Refer to Table 23.2 in the text to answer this question. Suppose you purchase the June 2014 put option on corn futures with a strike price of $5.10. Assume your purchase was at the last price. What is the total cost? Suppose the price of corn futures is $4.91 per bushel at expiration of the option contract. What is your net profit or loss from this position? What if corn futures prices are $5.18 per bushel at expiration?
