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A speculator is considering the purchase of five three - month Japanese yen call options with an exercise price of $ 0 . 0 0

A speculator is considering the purchase of five three-month Japanese yen call options with an exercise price of $0.0096 per yen. Each option contract is for 1,000,000 yens. The option premium is $0.000135 per yen. The spot price is $0.009528 per yen and the 90-day forward rate is $0.009571 per yen. What will be the speculators profit if the yen appreciates to $0.0098 per yen at option expiration?

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