Use the option quote information shown here to answer thequestions that follow. The stock is currently selling for $44.

						Calls							Puts
				Strike
Option	Expiration			Price		Vol.			Last				Vol.			Last
Macrosoft		Feb		46			102			1.93				57			2.93
		Mar		46			78			2.17				39			3.34
		May		46			39			2.45				28			3.76
		Aug		46			20			2.66				20			3.80

a.	Suppose you buy 27 contracts of the February 46 call option. Howmuch will you pay, ignoring commissions?

   

Suppose you buy 27 contracts of the February 46 call option.Macrosoft stock is selling for $47 per share on the expirationdate.

b-1.	How much is your options investment worth?
b-2.	What if the terminal stock price is $46?

     

Suppose you buy 27 contracts of the August 46 put option.

c-1.	What is your maximum gain?
c-2.	On the expiration date, Macrosoft is selling for $40 per share.How much is your options investment worth?
c-3.	On the expiration date, Macrosoft is selling for $40 per share.What is your net gain?

    

Suppose you sell 27 of the August 46 put contracts.

d-1.	What is your net gain or loss if Macrosoft is selling for $41 atexpiration? (Enter your answer as a positivevalue.)
d-2.	What is your net gain or loss if Macrosoft is selling For $48at expiration? (Enter your answer as a positivevalue.)
d-3.	What is the break-even stock price? (Round your answerto 2 decimal places, e.g., 32.16.)