12 Selling currency call options. Mike Suerth sold a call option on Canadian dollars for £0.01 per unit.

The strike price was £0.42, and the spot rate at the time the option was exercised was £0.46. Assume Mike did not obtain Canadian dollars until the option was exercised. Also assume that there are 50 000 units in a Canadian dollar option. What was Mike’s net profit or loss on the call option?