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A put option on British pound has an exercise rate of $1.60/BP and put premium for BP is $0.02 per BP. If the spot rate

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A put option on British pound has an exercise rate of $1.60/BP and put premium for BP is $0.02 per BP. If the spot rate at the expiration date is $1.55/BP, what would be the net profit for this put option holder? $0.02 per option $0.05 per option $0.03 per option $0.04 per option

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