Refer to Table 23.2 in the text to answer this question. Suppose you purchase the May 2017 call option on corn futures with a strike price of $3.85. Assume you purchased the option at the last price. How much does your option cost per bushel of corn? What is the total cost? Suppose the price of corn futures is $3.74 per bushel at expiration of the option contract. What is your net profit or loss from this position? What if corn futures prices are $4.13 per bushel at expiration? 

Table 23.2

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Prior HI/ Low Settie Undernying Future Charts Last Change Limit Updated High Low Volume 4070/ 16:38 37 CT 122909 May 2017 381'4 +42 3772 3826 3760 10 Feb 2017 3570 Type: American Options Expiration: May 2017 Strike Range: At The Money Calls Puts HI/ HI/ strike Low Prior Prior Low Updated Updated Limit Volume Settie Change Last Price Last Change Settie High Volume Limit High Low LOw 16:38 02 16:38 57 No Limit/ 00 No ст ст 237 227 360.0 231 274 40 267 51 55 50 53 591 Limit/ 10 Feb 2017 10 Feb 2017 16:38 37 16:38 54 No ст ст 2 235 Limit/ 235 19'5 +40 23'5 365.0 67 73 63 70 676 Limit/ 10 Feb 10 Feb 2017 2017 16:38 47 16:38 06 No No ст ст Limit/ 00 702 205 166 197 370.0 86 94 81 97 917 Limit/ 191 10 Feb 10 Feb 00 2017 2017 16:38 06 ст 3.949 Limit/ 16:38 40 No No ст Limt/ 357 171 163 14'1 171 375.0 103 -1'4 117 103 107 10 Feb 10 Feb 00 2017 2017 16:3824 16:38 37 No No ст ст Limit/ 00 123 145 924 150 117 150 380.0 127 -re 126 141 1,095 Limit/ 10 Feb 10 Feb 00 2017 2017 16:39.07 16:38 09 No ст ст O Limit/ Limt/ 44 125 120 97 +26 125 385.0 175 10 Feb 10 Feb 00 2017 2017 16:38 47 16:38:47 No No ст ст 496 110 Limit/ 84 81 +24 105 390.0 191 207 186 200 183 Limit/ 10 Feb 10 Feb 00 00 2017 2017 16:38 28 ст O Limit/ 16:38 25 No No ст Limit/ 53 83 77 66 1'5 83 395.0 243 10 Feb 10 Feb 2017 2017 16:3841 16:38 48 No No ст ст Limt/ 230 75 56 54 +21 75 400.0 282 11 Limit/ 10 Feb 10 Feb 00 00 2017 2017 16:38 47 16:39:00 No No ст ст O Limit/ Limt/ 185 57 55 4'4 +13 57 405.0 322 10 Feb 10 Feb 00 2017 2017 ? About This Report я18