Suppose that you purchased a conventional call option on growth in Non$-$Farm Payrolls $($NFP$)$ with an exercise price of $204,500$ jobs. The NFP conventional contract pays out $$55$ for every job created in excess of the exercise price.

Required:

a$.$ What is the value of the option if job growth is $195,500?($Enter $"0"$ if the option value is zero.$)$

Option value

b$.$ What is the value of the option if job growth is $213,000?$

Option value