#8-Jack purchased a put option on Treasury bond futures with a September delivery date and an exercise price of 91-16. Assume the put option has a premium of 1-32. Also assume that the price of the Treasury bond futures decreases to 88-16.

#9- If Jack exercises his put option and also buys an identical futures contract at 88-16 to close out his position, what is his net gain or loss after accounting for the premium paid on the option? Show your work.

#10- What is Jack's net gain or loss if he lets the option expire? Explain.

#11Sally purchased a call option on Treasury bond futures at a premium of 2-00. The exercise price is 92-08. Assume that the price of the Treasury bond futures rises to 95-08

#12- Sally exercises her call option and also sells an identical futures contract at 95-08 to close out her position, what is her net gain or loss after accounting for the premium paid on the option? #13- What is Sally's net gain or loss if she lets the option expire? Explain.