Use the option quote information shown below to answer the questions that follow. The stock is currently selling for $38.

						Calls							Puts
Option and				Strike
NY Close	Expiration			Price		Vol.			Last				Vol.			Last
Macrosoft
		February		40			96			1.33				51			2.33
		March		40			72			1.57				33			2.74
		May		40			33			1.85				22			3.16
		August		40			14			2.06				14			3.20

a.	Suppose you buy 21 contracts of the February 40 call option. How much will you pay, ignoring commissions? (Do not round intermediate calculations.)
	Suppose you buy 21 contracts of the February 40 call option and Macrosoft stock is selling for $41 per share on the expiration date.
b-1.	How much is your options investment worth? (Do not round intermediate calculations.)
b-2.	What if the terminal stock price is $40? (Do not round intermediate calculations.)
Suppose you buy 21 contracts of the August 40 put option.
c-1.	What is your maximum potential gain? (Do not round intermediate calculations.)
c-2.	On the expiration date, Macrosoft is selling for $34 per share. How much is your options investment worth? (Do not round intermediate calculations.)
c-3.	On the expiration date, Macrosoft is selling for $34 per share. What is your net gain? (Do not round intermediate calculations.)
Suppose you sell 21 of the August 40 put contracts.
d-1.	What is your net gain or loss if Macrosoft is selling for $35 at expiration? (Input your answer as a positive value. Do not round intermediate calculations.)
d-2.	What is your net gain or loss if Macrosoft is selling for $42 at expiration? (Input your answer as a positive value. Do not round intermediate calculations.)
d-3.	What is the break-even price, that is, the terminal stock price that results in zero profit? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)