Suppose you purchase the May 2017 call option on corn futures with a strike price of $4.00. Assume you purchased the option at the last price of 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 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.)
c.	Suppose the price of corn is $3.86 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.)
d.	What is your net profit or loss if corn futures prices are $4.19 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.)

Note the last price for the call option is for the 4.00 strike 7'5

TABLE 23.2 Sample CME Group Futures Options Price Quotations May 2017 Type American Options Expiration: May 2017 Surte Range At The Money test 23 2017 223 40 27 00 3 235 139 40 235 50 3 2013 5 12 300 4 9 3 2730 2 03 5 201 150 47 4 300 25 * 120 7 28 3 170 -24 2800 36 200 15 360 5 2:30 21 4300 3 252 TABLE 23.2 Sample CME Group Futures Options Price Quotations May 2017 Type American Options Expiration: May 2017 Surte Range At The Money test 23 2017 223 40 27 00 3 235 139 40 235 50 3 2013 5 12 300 4 9 3 2730 2 03 5 201 150 47 4 300 25 * 120 7 28 3 170 -24 2800 36 200 15 360 5 2:30 21 4300 3 252