An importer, Sarah, needs to protect her one year account payable of 61, 000 by a call option for $.01 per pound premium to avoid pound appreciation against USD.

X= $1.50 per Option size 31,250 units S₀ =$1.52 per Exercised at S_t= $1.54/

How much USD did she pay per when she exercised the option contract?

		$1.50
		$1.51
		$1.49
		$1.54