$4.(4$ pts$)$ On June $10$th$,$ Randy purchased a call option on British Pounds for speculative purposes with a Sept. $15$th expiration date. The strike price was $$1\mathrm{.}30/1$ GBP$.$ The option contract is for $31,250$ pounds and the premium was quoted at $$0\mathrm{.}03$ per unit or $$937\mathrm{.}50$ in total for the contract.

a$)$ IF the spot price on the British is $$1\mathrm{.}26/1$ GBP on September $15$th$,$ what was Randy$$s net profit$/$Loss on the transaction?

b$)$ IF the spot price on the British is $$1\mathrm{.}37/1$ GBP on September $15$th$,$ what was Randy$$s net profit$/$Loss on the transaction?