Suppose you buy 19 contracts of the August 37 put option.

c-1.	What is your maximum gain? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
c-2.	On the expiration date, Macrosoft is selling for $32 per share. How much is your options investment worth? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
c-3.	On the expiration date, Macrosoft is selling for $32 per share. What is your net gain? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Suppose you sell 19 of the August 37 put contracts.

d-1.	What is your net gain or loss if Macrosoft is selling for $33 at expiration? (A loss amount should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
d-2.	What is your net gain or loss if Macrosoft is selling for $40 at expiration? (A loss amount should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
d-3.	What is the break-even price that is, the terminal stock price that results in a zero profit? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Problem 22-3 Calculating Payoffs Use the option quote information shown here to answer the questions that follow. The stock is currently selling for $36. Calls Puts Option and Strike Price Vol. Last NY Close Expiration Macrosoft Feb Mar May Aug Vol. 94 70 37 37 Last 113 1.37 1.65 1.86 49 2.13 2.54 2.96 123.00 37 Suppose you buy 19 contracts of the February 37 call option. How much will you pay, ignoring commissions? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Cost $ 2,147 Suppose you buy 19 contracts of the February 37 call option and Macrosoft stock is selling for $39 per share on the expiration date. b-1. How much is your options investment worth? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b- What if the terminal stock price is $38? (Do not round intermediate calculations and 2. round your answer to the nearest whole number, e.g., 32.) b-1. Payoff b-2. Payoff $ $ 3,800 1,900