Suppose you purchase the May 2017 put option on corn futures with a strike price of $3.80. 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 5 decimal places, e.g., 32.16161.) 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 $3.61 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 $3.97 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.) a. Option cost per bushel b. Total cost C. d. TABLE 23.2 Sample CME Group Futures Options Price Quotations HI/LOW Underlying Future May 2017 183837 CT 1 Type: American Options Expiration: May 2017 Strike Range: At The Money 231 274 1237 1 155 3 153 B 2255 1195 13 18 102 201 11 1166 1197 0 04 1 0 S 357 171 1 16 111 375 am 1103 9 5 S24 150 1124 - 197 G 15 5 136 110 1131 1 166 -15 290 1 200 75 150 154 ITS 1 11 5 8 185 57 154 About This Report Source: CME Group (www.cmegroup.com), February 10, 2017