You hedged your thrift institutions exposure to declining interest rates by buying one December call on Eurodollar

Question:

You hedged your thrift institution’s exposure to declining interest rates by buying one December call on Eurodollar deposit futures at the premium quoted earlier on April 15 (see Exhibit 8-4).
a. How much did you pay for the call in dollars if you chose the of 972500?
b. If December arrives and Eurodollar Deposit Futures have a settlement index at expiration of 96.50, what is your profit or loss? (Remember to include the premium paid for the call option.)

Strike Price
In finance, the strike price of an option is the fixed price at which the owner of the option can buy, or sell, the underlying security or commodity.