Suppose Edison expects interest rates to increase and purchases a put option on Treasury bill futures from Hilary. The exercise price on Treasury bill futures is 96-00. The put option is purchased at a premium of 4-00. Assume that interest rates do increase and, as a result, the price of the Treasury bill futures contract decreases over time to a value of 90-00 shortly before the options expiration date. If Edison decides to exercise the option, his profit will be : The profit that Hilary will make will be :