I have a quick question about trading index options - would...

I have a quick question about trading index options - would really appreciate it if someone could help me figure this out.

I understand how options work, but I'm having a tough time figuring out how they are priced! On bell direct, the following option is available: XJO 4800 CALL OPTION EXPIRES 20-Sep-2012

However the price of the option was something like 49c, and there's a $10 per point multiple. I can digest the $10 /point concept, but I have no idea how each option can be worth 49c. Could someone please clear that up for me?

How much am I paying for each contract given the $10 per point movement? Surely it's not 49c...?

Thanks!