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 $3.02 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 $3.22 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.)

Table 23.2 Sample CME Group Futures Options Price Quotations \begin{tabular}{|l|l|l|l|} \hline a. & Option cost & & per bushel \\ \hline b. & Total cost & & \\ \hline c. & & & \\ \hline d. & & & \\ \hline \end{tabular}