You have some cattle you are finishing and will be selling them in April $2024.$ April $2024$ live

cattle futures are trading at $\frac{158\mathrm{.}625}{c}wt.$ You are looking at premiums on options and debating

whether to use some options. A $158$Apr$24$ Live Cattle put is trading at $3\mathrm{.}900$ and a $158$Apr$24$

Live Cattle call is trading at $4\mathrm{.}000.$ A $161$ Apr $24$ Live Cattle put is trading at $5\mathrm{.}000$ and a $161$

Apr $24$ Live Cattle call is trading at $3\mathrm{.}000.$ You expect basis will be $5\mathrm{.}50$ under when you sell

your cattle. You hedged your sale with the April $2024$ live cattle futures.

a$)$ Suppose the April $2024$ live cattle futures are trading at $160\mathrm{.}500$ when you sell your cattle

and basis is $5\mathrm{.}00$ under. Calculate is your net selling price, given the hedge using the April $24$

live cattle futures. $(10$ points$)$