An investor is bearish on the euro and believes it will decrease against the Japanese Yen. The investor purchases a currency put option on the euro with a strike price (exchange rate) of 131/. When the investor purchases the contract, the spot rate of the euro is equivalent to 133/. the premium is 4/

a) Assume the euro's spot price at the expiration date (market price) is 123/

The investor's profit = /

b) Assume the euro's spot price at the expiration date (market price) is 138/

The investor's profit = /

c) What is the maximum loss

Maximum loss = /

d) What the maximum profit

Maximum profit = /