

b. Which option contract is being held the most overall?

c. Suppose you purchase one option with symbol IBM1816K125. How much will you need to pay your broker for the option (ignoring commissions)?

d. Explain why the last sale price is not always between the bid and ask prices.

e. Suppose you sell one option with symbol IBM1816W125. How much will you receive for the option (ignoring commissions)?

f. The calls with which strike prices are currently in-the-money? Which puts are in-the-money?

g. What is the difference between the option with symbol IBM1816K115 and the option with symbol IBM1821L115?

h. On what date does the option with symbol IBM1816W115 expire? In what range must IBM’s stock price be at expiration for this option to be valuable?