Suppose that you find that YBM’s October strike 100 put option has an ask price of $4.10 and a bid price of $4.00. If you want to buy these put options to protect your holding of 400 YBM shares from declining, what is your total cost including commission? Assume that the broker charges a commission equal to a flat fee of $15 plus $2 per contract, which consists of 100 options. [round to two decimals]
24.4