A speculator is considering the purchase of one six$-$month call option on USD with an exercise price of

$161\mathrm{.}57$ JPY per USD. The premium is $2\mathrm{.}64$ JPY$.$ The current spot price as of July $2,2024$ is $161\mathrm{.}45$ JPY per

USD and the $180-$day forward rate is $161\mathrm{.}40$ JPY per USD. The speculator believes that the U$.$S$.$ dollar

will appreciate against the JPY to $165$ JPY per USD over the next six months. As the speculator$$s

assistant, you have been asked to prepare the followings:

$1.$ Graph the profit$/$loss diagram of the call option in an Excel spreadsheet.

$2.$ Determine the speculator$$s profit if the USD appreciates to $165$ JPY per USD.

$3.$ Determine the speculator$$s profit$/$loss if the USD depreciates to the forward rate.

$4.$ Determine the future spot price at which the speculator will only break even.