1. Lets say that a futures price is currently 45. The risk-free interest rate is 4% per annum. A three-month American futures call option with a strike price of 40 is worth 5. Calculate bounds for the price of a three-month American futures put option with a strike price of 40.
2. A futures price is currently 65, its volatility is 22% per annum, and the risk-free interest rate is 5.5% per annum. What is the value of a five-month European put on the futures with a strike price of 60?