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Show all your works to get full credits. Calandra Panagakos works for CIBC Currency Funds in Toronto, Calandra is something of a contrarian -- as opposed to most of the forecasts, she believes the Canadian dollar (C$) will appreciate versus the U.S. dollar over the coming 90 days. The current spot rate is $0.6750/C$. Calandra may choose between the following options on the Canadian dollar: Option Put on C$ Call on C$ Strike Price $0.7000 $0.7000 Premium $0.00003/S$ $0.00049/S$ (1a). Should Calandra buy a put option on Canadian dollars or a call option on Canadian dollars? (2b). Using your answer from part (a), what is Calandra's gross profit (payoff at expiration) and net profit (including premium) if the spot rate at the end of 90 days is indeed $0.7600? (3c). Using your answer from part (a), what is Calandra's gross profit (payoff at expiration) and net profit (including premium) if the spot rate at the end of 90 days is $0.8250