i) Abdul purchased a put option on British pounds for $.05 per unit. The exercise price was $1.80, and the spot rate at the time the pound option was exercised was $1.62. Assume there are 31,250 units in a British pound option contract. What was Abdul's net profit on the option contract? Calculate the break-even spot rate (at expiration) for Abdul.

ii) Mike sold a put option on British pounds for $.04 per unit. The exercise price was $1.70, and the spot rate at the time the pound option was exercised was $1.59. Assume there are 50,250 units in a British pound option. What was Mike's net profit on the option?