Please answer both:

1. A put on IBM stock with a strike price of $40 is priced at $2 per share, while a call with a strike price of $40 is priced at $3.50. The maximum per-share loss to the writer of an uncovered put is ________, and the maximum per-share gain to the writer of an uncovered call is ________.

		$42 (loss); $3.50
		$38 (loss); $3.50
		None of the options
		$33(loss); $41.50
		$40 (loss); $36.5

2.

The current level of the S&P 500 is 800. The dividend yield on the S&P 500 is 5%. The risk-free interest rate is 7%. The futures price quote for a contract on the S&P 500 due to expire 3 months from now should be ________.

		826.65
		822.11
		803.97
		809.69