2. A U.S. speculator is considering the purchase of four three-month Japanese yen put options (each worth 1,000,000) with a strike price of 97 cents per 100. The premium is 3 cents per 100. The current spot price is 95 cents per 100 and the 90-day forward rate is 97.5 cents per 100. (a) (3 points) Determine the speculator's total profit/loss if the spot price of the yen becomes 96 cents per 100 in three months