Suppose you purchase the July 2020 put option on corn futures with a strike price of $3.20. Assume your purchase was at the last price. Use Table 23.2.

a.	How much does your option cost per bushel of corn? (Round your answer to 5 decimal places, e.g., 32.16161.)
b.	What is the total cost for one contract? Assume each contract is for 5,000 bushels. (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 $3.06 per bushel at expiration of the option contract. What is your net profit or loss from this position? (Do not round intermediate calculations and enter your answer as a positive value rounded to 2 decimal places, e.g., 32.16.)
d.	What is your net profit or loss if corn futures prices are $3.28 per bushel at expiration? (Do not round intermediate calculations and enter your answer as a positive value rounded to 2 decimal places, e.g., 32.16.)

Soybean Oil (CBT)60,000 lb; cents per lb

Open Open High hi Lo Low Settle Chg open Interest

July 26.61 27.40 26.61 27.32 .74 177,486

Dec 27.43 28.17 27.38 28.13 .76 87,635

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Wat + Six Ginter M Inbo G how len Que 0 220 C Supi Offic D tion/bne/Ross_FCF_13e/Table-23.1.pdf 2 1 6 100% + Corn (CBT)5,000 bu; cents per bu July 320.00 322.00 318.00 320.75 1.50 603,507 Dec 332.25 334.00 330.75 332.75 -75 346,236 Oats (CBT)5,000 bu; cents per bu March 313.00 323.00 309.50 318.75 6.75 2,732 269.50 --75 1,132 6.50 319,483 845.00 852.75 7.25 173,440 May 270.00 273.75 267.50 Soybeans (CBT)5,000 bu; cents per bu July 840.50 847.75 838.75 Nov 848.00 855.00 845.75 Soybean Meal (CBT)-100 tons; $ per ton July 287.80 288.00 284.50 Dec 293.50 293.80 291.80 Soybean Oil (CBT)-60,000 lb; cents per lb July 26.61 27.40 26.61 285.10 --2.40 174,198 292.30 -.70 74,397 27.32 174 177,486 27-38 28.13 -76 87,635 Dec 27.43 28.17 Rough Rice (CBT)2,000 cwt; $ per cwt. July 16.06 16.38 May 11.91 11.95 Wheat (CBT)-5,000 bu; cents per bu 15.99 16.07 .05 6,877 11.86 11.95 .04 4,385 Rain... 18) a la (hp prt so homo 3 baDOR JL JL. JL IL + 220 Offic G inter M Inbo G how Que Assi C Sup ur. Wat Men SIX Connect_Production/bne/Ross_FCF_13e/Table-23.1.pdf 116 - 100% + TABLE 23.1 Sample Wall Street Journal Futures Price Quotations Metal & Petroleum Futures Contract Open Interest Low Settle Chg Open High hi Lo Copper-High (CMX)25,000 lb; $ per lb May 2.3655 2.4260 July 2.3375 2.4285 2.3400 2.4050 0.0715 1,672 2.3340 2.4040 0.0735 99,558 Wat + Six Ginter M Inbo G how len Que 0 220 C Supi Offic D tion/bne/Ross_FCF_13e/Table-23.1.pdf 2 1 6 100% + Corn (CBT)5,000 bu; cents per bu July 320.00 322.00 318.00 320.75 1.50 603,507 Dec 332.25 334.00 330.75 332.75 -75 346,236 Oats (CBT)5,000 bu; cents per bu March 313.00 323.00 309.50 318.75 6.75 2,732 269.50 --75 1,132 6.50 319,483 845.00 852.75 7.25 173,440 May 270.00 273.75 267.50 Soybeans (CBT)5,000 bu; cents per bu July 840.50 847.75 838.75 Nov 848.00 855.00 845.75 Soybean Meal (CBT)-100 tons; $ per ton July 287.80 288.00 284.50 Dec 293.50 293.80 291.80 Soybean Oil (CBT)-60,000 lb; cents per lb July 26.61 27.40 26.61 285.10 --2.40 174,198 292.30 -.70 74,397 27.32 174 177,486 27-38 28.13 -76 87,635 Dec 27.43 28.17 Rough Rice (CBT)2,000 cwt; $ per cwt. July 16.06 16.38 May 11.91 11.95 Wheat (CBT)-5,000 bu; cents per bu 15.99 16.07 .05 6,877 11.86 11.95 .04 4,385 Rain... 18) a la (hp prt so homo 3 baDOR JL JL. JL IL + 220 Offic G inter M Inbo G how Que Assi C Sup ur. Wat Men SIX Connect_Production/bne/Ross_FCF_13e/Table-23.1.pdf 116 - 100% + TABLE 23.1 Sample Wall Street Journal Futures Price Quotations Metal & Petroleum Futures Contract Open Interest Low Settle Chg Open High hi Lo Copper-High (CMX)25,000 lb; $ per lb May 2.3655 2.4260 July 2.3375 2.4285 2.3400 2.4050 0.0715 1,672 2.3340 2.4040 0.0735 99,558