24. (6pts) A U.S. importing company is about to pay 1,000,000 in one year, and today's pound exchange rate is $1.3/. To hedge against the potential appreciation of pound, the U.S. company purchases an at-the-money (ATM) call option written on 1,000,000 as of today. One year later when the option contract expires, the pound exchange rate following Brexit goes down to $1.2/. Suppose the breakeven point for the hedged position (t.e., the point at which the profit loss of the hedged position is zero) is $1.25 on the expiration date. Calculate the actual profit loss of the hedged position on the expiration. (Hint: first calculate option premium from the stated breakeven point for the hedged positon)