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March Lean Hogs are trading at 84 cents per pound. The total premium for an 80-cent call option is $3200. The contract size for Lean Hogs is 40,000 lbs.a. What is the total intrinsic value of the option premium? What is the per pound intrinsic value of the premium?b. What is the total extrinsic value of the option premium? What is the per pound extrinsic value of the premium?2. You purchase a call option on July Crude Oil with a strike price of $42.50 per barrel. The premium on the option is $3.50 per barrel. July crude is currently trading a $41.35 per barrel and the contract size for crude oil is 1000 barrels. Give both the total premium and the premium per barrel for all answers.a. What is the current intrinsic value of the option?b. What is the current extrinsic value of the option?c. Is the option In-the-Money, Out-of-the Money, or At-the-Money?d. what price must July Crude reach for you to break even if you exercise the option?e. If you exercise your option when July crude is trading at $44.75 per barrel, what is your profit or loss on the transaction?f. The price of July Crude increases to $42.75 per barrel. At the same time the premium for a July Crude option increases to 3.90 per barrel. What is your profit or loss if you sell your option?g. What is your profit or loss if the option expires Out-of-the-Money? h. What would your maximum profit be if you had written the call option at a premium of $3.50 per barrel instead of purchasing it?