Use the option quote information shown here to answer the questions that follow. The stock is currently selling for $37.

						Calls							Puts
				Strike
Option	Expiration			Price		Vol.			Last				Vol.			Last
Macrosoft		Feb		39			95			1.23				50			2.23
		Mar		39			71			1.47				32			2.64
		May		39			32			1.75				21			3.06
		Aug		39			13			1.96				13			3.10

a.	Suppose you buy 20 contracts of the February 39 call option. How much will you pay, ignoring commissions?

Suppose you buy 20 contracts of the February 39 call option. Macrosoft stock is selling for $40 per share on the expiration date.

b-1.	How much is your options investment worth?
b-2.	What if the terminal stock price is $39?

Suppose you buy 20 contracts of the August 39 put option.

c-1.	What is your maximum gain?
c-2.	On the expiration date, Macrosoft is selling for $33 per share. How much is your options investment worth?
c-3.	On the expiration date, Macrosoft is selling for $33 per share. What is your net gain?

Suppose you sell 20 of the August 39 put contracts.

d-1.	What is your net gain or loss if Macrosoft is selling for $34 at expiration? (Enter your answer as a positive value.)
d-2.	What is your net gain or loss if Macrosoft is selling For $41 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.)