2. A trader has buys a call and a put on the Canadian dollar. The following information is available: Amount Price of cal Price of put Exercise exchange rate of call CAD400,000 AUD0.01 AUD0.01 0.96 0.96 Exercise exchange rate of put Calculate the net pay-off on the short call, the short put and the combined position at the following spot exchange rates: (a) 0.93, (b) 0.95, (c) 0.97 and (d) 0.99. 5+5 Exchange Net payoff cll Net payoff put Combined payoff rate 0.93 0.95 0.97 0.99