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1. Suppose you buy a put option on a $100,000 worth of euros with an exercise price of $1.10 per euro for a premium of

1. Suppose you buy a put option on a $100,000 worth of euros with an exercise price of $1.10 per euro for a premium of $1500. If on expiration the spot exchange rate is $1.12 per euro, what is your net profit or loss?

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