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A foreign currency is currently worth $.0.68. A one-year butterfly spread is set up using European call options with strike prices of $0.60, $0.65, and

A foreign currency is currently worth $.0.68. A one-year butterfly spread is set up using European call options with strike prices of $0.60, $0.65, and $0.70. The risk-free interest rates in USA and the foreign country are 5% and 4% respectively, and the volatility of the exchange rate is 15%. Calculate the cost of setting up the butterfly spread position using call option. In addition, calculate the same if European put options are used instead of European call options.

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