1. A futures price is currently 80, its annual volatility is 15 % (calculated on the basis of continuously compounded returns), and the risk-free interest rate is 4.5% with continuous compounding. Calculate the price of a 6-month put futures option with a strike price of 75.
2. What is the price of a 6% coupon bond maturing in 20 years if investors require a 7% return?