Consider the following information on options from the CBOE for Rackspace. Assume you want to buy 10 put option contracts with an exercise price closest to being at-the-money and that expires January 2011. The current price that you would have to pay for such a contract is:

+0.48 Ask 30.09 Net Bid Vol 0 RAX 30.09 12/3/10 Calls RAX 10 Dec 29 RAX 10 Dec 30 RAX 10 Dec 31 RAX 10 Dec 32 RAX 11 Jan 29 RAX 11 Jan 30 RAX 11 Jan 31 RAX 11 Jan 32 Bid 30.07 Last Sale 1.25 1.05 0.6 0.45 1.7 0.27 Open Int 1436 2245 485 Ask 1.7 1.1 0.7 0.4 2.5 1.5 0.95 0.55 0.3 2.25 1.75 0.15 0 74 owoooo 0 872 1.87 2 523 0.02 0.06 1.41 1.3 1.5 85 1.2 O 0.95 1.1 117 Vol Net -0.2 0 1 0 Last Sale 0.6 1.19 2.05 0 1.85 0 0 Puts RAX 10 Dec 29 RAX 10 Dec 30 RAX 10 Dec 31 RAX 10 Dec 32 RAX 11 Jan 29 RAX 11 Jan 30 RAX 11 Jan 31 RAX 11 Jan 32 Bid 0.5 0.95 1.55 2.15 1.45 1.95 0 0 Ask 0.7 1.1 1.7 2.5 1.7 2.2 2.7 3.4 0 Open Int 750 521 31 0 1205 150 100 0 0 0 0 0 0 0 2.55 0 0 0 3.1 0