Use the option quote information shown here to answer the questions that follow. The stock is currently selling for $31.

Option and NY Close	Expiration	Strike Price	Calls		Puts
			Volume	Last	Volume	Last
Macrosoft
	Febrauary	32	89	.63	44	1.63
	March	32	65	.87	26	2.04
	May	32	26	1.15	15	2.46
	August	32	7	1.36	7	2.50

a.	Suppose you buy 14 contracts of the February 32 call option. How much will you pay, ignoring commissions? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Suppose you buy 14 contracts of the February 32 call option and Macrosoft stock is selling for $34 per share on the expiration date.

b-1.	How much is your options investment worth? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
b-2.	What if the terminal stock price is $33? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Suppose you buy 14 contracts of the August 32 put option.

c-1.	What is your maximum gain? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
c-2.	On the expiration date, Macrosoft is selling for $27 per share. How much is your options investment worth? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
c-3.	On the expiration date, Macrosoft is selling for $27 per share. What is your net gain? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Suppose you sell 14 of the August 32 put contracts.

d-1.	What is your net gain or loss if Macrosoft is selling for $29 at expiration? (A loss should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
d-2.	What is your net gain or loss if Macrosoft is selling for $35 at expiration? (A loss should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
d-3.	What is the break-even price that is, the terminal stock price that results in a zero profit? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)