17. You get a call option (right to buy) on Ford stock at a price of $20. Ford trades at $15 and you bought 1,000,000 options at $0.50 each. How much do you make/lose?

18. Suppose an option is selling for $0.35. If you predict volatility in the stock market will decline, you ______ the option. If the option rises to $0.85 due to a black swan event and you had a 1,000,000 transaction, how much do you make/lose?