Use the option quote information shown here to answer the questions that follow. The stock is currently selling for $32.

						Calls							Puts
				Strike
Option	Expiration			Price		Vol.			Last				Vol.			Last
Macrosoft		Feb		34			90			.73				45			1.73
		Mar		34			66			.97				27			2.14
		May		34			27			1.25				16			2.56
		Aug		34			8			1.46				8			2.60

a.	Suppose you buy 15 contracts of the February 34 call option. How much will you pay, ignoring commissions?

Cost

$

Suppose you buy 15 contracts of the February 34 call option. Macrosoft stock is selling for $35 per share on the expiration date.

b-1	How much is your options investment worth?

Payoff

$

b-2	What if the terminal stock price is $34?

Payoff

$

Suppose you buy 15 contracts of the August 34 put option.

c-1	What is your maximum gain?

Maximum gain

$

c-2	On the expiration date, Macrosoft is selling for $28 per share. How much is your options investment worth?

Position value

$

c-3	On the expiration date, Macrosoft is selling for $28 per share. What is your net gain?

Net gain

$

Suppose you sell 15 of the August 34 put contracts.

d-1	What is your net gain or loss if Macrosoft is selling for $30 at expiration? (Enter your answer as a positive value.)

(Click to select)LossGain

$

d-2	What is your net gain or loss if Macrosoft is selling For $36 at expiration? (Enter your answer as a positive value.)

(Click to select)GainLoss

$

d-3	What is the break-even stock price? (Round your answer to 2 decimal places, (e.g., 32.16).)