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purchased a put option on British pounds for $.04 per unit. The strike price was $1.84 and the spot rate at the time the pound

purchased a put option on British pounds for $.04 per unit. The strike price was $1.84 and the spot rate at the time the pound option was exercised was $1.61. Assume there are31,850 units in a British pound option. What was Ned's net profit on the option?

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