Apple Inc. $-$ Common Stock Question $1($Total points $=25)$: Assume Apple$$s Common stock trades at $180.95.$ ON ALL QUESTIONS USE THE LAST SALE $($THE COLUMN NAMED LAST$)$ I.E $,$ For Apple $170$ call the last sale is $21\mathrm{.}84.$ A$.$ Is $170$ call in the money, out of the money or at the money? B$.$ What is the intrinsic value? C$.$ What is the time value? D$.$ Is $190$ call in the money, out of the money or at the money? E$.$ What is the intrinsic value? F$.$ What is the time value? G$.$ Is $170$ put in the money, out of the money or at the money? H$.$ What is the intrinsic value? I. What is the time value? J$.$ Is $190$ put in the money, out of the money or at the money? K$.$ What is the intrinsic value? L$.$ What is the time value? Question $2($Total points $=20)$ : A$.$ At what price would the $170$ call be profitable? B$.$ At what price would the $190$ call be profitable? C$.$ At what price would the $170$ put be profitable? D$.$ At what price would the $190$ put be profitable? Question $3($Total points$=10)$ Explain carefully the difference between hedging, speculation, and arbitrage. Question $4($Total points $=10)$ : Suppose that in September $2018$ a company takes a long position in a contract on May $2019$ crude oil futures. It closes out its position in March $2019.$ The futures price $($per barrel$)$ is $$46$ when it enters into the contract, $$52$ when it closes out its position, and $$49\mathrm{.}10$ at the end of December $2018.$ One contract is for the delivery of $1,000$ barrels. What is the company$$s total profit? When is it realized? Question $5($Total points $=35)$: A$.$ What is the option multiplier? B$.$ What is the strike price? C$.$ How does volatility affect option valuation? D$.$ How does time affect option valuation? E$.$ How does the risk$-$free rate affect option valuation?