1. Use the option quote information shown here to answer the questions that follow. The stock is currently selling for $136, and the size of each contract is 100 shares.

   			Calls			Puts
   Option and TSX Close	Expiration	Strike Price	Vol.	Last		Vol.	Last
   	February	124	85	6.90		40	0.90
   	March	124	76	8.40		46	2.00
   	May	124	46	10.70		23	3.15
   	August	124	8	13.75		8	5.40

   1. Suppose you buy 10 contracts of the August 124 put option. On the expiration date, Macrosoft is selling for $115 per share. What is your net gain?

   2. Suppose you sell 10 of the August 124 put contracts. What is your net gain or loss if Macrosoft is selling for $114 at expiration? For $146?

   3. Suppose you sell 10 contracts of the August 124 put contracts. What is the break-even pricethat is, the terminal stock price at expiration that results in a zero profit?