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Underlying stock Microsoft (MSFT) price = $71.75 Expiration Strike Call Put June 16, 2017 702.02 0.24 June 16, 2017 72 0.67 0.90 June 16, 2017

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Underlying stock Microsoft (MSFT) price = $71.75 Expiration Strike Call Put June 16, 2017 702.02 0.24 June 16, 2017 72 0.67 0.90 June 16, 2017 74 0.132.37 July 7, 2017 July 7, 2017 July 7, 2017 70 12.40 72 1.15 74 0.42 0.58 1.32 2.59 Refer to Figure 15.1, which lists the prices of various Microsoft options. Use the data in the figure to calculate the payoff and the profit/loss for investments in each of the following July 2017 expiration options on a single share, assuming that the stock price on the expiration date is $81. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated by a minus sign. Round "Profit/Loss" to 2 decimal places.) Payoff Profit/Loss a. Call option, X = 70 b. Put option, X = 70 c. Call option, X = 72 d. Put option, X = 72 e. Call option, X = 74 f. Put option, X = 74

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