On July 2, the two-month futures rate of the Mexican peso contained a 2 percent discount (annualized).

Question:

On July 2, the two-month futures rate of the Mexican peso contained a 2 percent discount (annualized). There was a call option on pesos with an exercise price that was equal to the spot rate. There was also a put option on pesos with an exercise price equal to the spot rate. The premium on each of these options was 3 percent of the spot rate at that time. On September 2, the option expired. Go to the oanda.com website (or any site that has foreign quotations) and determine the direct quote of the Mexican peso. You exercised the option on this date if it was feasible to do so.
What was your net profit per unit if you had purchased the call option?
Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...