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

Suppose you purchase the July 2020 put option on corn futures with a strike price of $3.25. Assume your purchase was at the last price of the day. Use Table 23.2.
a. How much does your option cost per bushel of corn? (Round your answer to 4 decimal places, e.g.,32.1616.)
b. What is the total cost for one contract? (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 $3.08 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? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
d. What is your net profit or loss if corn futures prices are $3.32 per bushel at expiration? (Enter your answer as a positive value. Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.)
\table[[a.,Option cost,$,0.0975,per bushel],[b.,Total cost,$,478.50,],[c.,Loss,,,],[d.,Loss,,,]]
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