Suppose Darlene is a speculator who buys ten British pound put options with a strike price of $1.50 and a March expiration date. The current spot price is $1.55. Darlene pays a premium of $0.02 per unit for the call option. Just before expiration, the spot price reaches $1.48 and Darlene exercises the option. Assume one option contract specifies 31,250 units. What is the profit or loss for Darlene?

a. $0 b. $6,250 c. $3,125 d. $625 e. none of the above