Refer to Table $2\mathrm{.}6$ and look at the Microsoft options.

Table $2\mathrm{.}6$

Stock options on Microsoft, July $14,2021.$

Expiration Strike Call Put

$6-$August$-20212807\mathrm{.}745\mathrm{.}18$

$6-$August$-20212855\mathrm{.}067\mathrm{.}48$

$6-$August$-20212903\mathrm{.}3110\mathrm{.}35$

$17-$September$-202128010\mathrm{.}978\mathrm{.}59$

$17-$September$-20212858\mathrm{.}4510\mathrm{.}79$

$17-$September$-20212906\mathrm{.}2213\mathrm{.}98$

Note: Microsoft stock price on this day was $ $282\mathrm{.}51.$

Source: Compiled from data downloaded from Yahoo! Finance.

Suppose you buy an August expiration call option with exercise price $$285$ and the stock price in August is $$288.$

a$.$ What is the profit on your position?

Note: Round your answer to $2$ decimal places.

The answer is not $$2\mathrm{.}06$

Profit

b$.$ What is the loss on your position?

Note: Round your answer to $2$ decimal places.

The answer is not $$2\mathrm{.}06$

Loss