Use the following quotes for JCPenney stock options: November 27, 2015 In The Money Calls Last Bid 1.62 1.79 0.98 1.00 0.74 0.69 0.40 0.44 0.28 0.26 0.16 0.15 Last Bid 0.06 0.03 0.31 0.18 0.41 0.29 0.65 0.47 Strike Fiter 8.00 9.00 9.50 10.00 10.50 11.00 Puts Strike Filter 7.00 8.50 9.00 9.50 Contract Name JCP151127C00008000 JCP151127C00009000 JCP151127C00009500 JCP151127C00010000 JCP151127C00010500 JCP151127C00011000 Contract Name JCP151127P00007000 JCP151127P00008500 JCP151127P00009000 JCP151127P00009500 Ask 1.89 1.10 0.78 0.48 0.29 0.18 Ask 0.08 0.21 0.33 0.50 Change 0.00 0.00 0.00 0.00 0.03 -0.01 Change 0.00 0.00 0.00 0.00 % Change 0.00% 0.00% 0.00% 0.00% 12.00% -5.88% %Change 0.00% 0.00% 0.00% 0.00% List Straddle Lookup Option Volume Open Interest 12 20 6 6 13 50 24 105 19 47 51 41 Open Volume Interest 24 24 9 9 10 10 32 83 Implied Volatility 56.45% 51.95% 50.00% 45.12% 43.75% 44.34% Implied Volatility 67.58% 53.13% 50.20% 49.22% If you wanted to purchase the right to sell 3,400 shares of JCPenney stock in November 2015 at a strike price of $8.50 per share, how much would this cost you? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Total cost