jenny has bought 10 six-month Japanese yen call options (1,000,000 yen per option) with a striking price of 95 cents per 100 yen. The premium is 1.5 cents per 100 yen. The spot rate is 93.28 cents per 100 yen. Jenny believes the yen will appreciate over the next six months.

a) Determine Jennys profit/loss if the yen appreciates to $1.00/100 yen.

b) Determine Jennys profit/loss if the yen depreciates to 93 cents per 100 yen.

c) Determine the future spot price at which Jenny will only break even.

Answer with steps please