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Suppose you purchase the July 2 0 2 0 call option on corn futures with a strike price of $ 3 . 2 5 .

Suppose you purchase the July 2020 call option on corn futures with a strike price of $3.25. Assume you purchased the option at the last price if the day. Use Table 23.2.
a. How much does your option cost per bushel of corn? (Do not round intermediate calculations and round your answer to 5 decimal places, e.g.,32.16161.)
b. What is the total cost? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
c. Suppose the price of corn futures is $3.14 per bushel at expiration of the option contract. Each contract is for 5,000 bushels. What is your net profit or loss from this position? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16. Enter your answer as a positive value.)
d. What is your net profit or loss if corn futures prices are $3.43 per bushel at expiration? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16. Enter your answer as a positive value.)
\table[[a.,Option cost,$,0.09750,per bushel],[b.,Total cost,$,487.50,],[c.,Profit,$,62.50,],[d.,Loss,$,487.50,]]
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