You have decided to sell 5 January 2009 put options on Merck with an exercise price of $45 per share. How much money will you receive and are these contracts in or out of the money?

Consider the following information on options from the CBOE for Merck: MRK 41.95 +0.53 Oct 08, 200614:40 ET (Data 20 Minutes Delayed) Bid NIA AskNA Size N/AXNIA Vol 6650300 Open Puts Last Sale Last Sale Open Calls NetBid Ask Vol Net Bid |Ask Vol Int Int pc 0600.80 319 09 Jan 30.00 (VMK AF-E) 13.40p13.20 13.40 0417 09 Jan 30.00 (VMK MFE) 1.40 +0.20 .151.40 2563 09 Jan 35,00 (VMK AG- 9.20p 9.600.00591 09 Jan 35,00 (VMK MGE) 2.35p 2.15 2.351173 3.80 pc 3.70 3.90 07174 09 Jan 45,00 (VMK AL-E) 4.04.20 0 6123 09 Jan 45.00 (VMK MI-E)6.40.90 6.205513 09 Jan 50.00 (VMK AJE) 2.80p 2.35 2.75 0 4509 09 Jan 50,00 (VMK MJE)9.30 p 9.009.60 0982 214 VMK M VMK 6.50 +0.30 6.50 6.80 8422 VMK MH