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.)

Sample CME Group Futures Options Price Quotations TABLE 23.2 Pror Undernying Future Last Change Hign Volume upaated Low 183837 CT O sara May 2017 3772 12209 3570 10 Feo 2017 Type: American Options Expiration: May 2017 Strike Range AI The Money Calls Puts HII Low Prior stre Prior Low Updated Limitolume High Satte Change solume Limit Updatad Low Last Price Last Change Sattie Low High 163857 16.38 02 No No CT CT Limt 231 274 237 227 267 3600 51 55 50 53 591 Lt 10 Feo 10 Feo 00 2017 2017 16.3037 163054 No No CT CT Limt : 235 235 67 676 Limit 00 195 368.0 73 70 10 Feb 10 Feb 2017 2017 16.38.47 1638 0E No No CT CT Limt 702 205 191 166 -31 197 370.0 86 94 81 97 917 Limit/ 10 Fe 10 Fe 2017 2017 16:30 40 1638 06 NO No Lime 357 171 163 171 103 141 375.0 117 103 107 10 Feo 10 Fe 00 2017 2017 16:3037 163824 No NO 1095 Limt CT Limt 4 150 123 117 150 3000 127 145 141 10 FeD 10 Feb 00 2017 2017 16:39:07 1638 09 No O Lt NO Limt 44 125 120 97 125 306.0 175 10 Feo 10 PeD 00 2017 2017 163047 1E3047 NO No CT CT 496 110 105 3900 191 207 106 200 183 Limt 10 Feo 10 Feb 00 2017 2017 1638 25 No 163828 CT No CT Limt 53 83 66 33 243 O Lit 77 396 0 10 Peo 10 Feb 2017 2017 16:3845 1630.41 NO NO CT CT Limt 230 75 75 400.0 11 Lt 10 Feo 10 Feo 00 2017 2017 16:3847 1639.00 NO No CT Limt 105 57 55 13 57 405 0 322 O Limit 10 Feo 10 Feo 2017 2017 ADDut T Repon Source: CME Group (www.cmegroup.com). February 10, 2017.