Based on the above formula, we need to know how to compute the settlement price so we can do the computation for the settlement at expiry.
(S$8.17 + S$8.07 + S$8.15 + S$8.08 + S$8.05) ÷ 5 = S$8.104
This is above the strike of S$8.00 which is ITM and hence the settlement calculation is