Suppose you are a speculator trading in option market, Chicago in our classroom discussions. Today is March 15. You take 4 long put option position on Citi Corp, C, at $70 (exercise price) maturing on March 19. Also, current price of Citi is $71.24. iii. On March 18, you want to close out your position before the maturity day of March 19. What position would you take? (In other words, what is your "offsetting" position? iv. Suppose you have the following information on March 18. PUT OPTIONS Bid Ask Citi Corp @ 70 1.45 1.49 What is your cash flow on your position? (Is it cash inflow or cash outflow?) Calculate and explain! (Did you use bid price or ask price? v. What is your profit? Calculate. Vi. Was your expectation realized or not? Discuss the reason(s)