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Options on GBP are traded on the Philadelphia Stock Exchange. A call expiring in three months with a strike price of USD 1.60 is trading

Options on GBP are traded on the Philadelphia Stock Exchange. A call expiring in three months with a strike price of USD 1.60 is trading at a price of USD 0.04. Consider an investor who buys three contracts and holds the options to maturity. At maturity, GBP is trading at USD 1.57. What net profit does this investor obtain? Assume contract size is 10,000 currency units.

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