Use the option quote information shown here to answer the questions that follow. The stock is currently selling for $36.

Option	Expiration	Strike Price	Calls		Puts
			Volume	Last	Volume	Last
Macrosoft	February	37	94	1.13	49	2.13
	March	37	70	1.37	31	2.54
	May	37	31	1.65	20	2.96
	August	37	12	1.86	12	3.00

a.	Suppose you buy 19 contracts of the February 37 call option. How much will you pay, ignoring commissions?

Suppose you buy 19 contracts of the February 37 call option. Macrosoft stock is selling for $39 per share on the expiration date.

b-1.	How much is your options investment worth?
b-2.	What if the terminal stock price is $38?

Suppose you buy 19 contracts of the August 37 put option.

c-1.	What is your maximum gain?
c-2.	On the expiration date, Macrosoft is selling for $32 per share. How much is your options investment worth?
c-3.	On the expiration date, Macrosoft is selling for $32 per share. What is your net gain?

Suppose you sell 19 of the August 37 put contracts.

d-1.	What is your net gain or loss if Macrosoft is selling for $33 at expiration? (Enter your answer as a positive value.)
d-2.	What is your net gain or loss if Macrosoft is selling For $40 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.)