a) A trader sells a put option with a strike price of $48 for $2.50. What are the trader's maximum gain and maximum loss? How does your answer change if it is a call option? b) A trader buys a call option with a strike price of 452 for 43. Does the trader ever exercise the option and lose money on the trade? Briefly explain the answer. c) Mention one major difference between futures contracts and forward contracts? d) A refinery enters into a one-year-long forward contract to buy 500,000 barrels of oil for $110 per barrel when the spot price is $108 per barrel. the spot price in one year proves to be $114 per barrel. What is the refinery's gain or loss from the forward contract? Show a dollar amount and indicate whether it is a gain or loss