1) What is the difference between this day's high and closing prices for one 10-year Treasury note futures contract? Treasury note, $100,000, pts and one-half of 1/32 of a point. 2pts. Show all work & Explain.

Contract	Open	High	Low	Close
Jun, 10 Yr. Treasury note	119'25	119'07	117'80	118'08

2) suppose that a June put option on a stock with a strike price of $60 costs $4 and is held until June. Under what circumstances will the holder of the option make a gain? Under what circumstances will the option be exercised? 2pts Show all work and explain.