Use the option quote information shown here to answer the questions that follow. The stock is currently selling for $45.

						Calls							Puts
				Strike
Option	Expiration			Price		Vol.			Last				Vol.			Last
Macrosoft		Feb		47			103			2.03				58			3.03
		Mar		47			79			2.27				40			3.44
		May		47			40			2.55				29			3.86
		Aug		47			21			2.76				21			3.90

a.	Suppose you buy 28 contracts of the February 47 call option. How much will you pay, ignoring commissions?

Suppose you buy 28 contracts of the February 47 call option. Macrosoft stock is selling for $48 per share on the expiration date.

b-1.	How much is your options investment worth?
b-2.	What if the terminal stock price is $47?

Suppose you buy 28 contracts of the August 47 put option.

c-1.	What is your maximum gain?
c-2.	On the expiration date, Macrosoft is selling for $41 per share. How much is your options investment worth?
c-3.	On the expiration date, Macrosoft is selling for $41 per share. What is your net gain?

Suppose you sell 28 of the August 47 put contracts.

d-1.	What is your net gain or loss if Macrosoft is selling for $42 at expiration? (Enter your answer as a positive value.)
d-2.	What is your net gain or loss if Macrosoft is selling For $49 at expiration? (Enter your answer as a positive value.)
d-3.	What is the break-even stock price? (Round your answer to 2 decimal places, e.g., 32.16.)