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Assume that a speculator purchases a European style put option on British pound for $0.0586 per unit. The strike rate is 1.2088. The pound option

Assume that a speculator purchases a European style put option on British pound for $0.0586 per unit. The strike rate is 1.2088. The pound option represents 125,000 units. Assume that at the time of the purchase, the spot rate of the poundis $1.1466 and changes to $1.1313 by the expiration date. The net profit for the speculator based on the information above is:

Answer format: round to two decimals.$1.12

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