The current stock price of ABC is $87. You have the following quotes on ABC options:

Expiration	Exercise Price	Calls	Puts
Feb	80	9.30	1.05
Feb	85	8.05	1.15
May	90	3.50	4.35
May	95	3.00	10.15

a) Which options are in the money?

b) What is the exercise value of an ABC February call option with a strike price of $80?

c) Suppose you buy 10 contracts of the February 85 call option. How much will you pay, ignoring commissions?

d) In part (c) suppose that ABC stock is selling for $130 per share on the expiration date. How much is your option investment worth? What if the stock price is $70?

e) Suppose you buy 10 contracts of the May 95 put option. What is the absolute maximum gain you could achieve?