Some weeks ago, Cribbage Ltd. (an Irish company) bid on a contract to carry out construction work for a potential customer (Laken SA) in Switzerland. Laken SA will pay the contract price of 3,800,000 Swiss Francs (CHF) to the successful bidder on 1st February 2024. On the day that it submitted its bid, Cribbage Ltd. purchased from its bank a put option for CHF 3,800,000 which it can exercise on 1st February 2024 and which has an exercise (striking) price of CHF 0.95=1. On 11st March 2023 Cribbage Ltd. was informed that it will not be awarded the Laken SA contract. What action should Cribbage take on 1st February 2024 in relation to the put option? Allow the option to lapse, no matter what the spot rate between the CHF and the is on 1st February 2024 Exercise the option, but only if the spot rate on 1st February 2024 is less than CHF 0.95=1 Exercise the option, but only if the spot rate on 1st February 2024 is more than CHF 0.95=1 Exercise the option, but only if the spot rate on 1st February 2024 is exactly CHF 0.95=1