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Assume that a speculator purchases a put option on British pounds (with a strike price of $2.50) for $0.08 per unit. A pound option represents

Assume that a speculator purchases a put option on British pounds (with a strike price of $2.50) for $0.08 per unit. A pound option represents 64,000 units. Assume that at the time of the purchase, the spot rate of the pound is $2.51 and continually rises to $2.72 by the expiration date. The highest net profit possible for the speculator based on the information above is:

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