The current spot exchange rate is $1.18=1.00 and the three-month forward rate is $1.16=1.00. You buy a put option on 62,500 with a strike price of $1.23=1.00 and pay an option premium (price) of $0.06 per euro. If the exchange rate at expiration is $1.07=1.00, what is your profit or loss from the option position? loss of $6,250 loss of $10,000 gain of $625 gain of $6,250 gain of $10,000 loss of $625