Suppose you purchase the June 2014 call option on corn futures with a strike price of $5.20 at the last price of the day. Use Table 23.2

How much does your option cost per bushel of corn? (Do not round intermediate calculations. Round your answer to 5 decimal places, e.g., 32.16161.)

Option cost

$ per bushel

What is the total cost of your position? 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.)

Total cost

$

Suppose the price of corn is $5.14 per bushel at expiration of the option contract. 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.)

(Click to select)ProfitLoss

$

What is your net profit or loss if corn futures prices are $5.33 per bushel at expiration? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Enter your answeras a positive value.)

(Click to select)ProfitLoss

$

TABLE 23.2 Sample CME Grou Price Quotations SOURCE: Reprinted by Corn Options Quotes Globex View another product O0Futures Option Quotes Settlements Volume Time & Sales Contract Specs Margins Globex Open Outcry Futures Auto Refresh isNpermission of the CME Open Outcry ON Group (www.cmegroup .com), May 9, 2014. All Rights Reserved Worldwide Futures Market data is delayed by at least 10 minutes Updated 54241 4724 143652 CT 09 May 2014 Jul 2014 5154 212 48 Type: Amencan Options Expiration Jun 2014 Strike Range At The Money CALLS PUTS Last Change Settie Updated umtVolume High Low Sete Change Last Pnce L 14:30:00 oo May LOW High vokme mtUpdated 14 3000 53 23222 4 242 405.0 14D42 12 08 18D Limit 09May 2014 1430:00 14:3000 CT 502| 320 b| 1016 | 283 42 | 201 24b 76 1.581 490 0 Limit 09Mar 2014 1430 00 0 14 3000 275b 154a 242 162 a 495 0 May Umt Limit 09Ma 2014 14:00:00 14:3000 No ouray || 719| 235 b | 130 | 203 || 129 a 1.878Limit9War 719 235 130 203 7' 12 a 5000 14 30.00 14 3000 CT 05.0 3b0 5334 01,504 09 May U 204 197 Limit 09 Mar 1430.00 143000 anay | L, t | 1093| 184 | 74 | 138 174a 100b | .26 | 72 44 108 b 1 892 00 Maymt Limit e9 May 2014 14:3000 14:3000 731 133 50 1 5454a 5150 131 D .ye | 93 51 | 140 | 1.345 2014 1430:00 09 May U 1,031 10 14:30 00 14 3000 No 520 0 104D 4 03 1947 ita 14 3000 CT 00 May Limt 326 83 25 5 203 DI .62 | 151 120 al 2120 Limit 09 May 430 00 14 3000 243 DI .57 | 184 153 al 2535 | 201 Limt 09ar