Baez is considering two different types of crop insurance policies. Refer to the information below:

His actual production history $($APH$)$ yield is $48$ bushels per acre.

The average futures price for wheat is $$4\mathrm{.}75$ per bushel for the month prior to buying the insurance $($beginning guarantee$).$

The average futures price is $$5\mathrm{.}50$ per bushel during the month of harvest.

$($a$)$ How much is his final guarantee for each policy at the $80\%$ protection level?

i$.(5$ points$)$ Yield Protection insurance policy $($bushels$/$acre$)$:

ii$.(5$ points$)$ Revenue Protection insurance policy $($$$/$acre$)$:

$($b$)$ Assume Baez's actual yield is $40$ bushels per acre, how much would her indemnity payment from the insurance company be for policy?

i$.(5$ points$)$ Yield Protection insurance policy $($bushels$/$acre$)$:

ii$.(5$ points$)$ Revenue Protection insurance policy $($$$/$acre$)$: