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7 Assume you BOUGHT a European style put option on euros with a strike price of $1.277 / at a premium of $0.053 per euro,

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7 Assume you BOUGHT a European style put option on euros with a strike price of $1.277 / at a premium of $0.053 per euro, and expires in 6 months. Calculate your GROSS profit or loss the euro is trading at $1.239/ at maturity. (Note: If not exercised, gross profit would be zero.)

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