Assume that a speculator purchases a put option on British pounds (with a strike price of $1.50 ) for $.05 per unit. A pound option represents 31,250 units. Assume that at the time of the purchase, the spot rate of the pound is $1.51 and continually rises to $1.62 by the expiration date. The net profit/loss for the speculator based on the information above is: $2,187.50 $1,250.00 $1,562.50 $1,562.50