a pound call option with a strike price of $1.57 per pound in priced (ie; the option premium) at 0.03 per pound. the spot price is $1.56 per pound. ( do the problem step by step)

1. What is the intrinsic value of the option?

2.What is the break-even spot exchange rate?

3. What is the profit or loss for thebuyer of this option?

4.What is the profit or loss for the sellerof this option?