A put option contract on British pounds specifies the following information.  Put option premium on British pound () = $.04 per unit.  Strike price = $1.40. (right to sell at $1.40)  One option contract represents 31,250. This is an American Option A speculator who had purchased this put option decided to exercise the option shortly before the expiration date, when the spot rate of the pound was $1.30. The speculator purchased the pounds in the spot market at that time. what will be the profit/loss of the put option seller? #