A speculator sellsa put option on Canadian dollars (assume contract size =50,000 ) for a premlum of $0.03 per unit, with an exereise price of $0.86. The option will not be exercised until the expiration date, if at all. If the spot rate for the Canadlan dollar tums out to be $0.97 on expiration date, the profit (loss) to the seller per contract is: 54000 $1500 54000 51,500