a) Using a numeric example, illustrate and explain the pay-offs of a futures option and a futures contract. (2 Marks) (b) Explain and illustrate graphically the options concept of being: (i) at the money (2 Marks) (ii) in the money (2 Marks) (iii) out of the money (2 Marks) For both a call and put option. (c) Explain with the aide of a diagram a protective put buying strategy. (2 Mark